The economic crisis in Europe could hit Utah harder than any other state.

A study from the Milken Institute says Utah relies more on exports to the Eurozone than any other state. According to the study, exports to Europe make up more than 4% of Utah's GDP - more than any other state in the nation.



What does Utah send to Europe? Mostly gold and silver.

With less than one-fifth of all U.S. exports of goods and services heading to the EU, the U.S. isn't nearly as reliant on exports to the euro zone as it was several decades ago. In fact, according to Milken Institute research, a 10 percent decline in U.S. exports to the EU would result in a 2 percent decline in total exports and subsequently only a 0.2 percent hit to GDP growth. However, while at the national level the contagion effects of a EU recession on U.S. exports appear relatively mild, the impact on some states doesn't appear as rosy.

Utah's and South Carolina's shares of exports to the EU declined in dramatic fashion between 2010 and 2011 -- plummeting by 9 and 7 percent, respectively. Michigan’s share of exports to the EU took the highest tumble, at 13 percent.