SACRAMENTO, Calif. — California's economy has surpassed that of the United Kingdom to become the world's fifth largest, according to new federal data made public Friday.
California's gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data said. Meanwhile, the UK's economic output slightly shrunk over that time when measured in U.S. dollars, due in part to exchange rate fluctuations.
The data demonstrate the sheer immensity of California's economy, home to nearly 40 million people, a thriving technology sector in Silicon Valley, the world's entertainment capital in Hollywood and the nation's salad bowl in the Central Valley agricultural heartland. It also reflects a substantial turnaround since the Great Recession.
"We have the entrepreneurial spirit in the state, and that attracts a lot of talent and money," said Sung Won Sohn, an economics professor at California State University Channel Islands. "And that's why, despite high taxes and cumbersome government regulations, more people are coming into the state to join the parade."
Velkyn01 on May 4th, 2018 at 23:43 UTC »
Who knew that my grocery shopping today would tip it over the edge?
Dr_Frinks_Deathray on May 4th, 2018 at 22:29 UTC »
ITT: People who think that every square inch of California, the third largest state in the Union, is actually all the crappiest and most expensive part of LA.
gyrotur on May 4th, 2018 at 22:01 UTC »
Putting aside all the bickering in this post between sides. That's pretty insane, California's economy is crazy big.