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California Economy Ranks Fifth Globally for Seventh Year
California ranked as the fifth largest economy in the world for the seventh consecutive year in 2023, according to the International Monetary Fund’s (IMF) World Economic Outlook. The Golden State’s GDP was exceeded only by the economies of Japan, Germany, China and the U.S., still the world’s largest by far.
The state’s nominal GDP neared $3.9 trillion in 2023, growing 6.1% since 2022, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California is the second largest economy in the world.
“California continues to punch above its weight, overperforming all but a handful of the largest countries in the world,” said Gov. Gavin Newsom. “And with our unparalleled combination of innovation, higher education, a talented workforce, diverse industries and unparalleled natural resources, we will continue to do so well into the future.”
Other economies in the top 10 as determined by IMF include India, the United Kingdom, France, Texas and Italy. Two other U.S. states rank in the global top 20, with New York in 12th place and Florida in 19th, down from 18th the year prior.
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- ◦Economy
