FLASH NEWS
California's economy overtakes Japan, ranks fourth in the world
2025-04-24 17:04:02 / EKONOMI&SOCIALE
Governor Gavin Newsom announced today that California has officially surpassed Japan to become the world's fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA). "California is not just keeping pace with the world — we are setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation."
And as we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy and its economy must protect the nation. ” Governor Gavin Newsom According to the IMF’s 2024 World Economic Outlook released yesterday, and BEA data, California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion and placing California behind the United States, China, and Germany in the global rankings.
California's GDP figure is based on the most recent state-level GDP data from the BEA.
Outpacing the Nation California's economy is growing at a faster rate than the world's three largest economies. In 2024, California's growth rate of 6% outpaced the three largest economies: the United States (5.3%), China (2.6%), and Germany (2.9%).
California's success is long-term – the state's economy grew strongly over the past four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data shows that India is projected to surpass California by 2026.
California is the backbone of America's economy.
With a growing state population and recent record high spending on tourism, California is the nation's leading state for new business startups, access to venture capital financing, and manufacturing, high-tech, and agriculture. The state leads national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding.
California is the leading agricultural producer in the country and is also the center for manufacturing production in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians.
Golden State manufacturing firms have created new industries and supplied the world with manufactured goods that include aerospace, computers and electronics and, most recently, zero-emission vehicles.
Protecting California's economy
Governor Gavin Newsom is defending California's economy and last week filed a lawsuit in federal court challenging the president's use of emergency powers to enact sweeping tariffs that hurt states, consumers and businesses.
The lawsuit seeks to end President Trump's tariff chaos, which has wreaked havoc on the economy, destabilized stock and bond markets, caused hundreds of billions of dollars in losses, and imposed higher costs on consumers and businesses. These damages will only continue to grow, as President Trump's tariffs are projected to shrink the U.S. economy by $100 billion a year.
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