If Texas were a country, its gross domestic product would be one of the highest in the world.
Why it matters: Texans love Texas, and they love bragging to other people about Texas.
Texas Stock Exchange chairman James Lee called Texas "the economic envy of the world" yesterday. Gov. Greg Abbott called the state "the modern embodiment of the American dream."
If Texas were a country, its GDP would fall just behind France ($3.1 trillion) and above Brazil and Italy ($2.3 trillion).
The Texas GDP is also higher than Canada's $2.24 trillion GDP.
Context: GDP is calculated by adding consumer spending, business spending, government spending and exports, then subtracting imports, per the Bureau of Economic Analysis.
Caveat: GDP per capita is often considered a better measure of the distribution of wealth.
For example, the United States has the highest GDP in the world but ranks sixth when calculating GDP per capita, per the International Monetary Fund.
