California's Economy Rises to Fourth in the World: Nominal GDP Reaches $4.1 Trillion, Surpassing Japan
In Sacramento, Sacramento County, California, the Office of the Governor announced that, according to the International Monetary Fund's 2024 World Economic Outlook data and state-level gross domestic product data from the U.S. Bureau of Economic Analysis, California's nominal GDP reached $4.1 trillion, surpassing Japan's $4.02 trillion and placing California fourth in the global rankings, behind only the United States, China, and Germany.
The governor's office said California's economy is also growing faster than the world's top three economies: California's 2024 growth rate of 6 percent outpaced the United States at 5.3 percent, China at 2.6 percent and Germany at 2.9 percent, and the state's economy grew strongly over the last four years, with average nominal GDP growth of 7.5 percent from 2021 to 2024. Preliminary data, however, indicates India is projected to surpass California by 2026.
The governor's office described California as the backbone of the nation's economy: with an increasing population and recent record-high tourism spending, California is the nation's top state for new business starts, access to venture capital funding, and manufacturing, high-tech and agriculture; the state sends over $83 billion more to the federal government than it receives in federal funding, is the leading agricultural producer in the country and the center of U.S. manufacturing output, with over 36,000 manufacturing firms employing over 1.1 million Californians.
Governor Gavin Newsom said he is protecting California's economy, noting that last week he filed a lawsuit in federal court challenging the president's use of emergency powers to enact sweeping tariffs, which the state says hurt states, consumers and businesses and have caused economic losses. (Source: Office of the Governor of California)
Related: California Sues Over Trump Tariffs, Saying the President Lacks Authority to Impose Them Unilaterally
Source: Office of the Governor of California
Published by GSM · USA (original Chinese edition)
Photo: 图：加州首府萨克拉门托市政厅（资料图），州长办公室在此发布加州经济数据。图：Vahe Martirosyan，CC BY-SA 2.0，via Wikimedia Commons / Photo: Sacramento City Hall in California’s capital (file photo), where the Governor’s Office released the state economy figures. Photo: Vahe Martirosyan, CC BY-SA 2.0, via Wikimedia Commons
