In 2020, the total economic output of the US Latinos was $2.8 trillion which surpassed the GDPs of the United Kingdom and India, as per the 2022 Latino Donor Collaborative US Latino GDP Report, which was released on Thursday September 22, at the L'attitude conference in San Diego.
A Latino person can be of any race or colour, and could be anyone who is born in and/or has ancestors from Latin America and living in the U.S., including Brazilians.
The report reveals that the Latino American purchasing power and economic output rose even during the COVID-19 pandemic and its disproportional impact on Latino communities, according to Axios.
"Latinos have proven to be a tremendous source of resilience for the broader US economy, even in the face of a once-in-a-century global crisis such as COVID-19"2022 Latino Donor Collaborative US Latino GDP Report
Latinos' total economic in 2019 was at $2.7 trillion. The US Latino GDP increased by 65 percent from 2010 when it was at $1.7 trillion as compared to 2020.
Latinos spent about $1.84 trillion just within 2020 all the while showing that it is a consumption market that is larger that the economies of South Korea or even Canada, according to the report by a non-profit organization that focuses on researching about Latino issues.
The reasons for the high GDP include a strong workforce that was able to rebound faster than expected inspite of the disproportionate rate of infections in 2020.
Moreover, the pay in low-wage positions such as hospitality and service jobs in which Latinos are overrepresented, grew in the last two years mainly because employers grappled with a shortage of workers.