{"id":190818,"date":"2025-04-27T10:14:11","date_gmt":"2025-04-27T17:14:11","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=190818"},"modified":"2025-04-27T10:14:11","modified_gmt":"2025-04-27T17:14:11","slug":"california-now-4th-largest-economy-in-world","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=190818","title":{"rendered":"California Now 4th Largest Economy in World"},"content":{"rendered":"
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Sacramento, CA…Governor Gavin Newsom announced that California has officially overtaken Japan to become the world\u2019s fourth-largest economy, according to newly released data from the International Monetary Fund<\/a>\u00a0(IMF) and the\u00a0U.S. Bureau of Economic Analysis<\/a>\u00a0(BEA).<\/p>\n<\/div>\n<\/div>\n

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\u201cCalifornia isn\u2019t just keeping pace with the world\u2014we\u2019re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California\u2019s economy powers the nation, and it must be protected.\u201d<\/span><\/p>\n

Governor Gavin Newsom<\/small><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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According to the IMF\u2019s 2024 World Economic Outlook data released yesterday, and BEA data California\u2019s nominal GDP reached $4.1 trillion, surpassing Japan\u2019s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California\u2019s GDP figure is based on the latest state-level GDP data from the BEA.<\/p>\n

Outperforming the nation<\/b><\/p>\n

California\u2019s economy is growing at a faster rate than the world\u2019s top three economies. In 2024, California\u2019s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California\u2019s success is long-term \u2013the state\u2019s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.<\/p>\n<\/div>\n<\/div>\n

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California is the backbone of the nation\u2019s economy\u00a0<\/strong><\/h2>\n

With an increasing state\u00a0population<\/a>\u00a0and recent record-high\u00a0tourism spending<\/a>, California is the nation\u2019s top state for new\u00a0business starts<\/a>, access to venture capital\u00a0funding<\/a>, and\u00a0manufacturing<\/a>,\u00a0high-tech<\/a>, and\u00a0agriculture<\/a>.<\/p>\n

The state drives 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 output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians.<\/p>\n

The Golden State\u2019s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.\n<\/p>\n

Protecting California\u2019s economy<\/strong><\/h2>\n

Governor Gavin Newsom is protecting California\u2019s economy, and last week\u00a0filed a lawsuit<\/a>\u00a0in federal court challenging the president\u2019s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The\u00a0lawsuit<\/a>\u00a0seeks to end President Trump\u2019s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump\u2019s tariffs are projected to shrink the U.S. economy by $100 billion annually.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sacramento, CA…Governor Gavin Newsom announced that California has officially overtaken Japan to become the world\u2019s fourth-largest economy, according to newly released data from the International Monetary Fund\u00a0(IMF) and the\u00a0U.S. Bureau of Economic Analysis\u00a0(BEA). \u201cCalifornia isn\u2019t just keeping pace with the world\u2014we\u2019re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, […]<\/p>\n","protected":false},"author":1,"featured_media":190819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-190818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2025\/04\/1cda740a-f948-df95-7d58-b6faabf1ec3f.webp","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/190818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=190818"}],"version-history":[{"count":1,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/190818\/revisions"}],"predecessor-version":[{"id":190821,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/190818\/revisions\/190821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/190819"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=190818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=190818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=190818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}