Sacramento, CA…The Gavin Newsom Administration says that 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: Above are IMF and BEA economic data from the past seven years showing how countries and states compare in nominal GDP and rankings: