U.S. Latino GDP bigger than U.K.’s and India’s

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Despite pandemic U S Latinos output eclipses U K and India GDPs

Data:LDC U.S. Latino GDP Report; Chart: Tory Lysik/AxiosThe total economic output of U.S. Latinos reached $2.8 trillion in 2020, surpassing the GDPs of the U.K. and India, according to a report released Thursday. Why it matters: showed U.S. Latino buying power and economic output grew during the pandemic despite the , Russell writes.The Latino GDP even surpassed those of the United Kingdom, India and France.was $2.7 trillion in 2019. By the numbers: The report showed U.S. Latino GDP grew 65% from 2010, when it was $1.7 trillion, to 2020.In 2020, Latinos spent $1.84 trillion, representing a consumption market larger than the entire economies of Canada or South Korea, the report said. Details: The study by the Latino Donor Collaborative, a non-profit organization researching Latino issues was unveiled Thursday at the in San Diego. That's likely due to a strong workforce that rebounded quickly despite a disproportionate rate of infections, the report says. Pay in low-wage positions and service jobs — in which Latinos are overrepresented — also grew over the last couple of years as businesses struggled to find workers. What they're saying: "Latinos have proven to be a tremendous source of resilience for the broader U.S. economy, even in the face of a one-in-a-century global crisis such as COVID-19," the report's authors wrote. "The performance of Latinos during the pandemic is exemplified by income data. From 2010 to 2020, Latinos enjoyed significantly higher wage and salary income growth than non-Latinos," they added. Go deeper: to get vital news about Latinos and Latin America, delivered to your inbox on Tuesdays and Thursdays.

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