Golden State Today

SACRAMENTO – California has maintained its position as the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the previous year, according to the U.S. Bureau of Economic Analysis (BEA). Governor Newsom expressed his pride in the state's economic performance, stating, "California continues to punch above its weight, overperforming all but a handful of the largest countries in the world."

The United States remains the largest economy globally, with a nominal GDP exceeding $27 trillion. California, along with Texas, New York, and Florida, maintained their positions in the top 20 economies of the world. However, Florida slipped to 19th place, overtaken by Spain.

India's economy has been experiencing accelerated growth and has held onto its position as the sixth-largest economy worldwide since surpassing the United Kingdom in 2021.

The International Monetary Fund's (IMF) World Economic Outlook for 2023 provided insights into the economic data of various countries and regions. California's consistent ranking as the 5th largest economy in the world highlights its economic strength and resilience.

In a comparison of nominal GDP and rankings over the past seven years, California's economic prowess on a per capita basis solidifies its position as the second-largest economy globally. The state's success can be attributed to factors such as innovation, higher education, a skilled workforce, diverse industries, and abundant natural resources.

California's continued economic growth and strong performance across various industry sectors have cemented its status as a key player in the global economy, with a promising outlook for the future.