Governor Gavin Newsom announced that California is now the fourth-largest economy in the world.
As of Wednesday, California has overtaken Japan and is only behind the United States, China and Germany, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).
“California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected,” said Newsom.
The United States leads all nations with a 2024 Nominal GDP of $29.18 trillion.
Followed by China at $18.74 trillion, Germany at $4.65 trillion, California at $4.1 trillion and Japan at $4.02 trillion.
California’s economy is growing more rapidly than the world’s three largest economies, according to Newsom. In 2024, California achieved a 6% growth rate, surpassing the U.S. (5.3%), China (2.6%), and Germany (2.9%).
Over the past four years, California sustained strong economic growth, averaging 7.5% nominal GDP growth from 2021 to 2024. However, early projections suggest that India could overtake California’s economic position by 2026.