California has retained its position as the fifth largest economy in the world for the seventh consecutive year in 2023, according to a report by the International Monetary Fund’s (IMF) World Economic Outlook. The state’s GDP was surpassed only by Japan, Germany, China, and the U.S., which is the world’s largest economy by a significant margin. In 2023, California’s nominal GDP approached $3.9 trillion, marking a 6.1% increase from the previous year, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California ranks as the world’s second largest economy.
Governor Gavin Newsom commended California’s ability to outperform many of the world’s largest countries, attributing this success to the state’s combination of innovation, higher education, skilled workforce, diverse industries, and abundant natural resources. He expressed confidence that California will continue to excel well into the future. Among the top 10 economies identified by the IMF are India, the United Kingdom, France, Texas, and Italy. Additionally, two other U.S. states – New York and Florida – rank among the top 20 global economies in 2023 (down from their positions in 18th and 19th place respectively).
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