US Latino’s GDP is linked to France, higher than Italy’s, the report finds

0

The total economic output of U.S. Latinos reached $ 2.7 trillion in 2019 and would be the seventh largest GDP in the world if U.S. Latinos were an independent country, according to a report released on Wednesday.

Why it matters: The report showed that US Latino purchasing power continues to grow and is fueled by US births rather than immigration.

According to the numbers: The detailed study by the Latino Donor Collaborative, a nonprofit that deals with Latino issues, read: presented at the L’attitude conference in San Diego. L’attitude seeks to connect venture capitalists with startups and print media for diversification.

  • The study found that the gross domestic product of U.S. Latinos rose to $ 2.7 trillion in 2019, from $ 2.1 trillion in 2015 to $ 1.7 trillion in 2010.
  • GDP growth for US Latinos from 2010 to 2019 outperformed Germany, the UK, and Japan.
  • Latin American GDP growth averaged 5.63% over the past two years, twice as fast as the US economy as a whole.

The intrigue: The main industrial sector of US Latino GDP is education and health care with a total volume of 446 billion US dollars or 16.4% of US Latino GDP.

  • In second place is professional and business services at $ 327 billion, or 12.0% of Latin American GDP.
  • Finance and real estate account for $ 252 billion, or 9.3% of Latin American GDP.
  • Total U.S. GDP in 2019 was $ 21.4 trillion.

What you say: “Despite less access to capital, Latino property overtakes non-Latino property,” said Matthew Fienup, chief economist at the Center for Economic Research for Forecasting.

Yes but: The poverty rate for U.S. Hispanics was 15.7% in 2019 – an all-time low, but still above the national average of 10.5%.

But, but, but: L’attitude chairman Sol Trujillo tells Axios that only a tiny percentage of venture capital investments go to Latino startups.

  • “Latinos are starting small businesses very quickly, but their growth is limited by a lack of investment.”

Be Smart: The report is part of a lobbying effort by Latino organizations to convince corporations and media outlets that hiring more Latinos is beyond a moral obligation. It makes business sense.

Continue reading: Government Accountability Office suggests media for lack of Latinos


Source link

Share.

Leave A Reply