United Kingdom economy dwarfed by single US state

The State of California now has a larger economy than the entire United Kingdom, making it the fifth largest economy in the world.

 
 

This is not unfamiliar territory for California, which occupied this position before the global recession at the start of the decade.

However, California has been on the comeback trail since then and there is every indication the state will continue to thrive, following the United Kingdom’s decision to leave the European Union.

The gross domestic product of that state rose by an incredible 127-billion dollars between 2016 and 2017.

The economy has now crossed the 2.7-trillion dollar barrier. Home to about 40-million people, California is home to a robust tech and agricultural sector.

It is also the entertainment capital of the world. The biggest contributors to California’s economic growth are the coastal cities of San Francisco, San Jose, Los Angeles and San Diego.

“We have the entrepreneurial spirit in the state, and that attracts a lot of talent and money,” said California State University Channel Islands economics professor Sung Won Sohn.

“And that’s why, despite high taxes and cumbersome government regulations, more people are coming into the state to join the parade.”

 
 

 
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