If California were his own country, his economy would now be classified as the fourth largest part of any nation in the world, said Governor Gavin Newsom this week.
Newsom announced the new economic classification of the State on Wednesday after recently published data from the International Monetary Fund and the United States Economic Analysis Office indicated that the Gross Nominal Internal Product of California now exceeds Japan.
According to the data, the California nominal GDP reached $ 4.1 billion, exceeding $ 4.02 billion from Japan. That places the Golden State only to the United States at $ 29.18 billion, China at $ 18.74 billion and Germany at $ 4.65 billion.
“California not only maintains the pace of the world, we are establishing the rhythm,” said Newsom in a statement. “Our economy is thriving because we invest in people, we prioritize sustainability and believe in the power of innovation.”
Of the four main global economies, California is also the fastest growing, according to Data and Newsom's Office. Its nominal GDP grew at a rate of 6% in 2024, exceeding the general rate of 5.3% of the US, the rate of 2.6% of China and the rate of 2.9% of Germany.
Newsom attributed the exhibition of California to a growing population and record of tourist spending along with a high concentration of risk capital and new commercial companies. It also promoted the strength of agricultural, high -tech and manufacturing centers of the State.
While celebrating the milestone, Newsom also hit the tariff policies of President Trump.
“While we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration,” he said in a statement. “California's economy feeds the nation, and must be protected.”
Last week, Newsom announced a lawsuit that challenges Trump's executive authority to promulgate international tariffs without the support of Congress, qualifying the president's economic policies a “demolition ball” to the global reputation of the United States.
Legal action argues that the International Emergency Economic Powers Law that Trump cited to impose tariffs does not grant the President the ability to unilaterally adopt tariffs on imported goods to the United States.
“No state is ready to lose more than the state of California,” Newsom announces demand. “That's why we are affirming ourselves on behalf of 40 million Americans.”
The last time California advanced in the world economic qualifications was 2018, when his nominal GDP surpassed the United Kingdom to move on to fifth place. The economy of India is expected to, which currently costs $ 3.90 billion, will surpass California in 2026, according to current data trends.
Times staff writer Taryn Luna contributed to this report.
