California becomes the fourth largest economy in the world, surpasses Japan
California has now officially taken over Japan's position as the fourth-largest economy in the world, as per a report.
#Pahalgam Terrorist Attack
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International Monetary Fund's and US Bureau of Economic Analysis data revealed that California's nominal GDP reached $4.1 trillion, outpacing Japan's $4.02 trillion nominal GDP, as per the Guardian. The state now ranks behind the US at $29.18 trillion, China at $18.74 trillion and Germany at $4.65 trillion, according to the report.
California's Economic Contribution to the US
California is the main hub for US manufacturing output and is the nation's largest agricultural producer, as per Gaurdian. The state is also the tech and entertainment industry capital of the United States, according to the report.
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The state is a major contributor to economic growth in the United States, with the money it sends to the federal government outpacing what it receives in federal funding by $83bn, as per a statement from Newsom's office provided to Guardian.
Governor Gavin Newsom
said, 'California isn't just keeping pace with the world – we're setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation,' quoted Gaurdian.
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California's economy surpasses some of the world's largest players, it grew at 6% in 2024, well ahead of the United States' 5.3%, China's 2.6%, and Germany's 2.9%, according to the report. This stellar jump has now positioned California as the world's fourth-largest economy, a big milestone for the state, which just six years ago had outperformed the United Kingdom to become the fifth-largest economy in the world, as per Guardian.
Concerns About Federal Policies
However, Newsom warned that US president Donald Trump's trade policy might impact California's economic interests, according to the report. The governor pointed out, "While we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California's economy powers the nation, and it must be protected,' quoted Gaurdian.
FAQs
What is California's GDP now?
California's GDP has reached $4.1 trillion, surpassing Japan's $4.02 trillion, as per the Guardian.
Has California ever been this successful economically before?
California became the fifth-largest economy in the world just six years ago, surpassing the U.K.
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