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California Remains the World’s 5th Largest Economy

Posted on April 18, 2024

Published: Apr 16, 2024

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SACRAMENTO – Thanks to continued economic growth and strong performances in a variety of industry sectors, California has again ranked as the 5th largest economy in the world.

WHAT GOVERNOR NEWSOM SAID: “California continues to punch above its weight, overperforming all but a handful of the largest countries in the world. 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.”

DIG DEEPER: The International Monetary Fund’s (IMF) World Economic Outlook was released today providing 2023 economic data for countries and regions.

  • California remains the 5th largest economy in the world since 2017. California is 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 year prior, according to the U.S. Bureau of Economic Analysis (BEA). On a per capita basis, California is the second largest economy in the world.
  • The U.S. far outpaces the rest of the world. The United States is still by far the largest economy in the world with a nominal GDP of more than $27 trillion. Based on IMF and BEA data, California, Texas, New York, and Florida remained in the top 20 economies of the world; Florida was the only state that fell a spot, slipping to 19th, overtaken by Spain.
  • India’s economy continues accelerated growth. India has been the fastest-growing large economy and remained the sixth largest economy since overtaking the United Kingdom in 2021.

LOOK AT THE DATA: Below are IMF and BEA economic data from the past seven years showing how countries and states compare in nominal GDP and rankings: