Key Facts

• California has surpassed Japan to become the fourth largest economy in the world.
• The state's GDP was recorded at $4.10 trillion in 2024, while Japan's GDP was at $4.01 trillion.
• Governor Gavin Newsom reported these figures, based on data from the International Monetary Fund and the US Bureau of Economic Analysis.
• California now only trails Germany, China and the US as a whole economically.
• California houses a significant part of the US's manufacturing and agricultural production sector, along with a major part of technological innovation.
• The state also includes the center of the world's entertainment industry and the country's two largest seaports.
• The introduction of tariffs by President Donald Trump has led Governor Newsom to express concern about the future of the state's economy.
• The International Monetary Fund had lowered its economic growth predictions for Japan, foreseeing a slower rate of interest rate hikes due to the higher tariffs.