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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
“This decline is similar to those seen during the Great Recession and dot-com bust,” according to the Legislative Analyst’s Office.
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]
That rate averaged 4.2% last year and is expected to climb to 4.6% this year before falling in 2025. The state’s unemployment rate in January was 5.2%.The national rate was 3.7%.
WalletHub ranked all 50 states in the U.S. based on economic activity, health and potential. California’s economy is among the best in the nation, new study reveals. Who’s No. 1?
The slowdown in economic activity led to the recession of 1953, bringing an end to nearly four years of expansion. May 1954– Aug 1957 39 +2.5% +4.0%: Expansion resumed following a return to growth in May 1954. Employment and GDP growth slowed relative to the previous two expansions. April 1958– April 1960 24 +3.6% +5.6%