If California was its own country, its economy would now be classified as the fourth largest in any nation in the world, Governor Gavin Newsom said this week.
Newsom announced the new economic classification of the state on Wednesday after recently published data from the International Monetary Fund and the American economic analysis office said that the nominal gross domestic product of California is now exceeding Japan.
According to data, California’s nominal GDP reached $ 4.1 billions of dollars, exceeding $ 4.02 dollars in Japan. This places the state of gold behind the United States only at 29.18 billions of dollars, China at 18.74 billions of dollars and Germany at 4.65 billions of dollars.
“California not only follows the rhythm of the world – we give the pace,” Newsom said in a press release. “Our economy is booming because we invest in people, prioritize sustainability and believe in the power of innovation.”
Among the first four world economies, California is also the fastest growth, according to Data and Newsom’s Office. Its nominal GDP increased at a rate of 6% in 2024, exceeding the overall rate of 5.3% of the United States, the rate of 2.6% of China and the German rate by 2.9%.
Newsom awarded California’s projection to an increasing population and records tourist expenses associated with a high concentration of venture capital and new businesses. It also praised the strength of agricultural centers, high -tech and state manufacturing.
While celebrating the milestone, Newsom also swing the pricing policies of President Trump.
“While we are celebrating this success, we recognize that our progress is threatened by the reckless pricing policies of the current federal administration,” he said in a statement. “California’s economy feeds the nation and it must be protected.”
Last week, Newsom announced a trial contesting Trump’s executive power to adopt international tariffs without the support of the congress, qualifying the president’s economic policies to “destroy” the world reputation of America.
The legal action argues that the international law on the Emergency Economic Powers that Trump has cited to impose prices does not give the president the ability to unilaterally adopt prices on goods imported into the United States
“No state is about to lose more than California,” said Newsom when the trial was announced. “This is why we assert ourselves on behalf of 40 million Americans.”
The last time California advanced in the world economic ratings was 2018, when its nominal GDP passed the United Kingdom to move in fifth place. India’s economy, which is currently 3.90 dollars, should exceed California in 2026, according to current data trends.
Times editor Taryn Luna contributed to this report.
California Daily Newspapers
