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Home / Business / California overtakes Britain and becomes the fifth largest economy in the world

California overtakes Britain and becomes the fifth largest economy in the world



California moved across the UK, becoming the world's 5 th largest economy in 2017.

The US Department of Commerce reported that California, with a population of 39.54 million, has a larger gross domestic product of 2.75 trillion dollars than the United Kingdom with 65.64 million inhabitants and a gross domestic product of 2.62 trillion dollars

A major advantage of California is an area of ​​163,696 square miles, compared to the UK with only 93,628 square miles of area. Although nearly a third of California is uninhabited, about one third of the UK is uninhabited.

Setting a new all-time high to the world is a huge change from 2012, when huge swathes of California real estate came loose and thousands of cars were repossessed. This put the not-so-golden state in a ranking of the world economy of rank 1

0.

But California's gross national product rose by $ 700 billion and created 2 million jobs in the last six years. A huge part of this recovery is due to globalism. The US Department of Commerce reported that in 2017, California exported $ 179.9 billion to 229 foreign economies.

Outstanding export sectors were Silicon Valley with $ 30 billion, Hollywood entertainment with $ 16 billion and the country's agricultural sector had nearly $ 20 billion in exports. California State Treasury chief economist Irena Asmundson told Associated Press that the Californian economy has hit new highs since lows in 2012, reaching $ 26 billion in financial services and real estate; $ 20 billion for the information sector; and a decade-high $ 10 billion in manufacturing.

Asmundson added that during the five-year period, California, with 12 percent of the US population, created 16 percent of all new domestic jobs and the state's share of US gross domestic product grew 12.8 percent to 14.2 percent.

California's unemployment rate reached a 17-year low of 4.8 percent in 2017, dropping steadily to 4.3 percent at the end of March to reach a 38-year low, according to state employment development

But not all is good for all Californians, and Breitbart News reports that Silicon Valley has the highest income inequality in the nation and in the US (19459008) News & World Report called California the worst state for "quality of life" due to its high cost of living.

If California were a nation, then only Germany would have a GDP of $ 3.69 trillion, Japan would have a GDP of $ 4.87 trillion, and China would have a GDP of $ 12.02 trillion. Then the Golden State could try to pass the United States with a GDP of $ 16.64 trillion without California.


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