The US state of California is now the fifth largest economy in the world with a GDP of $2,747 billion. This is evidenced by a report published on Friday by the US Department of Commerce. California’s economy is now larger than Britain’s, with a GDP of $2,625 billion, and must settle for sixth place.
The Golden State is only ahead of Germany ($3.685 billion), Japan ($4.872 billion), China ($12.015 billion), and the United States ($16.644 billion), without California.
The American country is experiencing an impressive recovery. In 2012, California, with a population of 40 million, fell to tenth place, with a GDP of only $2003 billion.
According to economic experts at the Ministry of Finance All sectors contributed to the growth In the state, except for agriculture. Financial services and real estate are among the most important economic sectors, followed by the information and communications technology sector, which includes many technology companies.
“This strong performance compared to other industrialized economies is mainly dictated by high productivity per employee.” He says Lee Ohanianprofessor of economics at the University of California. “The UK’s population is 25 million larger, but its GDP is smaller.”
After California, Texas is the US state with the largest GDP ($1.696 billion), followed by New York, Florida, and Illinois.
