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Saturday
May052018

California surpasses United Kingdom to become the world's fifth-largest economy

iStock/Thinkstock(LOS ANGELES) -- Federal data released on Friday reveals that California's gross domestic product surpassed that of the United Kingdom, making it the world's fifth-largest economy.

The Los Angeles Times reports
California's GDP grew by $127 billion, while the United Kingdom's slightly shrank, if it is measured by the dollar. Financial services, real estate, information, and manufacturing led the way in sectors that experienced growth in the state.

California trails just the US, China, Japan, and Germany in terms of GDP.

The Golden State's reached this plateau before, according to the Los Angeles Times, becoming the world's fifth-largest economy in 2002. The state fell to tenth in 2012, but has since rebounded with its booming tech sector, among other factors.

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