California becomes world's sixth-largest economy

Posted on:20 Jun 2016 09:23:46
California becomes world's sixth-largest economy
20 June 2016 Current Affairs: California is now the sixth-largest economy in the world, surpassing France, thanks to a robust state economy and strong US dollar.

California was the world's eighth-largest economy in 2014, Irena Asmundson, chief economist of the California Department of Finance, said in a phone interview. California did exceptionally well in 2015.

France is the world's seventh-largest economy with a growth domestic product of $2.42 trillion, and India is the eighth-largest with $2.09 trillion, according to the latest International Monetary Fund data.California is home to diverse strong economies, including Silicon Valley and Hollywood.

Manufacturing and agriculture have performed well despite a severe drought

The most populous US state has outpaced the rest of the country on job growth, California's finance department said in its June bulletin this week. Gross state product was $2.46 trillion in 2015, with 4.1 per cent of growth in real terms, it added.US gross domestic product grew by 2.4 per cent in 2015.Growth slowed to 0.8 per cent in the first quarter of 2016.

 

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