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Guess What US State recently became the fifth largest economy in the world?
Posted by Boettcher Insurance Agency on
As the globe’s fifth-largest economy, California recently scooted past the U.K., taking its spot in the rankings. The state’s gross domestic product exceeded $2.7 trillion in 2017, rising by $127 billion in a single year, while the U.K. saw theirs shrink over that same period. California’s sizable population, at 40 million (compared to the U.K.’s 66 million), may have something to do with its ability to compete on the global stage — that, along with its agriculture, technology, and entertainment industries. Entrepreneurial spirit and worker productivity are also quoted by experts as being economic bolsters for the state. The only countries to surpass California in total GDP? The United States, China, Japan, and Germany.