NewsCalifornia Ranked as 6th Largest Economy in the World - Honing in on 5th Place Slot
In rankings released by Palo Alto economist Stephen Levy, head of the Center for Continuing Study of the California Economy, California’s economy ranked sixth in the world in 2016. The state has seen that ranking climb since 2010 when it was 10th and 8th in 2014. According to numbers calculated from World Bank estimates released earlier this month and the U.S. Bureau of Economic Analysis, California’s total economy totaled $2.60 trillion. Just ahead of California was Great Britain, coming in at $2.62 trillion. California’s economic growth of 2.9 percent last year was nearly double the U.S. average, and the seventh best among the states. Washington state had the fastest growing economy in the country last year, at 3.7 percent. These ranking are an indication that despite the perceived problems with the state’s housing, air quality and increasing taxes, California still proves to be a global economic leader.