According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.
Outperforming the nation
California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.