California Moving Towards Surpassing the United Kingdom as the 5th Largest Economy
According to rankings released last month by Palo Alto economist Stephen Levy, California’s economy ranked sixth in the world in 2016. Levy is head of the Center for Continuing Study of the California Economy and he believes that the state will overtake the United Kingdom this year for number five. In 2005, California’s economy overtook France and Brazil to rank sixth in the world. That’s a great turnaround compared to 2010 when California’s economy had fallen to tenth in the world rankings. Levy stated:
It does say we’re doing well. It does say that despite the housing, despite the transportation challenges and despite the air quality, we’re kicking (butt).
Levy calculated the numbers from World Bank estimates released in June and the U.S. Bureau of Economic Analysis, which breaks down state-by-state economic output. The U.K.’s economy totaled $2.62 trillion and California’s economy totaled $2.60 trillion. California’s economic growth was 2.9 percent last year, which 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. If things go according to Levy, California’s economy will be among the world’s largest economies, which should be good news for California residents