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3d ago

California Becomes 4th Largest Economy Globally, Surpassing Japan

The state’s $4.1 trillion GDP in 2024 marks a 6% growth rate, but federal tariff policies threaten its economic trajectory.

The downtown skyline of Los Angeles, California, on January 22, 2024.
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Overview

  • California's nominal GDP reached $4.1 trillion in 2024, surpassing Japan's $4.02 trillion, based on IMF and BEA data.
  • The state now ranks behind the U.S., China, and Germany, and its 6% growth rate outpaced all three economies last year.
  • Governor Gavin Newsom attributes the success to investments in people, sustainability, and innovation, emphasizing California's role as a national economic driver.
  • Newsom and Attorney General Rob Bonta have filed a federal lawsuit challenging President Trump's emergency tariff authority, citing potential harm to California's economy.
  • Preliminary data suggests India could overtake California as the fourth-largest economy by 2026, adding urgency to the state’s economic strategies.