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SACRAMENTO – Thanks to continued economic growth and strong performance in various industrial sectors, California is once again ranked as the world's fifth-largest economy.
Governor Newsom's statement: “California continues to outperform its capabilities, outperforming all but a handful of the world's largest nations. With our unparalleled combination of resources, we will continue our achievements in the future.”
Dig deeper: The International Monetary Fund's (IMF) World Economic Outlook was released today, providing 2023 economic data for countries and regions.
- California remains the fifth largest economy in the world since 2017. According to the U.S. Bureau of Economic Analysis (BEA), California has been the world's fifth largest economy for seven consecutive years, with a nominal GDP of nearly $3.9 trillion in 2023, a year-on-year growth rate of 6.1%. There is. On a per capita basis, California is the second largest economy in the world.
- The United States far outperforms the rest of the world. The United States remains the world's largest economy, with a nominal GDP of over $27 trillion. Based on IMF and BEA data, California, Texas, New York and Florida remained among the world's top 20 economies. Florida State was the only state to drop, falling to 19th place after being overtaken by Spain.
- The Indian economy continues to grow at an accelerated pace. India is the fastest growing large economy and has remained the sixth largest economy since overtaking the UK in 2021.
Look at the data: Below is economic data from the IMF and BEA for the past seven years, showing a comparison of nominal GDP and rankings for countries and states.