In the year 2007, the gross product of New York was 1.1 trillion, ranking third in size behind the larger states of California and Texas. If New York were an independent country, it will rank as 16th biggest economy within the globe after Turkey. During 2007, its per capita personal income was $46,364 which placed it 6th within the nation after Maryland and 8th in the world after Ireland.
In the state of New York, agriculturally they produce dairy products, vegetables, cattle, nursery stock, other livestock and apples. Industrial outputs consist of publishing and printing, electric equipment, tourism, scientific instruments, chemical products as well as machines.
Recently, a review by the Center on Budget and Policy Priorities found that 13 states, including a few of the largest in the United States, face budget shortfalls for Fy2009. New York faces a deficit which is likely to be as large as $4.3 billion.
The exports leaving the state of New York comprise commodities, foodstuffs, automobile parts, cut diamonds, computers and electronics and minerals. New York exported roughly $71.1 billion worth of goods in the year 2007, with the five biggest markets being Canada at $15 billion, followed next by the United Kingdom at $6 billion, Switzerland came in at $5.9 billion, Israel was next at $4.9 billion and Hong Kong came in at $3.4 billion. The largest imports for New York are oil, aluminum, gold, limber, electricity, rough diamonds and natural gas.
Amongst the top economic partners of New York remains Canada, with nearly twenty one percent of all global exports going to Canada in the year 2007. Another large part of the economy is tourism from the north. In 2004, Canadians spent 487 million USD while visiting the state.
The city of new York is the leading center of banking, communication and finance within the USA and is likewise the place for the New York Stock Exchange, which is the biggest stock exchange within the globe by dollar volume. A variety of the world`s biggest companies are based within the city of New York.
There is a large manufacturing sector in the state, printing, producing garments, furs and railroad equipment and bus line vehicles. A lot of these industries are found within the upstate region. Hudson Valley and Albany are major centers of nanotechnology and microchip manufacturing. Places such as the Rochester area are vital in photographic and imaging equipment.
For agriculture, the state ranks among the top 5 within the United States. Produced here are apples, dairy, maple syrup, cherries, cabbage, onions, potatoes and several others. The state is also the biggest producer of cabbage in the United States. Approximately one quarter of the state has its land in farms and has produced roughly $3.4 billion USD in agricultural products during the year 2001. The south shore of Lake Ontario provides the proper mix of soils and microclimate for different peach, apple, cherry, pear and plum orchards. As well, apples are grown near Lake Champlain in the Hudson Valley.
Following the state of California, New York is the 3rd largest producer of grapes and the 2nd largest wine producer by volume. There are a lot of vinyards situated in the southern Finger Lakes hillsides of Lake Erie. Moreover, the North Fork of Long Island developed vineyards and visitor and production facilities in the past 30 years of the 20th century. The grape and wine trade in the year 2004, brought six billion dollars into the New York State economy.
New York State has more than two hundred twelve wineries, 30,000thirty thousand acres of vineyards and has made over 200 million bottles of wine according to 2004 statistics. There is likewise a moderately sized commercial fishery which is located along the Atlantic side of Long Island. By volume, the principal catches are squid, clams, flounder and lobster. These areas of the economy have been increasing since protection of the natural environment has resulted in an increase in ocean wildlife.
As of January year 2010, the unemployment rate of the state was 8.8%.
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