A study published Wednesday found that the economic production of Latinos in the United States before the pandemic had an “exceptional” performance, and the same numbers from 2019 put it seventh in the world after France.
The research, sponsored by the Latino Donor Collaborative (LDC), found that the total economic output, which would be equivalent to the GDP, of Latinos living in the United States in 2019 was $2.7 trillion.
If this figure was given to a country that collected all Latinos residing in the United States, it would be seventh in the world, after France with a GDP of 2.7 trillion in 2019, and above the economies of Italy, Brazil or Canada.
Analysis of the Latin America GDP Report 2021 for the Least Developed Countries: Measuring the New American Economy Takes into account the “exceptional” behavior of the Spanish economy over the past decade.
It also highlights that while the economic output of Latinos in the country is impressive, the performance is “even more exceptional” thanks to its growth.
Over the past two years, Latino real GDP growth has averaged 5.63%, double the US rate as a whole, which was 2.82%.
The analysis highlights that Latin America’s GDP growth is the third-fastest among the world’s 10 largest economies when compared globally, ahead of the fourth-largest US economy.
The study found that the rapid growth of GDP among Hispanics since 2010 is due, among other factors, to personal consumption.
This growth in consumption has not stopped either. For example, in 2019, the consumption of Latinos in the United States was $1.85 trillion, which is 68% of the economic output of this population in the country.
Among the factors that contributed to the growth of economic output is the educational level of Latinos in the United States.
The study found that from 2010 to 2019, the number of people with a bachelor’s degree or higher increased 2.8 times faster for Hispanics than for non-Hispanic people.
In their conclusion, the researchers note that despite the fact that Latinos are affected by the coronavirus outbreak more often than other segments of the population, the “continuity of Latinos” in the United States is an “engine of economic growth.”
They added that “Latin America’s GDP will continue to be an important source of strength, resilience and growth for the nation, possibly for decades to come.”
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