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California Now Has Eighth Largest Economy in the World

 
California Now Has Eighth Largest Economy in the World
Posted July 7th, 2014 @ 1:40pm by KFBK News - Mike Simpson

California comeback? The Golden State is moving up the list of largest economies in the world.

"California is now No. 8," said Irena Asmundson, with the California Department of Finance. 

Our $2.203 trillion gross domestic product last year put the state just ahead of both Russia and Italy and just behind the number seven, Brazil.

"We moved up through a combination of a couple of things," she said. 

Slow growth across parts of Europe and a change in how GDP is calculated, were both contributing factors.

Spending on intellectual property -- like software or films -- is now taken into account. And, of course, we have Hollywood and Silicon Valley.

"So now it's more comparable," she said. 

The rankings come from a research firm in Palo Alto.

Overall, the state's economy grew 2 percent last year, slightly outpacing the national growth rate of 1.8 percent.

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