Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,796,183 members, 6,679,902 topics. Date: Tuesday, 18 January 2022 at 03:11 AM

California 5th Largest Economy In The World, Surpassing UK - Nairaland / General - Nairaland

Nairaland Forum / Nairaland / General / California 5th Largest Economy In The World, Surpassing UK (340 Views)

This Country Recently Became Africa’s Largest Economy. Now It’s Too Big For Busi / Anambra State To Be 5th Largest Economy Soon / Finally, Nigerian, Africa's Largest Economy, Grows Out Of Recession (2) (3) (4)

(1) (Reply) (Go Down)

California 5th Largest Economy In The World, Surpassing UK by xeleb(m): 6:05pm On May 05, 2018
California now world’s fifth largest economy, surpassing UK



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.”

All economic sectors except agriculture contributed to California’s higher GDP, said Irena Asmundson, chief economist at the California Department of Finance. Financial services and real estate led the pack at $26 billion in growth, followed by the information sector, which includes many technology companies, at $20 billion. Manufacturing was up $10 billion.

California last had the world’s fifth largest economy in 2002 but fell as low as 10th in 2012 following the Great Recession. Since then, the largest U.S. state has added 2 million jobs and grown its GDP by $700 billion.

California’s economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany. The state has 12 percent of the U.S. population but contributed 16 percent of the country’s job growth between 2012 and 2017. Its share of the national economy also grew from 12.8 percent to 14.2 percent over that five-year period, according to state economists.

California’s strong economic performance relative to other industrialized economies is driven by worker productivity, said Lee Ohanian, an economics professor at University of California, Los Angeles and director of UCLA’s Ettinger Family Program in Macroeconomic Research. The United Kingdom has 25 million more people than California but now has a smaller GDP, he said.

California’s economic juggernaut is concentrated in coastal metropolises around San Francisco, San Jose, Los Angeles and San Diego.

“The non-coastal areas of CA have not generated nearly as much economic growth as the coastal areas,” Ohanian said in an email.

The state calculates California’s economic ranking as if it were a country by comparing state-level GDP from the Bureau of Economic Analysis at the U.S. Department of Commerce with global data from the International Monetary Fund.
Re: California 5th Largest Economy In The World, Surpassing UK by Hintona(f): 6:12pm On May 05, 2018
Nigeria be deceiving herself as largest economy in Africa
Re: California 5th Largest Economy In The World, Surpassing UK by jom28gy(m): 6:20pm On May 05, 2018
But, does this transformed to the life of the citizenry
Re: California 5th Largest Economy In The World, Surpassing UK by ShyCypher(m): 6:44pm On May 05, 2018
jom28gy:
But, does this transformed to the life of the citizenry



Over there? Yes it does.

In Bokogeria? Nope
Re: California 5th Largest Economy In The World, Surpassing UK by Nobody: 6:56pm On May 05, 2018
A witness
Re: California 5th Largest Economy In The World, Surpassing UK by Nbote(m): 7:33pm On May 05, 2018
Oluwa ooo... While Nigeria is busy forecasting and seeing vision of surpassing countries, their cities are already leading
Re: California 5th Largest Economy In The World, Surpassing UK by jom28gy(m): 10:05am On May 08, 2018
OK, what is the way out for Nigeria

(1) (Reply)

Huddersfield F.C. Messes Up Chelsea At The Bridge. / Full List Of Arrested Ofaa Bank Robbers And Their Victims / Nigerian Uber Driver Returns $2,500 Forgotten In His Car, Gets $100 Reward

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 38
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.