May 8, 2018

California Surpasses the U.K. as the Fifth-Largest Global Economy

Pacific Union Chief Economist Selma Hepp weighs in on the development.

 

  • Robust 2017 economic growth in California helped push the state to the world’s fifth-largest economy, surpassing the United Kingdom. Only the U.S., China, Japan, and Germany now have larger economies than California. The size of California’s economy is a little more than one-tenth of the size of China’s economy.
  • In 2017, California’s gross domestic product (GDP) reached $2.747 trillion, up by $127 billion from 2016.
  • While California has the United States’ largest economy, contributing 14.3 percent to the total GDP, California’s GDP grew at a slower rate in 2017 than some other states. With a 3 percent annual growth rate, California ranked sixth in terms of annual percent change in inflation-adjusted GDP, following Washington, Colorado, Nevada, Arizona, and Utah. Washington had America’s fastest-growing economy, with the GDP increasing by 4.4 percent over the last year.

 

To read the full post, click here: https://pacunion.us/2rrL0iY