Submission + - California's economy fourth largest in world (theguardian.com)
Local ID10T writes: The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.
Along with the tech and entertainment industry capitals, the state, which has a population of nearly 40 million people, is the center for US manufacturing output and is the country’s largest agricultural producer.
The state has outperformed the world’s top economies with a growth rate in 2024 of 6% compared with the US’s 5.3%, China’s 2.6% and Germany’s 2.9%. This week’s new rankings come six years after California surpassed the United Kingdom and became the world’s fifth largest economy.
California is a major contributor to economic growth nationally, with the money it sends to the federal government outpacing what it receives in federal funding by $83bn, according to a statement from Newsom’s office.
Despite an enormous shortage of affordable housing that has fueled a homelessness crisis in the state, the population has grown in recent years.
Meanwhile, last year the state reported its tourism spending had hit an all-time high – though California has seen a drop in some areas.
Along with the tech and entertainment industry capitals, the state, which has a population of nearly 40 million people, is the center for US manufacturing output and is the country’s largest agricultural producer.
The state has outperformed the world’s top economies with a growth rate in 2024 of 6% compared with the US’s 5.3%, China’s 2.6% and Germany’s 2.9%. This week’s new rankings come six years after California surpassed the United Kingdom and became the world’s fifth largest economy.
California is a major contributor to economic growth nationally, with the money it sends to the federal government outpacing what it receives in federal funding by $83bn, according to a statement from Newsom’s office.
Despite an enormous shortage of affordable housing that has fueled a homelessness crisis in the state, the population has grown in recent years.
Meanwhile, last year the state reported its tourism spending had hit an all-time high – though California has seen a drop in some areas.
