California has surpassed the United Kingdom as world's 5th largest economy

Mae Love
May 6, 2018

California, known for its Hollywood-based entertainment industry and Silicone Valley's tech sector, is now the fifth largest economy in the world, according to new federal figures. The Golden State's gross domestic product went up by $127 billion between 2016 and 2017 to hit $2.7 trillion, compared with the U.K.'s $2.6 trillion. In this same period, the GDP of the United Kingdom slightly decreased, mainly due to the fluctuation of the U.S. dollar.

The data reveal the sheer immensity of all California's economy, property to almost forty million men and women, a thriving tech sector in Silicon Valley, the world's entertainment resources from Hollywood as well as also the nation's salad bowl in the Central Valley agricultural heartland. The manufacturing sector grew by $10 billion, while agriculture had little impact on the GDP growth. The real estate sector in California grew by $26 billion, while the information sector - containing many technology companies - grew by $20 billion. The state was also ranked the No. 5 economy in the world in 2002, but it fell to 10th in 2012 after the recession. Since that time, however, the state has increased its GDP by $700 billion and added an estimated 2 million jobs.

A huge piece of that recovery has been due to globalism, with the U.S. Commerce Department reporting that California exported $171.9 billion to 229 foreign economies in 2017. Their country has 12 percentage of their US populace but donated 16 percent of the nation's labour growth among 2012 and 2017.

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However, California's economic growth has mostly been observed in the coastal metro areas surrounding San Francisco, San Jose, Los Angeles and San Diego.

"The non-coastal areas of CA haven't established as much financial growth while the coastal areas", Ohanian stated in a single email address.

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