California Secures Top Spot as Fifth Largest Economy in the World for Sixth Year Running, Outpacing Many Countries

In 2023, California once again secured its position as the fifth largest economy in the world, maintaining this ranking since 2017. With a nominal GDP of almost $3.9 trillion and a growth rate of 6.1%, the state outperforms many countries. Governor Newsom highlighted several key factors that contribute to California’s economic success, including its innovative spirit, higher education system, talented workforce, diverse industries, and abundant natural resources.

Meanwhile, the United States remains the largest economy globally with a nominal GDP exceeding $27 trillion. California, Texas, New York, and Florida are among the top 20 economies in the world, with Florida slipping to 19th place due to being overtaken by Spain. India has experienced rapid economic growth and maintained its position as the sixth largest economy since surpassing the United Kingdom in 2021.

According to data from the International Monetary Fund (IMF) and U.S. Bureau of Economic Analysis (BEA) over the past seven years, countries and states have been compared in terms of nominal GDP and rankings. This consistent ranking of California as the fifth largest economy in the world reflects its strong economic performance and potential for continued growth in the future.