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If the state were considered separately, it would rank as the fifth largest economy in the world, behind rest of the United States, China, Japan, and Germany as of 2017. The state recently overtook the United Kingdom to take the fifth spot. The U.S. Bureau of Economic Analysis reported that California's GDP was $2.751 trillion in 3rd quarter 2017.
After 1900, California continued to grow rapidly and soon became an agricultural and industrial power. The economy was widely based on specialty agriculture, oil, tourism, shipping, film, and after 1940 advanced technology such as aerospace and electronics industries – along with a significant military presence.
The year 1920 was the single most deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP may have declined between 2.5 and 7 percent, even as wholesale prices declined by 36.8%. [32] The economy had a strong recovery following the recession. [33] 1923–1924 recession
The rank and file aren’t doing so well either: The California economy began to turn south in the summer of 2022 and nearly 200,000 Californians have lost their jobs since. Costs have gone up.
According to the LAO, California entered an economic downturn last year, with the number of unemployed workers jumping nearly 200,000 since the summer of 2022, raising the unemployment rate from 3 ...
The economy grew every year from 1812 to 1815 despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4.8% a year. [105] The national economy grew 1812–1815 at the rate of 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation. [104]
They cite the economic data released by the federal government last week, showing the economy contracted for the second straight quarter. That has long been considered the definition of a recession.
California's economy is dependent on trade and international related commerce accounts for about one-quarter of the state's economy, and representing 7% of their GDP; California's biggest trade partner is Mexico. In 2008, California exported $144 billion worth of goods, up from $134 billion in 2007 and $127 billion in 2006. [288]