Outlook Projection FY 2023-24
Florida GDP Since Inception of COVID...
40
30
Real Gross Domestic Product (GDP)...annualized percent change from preceding period
33.8
36.1
In the 1st Quarter of 2022,
Florida's growth was ranked
19th in the nation.
-30
-40
-20
0
10
20
-5.1 -4.8
-10
2019:Q4-2020:Q1
-31.2 -29.5
2020:Q1-:Q2
2020:Q2-:Q3
2020:Q3-:Q4
11.9
6.3 6.8
6.7
4.5
1.9
2020:Q4-2021:Q1
2021:Q1-:Q2
United States â– Florida
2021:Q2-:Q3
6.9 7.5
3.8
2.3
2021:Q3-:Q4
2021:Q4-2022:Q1
-1.6 -1.3
According to the latest revised data, Florida's quarterly GDP movements have generally mirrored the nation as a
whole since the beginning of the pandemic. Buffeted by a series of economic shocks, the state's GDP slumped -0.5
percent in Fiscal Year 2019-20, grew 2.5 percent in Fiscal Year 2020-21, and expanded at more than double that rate
(5.2 percent) in Fiscal Year 2021-22. The Economic Estimating Conference anticipates that the state's economy will
expand only 1.0 percent this fiscal year as economic imbalances weigh down the economy, but beginning next year
(Fiscal Year 2023-24), it will grow at a more characteristic 2.0 percent per year.
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