California has once again retained its position as the fifth largest economy in the world for the seventh consecutive year in 2023, as reported by the International Monetary Fund’s (IMF) World Economic Outlook. The state’s GDP was surpassed only by Japan, Germany, China, and the U.S., the world’s largest economy by a significant margin. In 2023, California’s nominal GDP approached $3.9 trillion, marking a 6.1% increase from the previous year, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California ranks as the world’s second largest economy.
Governor Gavin Newsom commended California’s ability to outperform many of the world’s largest countries, attributing this success to the state’s combination of innovation, higher education, skilled workforce, diverse industries, and abundant natural resources. Newsom expressed confidence that California will continue to excel well into the future. Among the top 10 economies identified by the IMF are India, the United Kingdom, France, Texas, and Italy. Additionally, two other U.S. states, New York and Florida, rank among the top 20 global economies, with New York in 12th place and Florida in 19th place (down from 18th place the previous year).
For those interested in gaining insights and forecasts on today’s commercial real estate markets from industry leaders in Southern California and nationally, the opportunity to join over 500 owners, investors, developers, brokers, financiers, and more at Connect Los Angeles 2024 on May 1 at the InterContinental Los Angeles Downtown is available. Registration is open for those looking to participate and benefit from the expertise shared at this event.
For the seventh consecutive year, California’s economy remains ranked fifth globally.
