Governor Scott announced that Florida’s Gross Domestic Product (GDP) grew faster than all other large states at 5.1 percent in the second quarter of 2015, according to data released this week. Florida’s GDP was also higher than the national average of 3.8 percent.
Governor Scott said, “Florida’s GDP outpacing all other large states, and the nation as a whole, is another indicator that our economy continues to grow. We have added over one million new jobs in the last five years and we are seeing the positive effects of this growth throughout our state. We are working to be first in the nation for job creation by cutting $1 billion in taxes and creating the new Florida Enterprise Fund so that more businesses succeed and expand in Florida.”
Florida Department of Economic Opportunity Executive Director Jesse Panuccio said, “Florida’s strong GDP growth is another sign that our economy is on the right track. With 1 million private sector jobs in five years, a seven-year low in unemployment, and growing GDP, Florida is on its way to having the best economy in the nation.”
Florida’s Gross Domestic Product is the measure of the market value of all final goods and services produced within the state in a given time period. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output and a measure of overall economic activity.