California's Economy Tops Japan
(MENAFN) The state of California has surpassed Japan’s economy to become the fourth-largest in the world, based on an announcement from Governor Gavin Newsom’s office.
In 2024, California’s nominal GDP reached USD4.1 trillion, surpassing Japan’s GDP of USD4.02 trillion, based on data from the International Monetary Fund and the US Bureau of Economic Analysis (BEA) released earlier this week.
California now ranks behind only the United States, with a GDP of USD29.18 trillion, China at USD18.74 trillion, and Germany at USD4.65 trillion.
Governor Gavin Newsom expressed pride in the state’s economic growth, stating, “California isn’t just keeping pace with the world – we’re setting the pace.”
He continued by emphasizing, “Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation.”
In addition to surpassing Japan, California also led the world's top economies in terms of growth.
The state's economy expanded by 6 percent in 2024, outpacing the US average of 5.3 percent, China’s 2.6 percent, and Germany’s 2.9 percent.
Over the past four years, California’s economy has grown at an average nominal rate of 7.5 percent.
Experts point to California’s rapidly growing technology, entertainment, as well as clean energy fields as key drivers behind its economic success.
With nearly 40 million residents, California is the most populous state in the US and remains a major force in manufacturing, agriculture, and tourism.
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