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3d ago

California Becomes World’s Fourth-Largest Economy, Surpassing Japan

The state’s $4.1 trillion GDP outpaced Japan’s, driven by a 6% growth rate, but faces challenges from federal tariffs and global competition.

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, according to data from the IMF and BEA.
  • The state achieved a 6% economic growth rate in 2024, outpacing the U.S., China, and Germany, making it the fastest-growing among the top four economies.
  • Governor Gavin Newsom and Attorney General Rob Bonta have filed a federal lawsuit challenging President Trump’s emergency tariff policies, citing significant harm to California’s economy.
  • California is a major national contributor, sending $83 billion more to the federal government than it receives and leading the U.S. in manufacturing output with over 1.1 million jobs.
  • Preliminary projections suggest India could surpass California as the fourth-largest economy by 2026, adding urgency to sustaining its growth trajectory.