Latinos’ economic contribution to the United States represents the fifth-fifth gross domestic product (GDP) on the earth, and the third-fastest growing among the largest economies, according to a research launched Thursday by the Universities of California.
According to the researchers, the GDP of this group in the country in 2020 was $2.8 billion and if it had been the population of an independent nation, its economic contribution can be the fifth largest after the United States, China, Japan and Germany.
This means that the financial activity of Latinos, who make up about 19% of the US population, has been greater than that of the United Kingdom, India or France, according to the report.
The report by Dan Hamilton and Matthew Finup of California Lutheran University and David Hayes Bautista and Paul Hsu of the University of California at Los Angeles noted, “While spectacular in volume, American Latino GDP is much more remarkable in its speedy progress.” ” ,
They elaborate that between 2010 and 2020, Latino GDP in the US was the third quickest growing among the ten largest international locations on the earth.
In that period, the expansion fee of economic activity for Hispanics was 2.6 occasions greater than that of the non-Latino inhabitants.
The authors attributed the economic energy of the Latino inhabitants to qualities similar to resilience, a “hard-working” ethic, self-reliance and optimism within the aftermath of the pandemic.
“A more traditional pattern discovered by researchers through the years is that of all the groups studied, Latinos are the most optimistic in regards to the future,” the report stated.
Consumer spending is the most important component of GDP in the United States, accounting for 67% of the country’s economic activity in 2020.
“That yr, US Latino consumption reached $1.84 billion, or 66% of Latino GDP,” the report emphasized. “Latinos within the US represent a bigger consumer market than the complete financial system of nations such as Canada or South Korea.”
According to the research, Latino contributions in 2020 accounted for 16.6% of the country’s total activity in finance, insurance coverage and real property; 13% off professional providers; 13.3% in authorities providers and 8.4% in training, well being care and social assist.