CALIFORNIA (Staff Report) – The most populous state of the United States has overtaken France as the world’s sixth-largest economy.
According to state data released on Tuesday, California, with a gross domestic product (GDP) of $2.5 trillion, surged economically as a result of strong growth and the U.S. dollar’s gains against foreign currencies. Brazil, one of the world’s most promising emerging markets, is also lagging behind California.
Irena Asmundson, chief economist of California Finance stated the contributing factors behind growth.
“This is the result of both good growth in California and exchange-rate movements of the U.S. dollar versus other currencies,” she said.
The 39th governor of California Jerry Brown is currently running the state. The economic boom in the state was also brought on by tech giants including Facebook Inc. and Apple Inc., in addition to the agricultural and manufacturing industries.
Although the United States as a whole grew by 2.4% last year, California solely escalated by 4.1 % overpowering 1.1% growth of France.
It must be surprising that last year, California created the most jobs of any state, more than the second- and third-most-populous states Florida and Texas combined.
California is also home to 4 out of 10 largest companies in the world.