 The economy of Ohio nominally would be the 25th largest global economy behind Sweden and ahead of Nigeria according to the 2013 World Bank projections , and the 24th largest global economy behind Sweden and ahead of Norway according to the 2013 International Monetary Fund projections . The state had a projected GDP of $ 526 @.@ 1 billion in 2013 , up from 517 @.@ 1 in 2012 , and up from 501 @.@ 3 in 2011 , according to the Bureau of Economic Analysis . In 2013 , Ohio was ranked in the top ten states for best business climate by Site Selection magazine , based on a business @-@ activity database . The state was edged out only by Texas and Nebraska for the 2013 Governor 's Cup award from the magazine , based on business growth and economic development . A new report by the Quantitative Economics and Statistics Practices ( QUEST ) of Ernst & Young in conjunction with the Council On State Taxation ( COST ) , ranks Ohio as third in the nation for friendliest tax environment . The study , " Competitiveness of state and local business taxes on new investment , " provides a state @-@ by @-@ state comparison of tax liabilities . The top five states ranked with the lowest effective tax rate on new investment are : ( 1 ) Maine ( 3 @.@ 0 % ) ; ( 2 ) Oregon ( 3 @.@ 8 % ) ; ( 3 ) Ohio ( 4 @.@ 4 % ) ; ( 4 ) Wisconsin ( 4 @.@ 5 % ) ; and ( 5 ) Illinois ( 4 @.@ 6 % ) . 
