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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.
In 1903, California became the leading oil-producing state in the US, and traded the number one position back-and forth with Oklahoma through the year 1930. [2] As of 2022 [update] , California produced 3% of the crude oil of the nation, behind Texas, New Mexico, North Dakota, Alaska, Colorado, and Oklahoma. [ 3 ]
Articles relating to the economy of California, the largest in the United States, boasting a $3.2 trillion gross state product (GSP) as of 2019. If California were a sovereign nation (2019), it would rank as the world's fifth largest economy , ahead of India and behind Germany .
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New economic data puts the California economy at $2.747 trillion — bigger than most nations. The ranking puts in fifth in the world, just ahead of the United Kingdom, which is on $2.625 trillion.
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%.
0–9. 1978 California Proposition 13; 1983 San Jose School District California bankruptcy; 1985–1987 Watsonville Cannery strike; 1992 California budget crisis