It shows the massive size of the US economy that one State alone has just overtaken the UK to become the World’s 5th largest economy. As reported by NBC NEWS:
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to federal data made public Friday.
California’s gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data said. Meanwhile, the UK’s economic output slightly shrunk over that time when measured in U.S. dollars, due in part to exchange rate fluctuations.
The data demonstrate the sheer immensity of California’s economy, home to nearly 40 million people, a thriving technology sector in Silicon Valley, the world’s entertainment capital in Hollywood and the nation’s salad bowl in the Central Valley agricultural heartland. It also reflects a substantial turnaround since the Great Recession.
California’s economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany. The state has 12 percent of the U.S. population but contributed 16 percent of the country’s job growth between 2012 and 2017. Its share of the national economy also grew from 12.8 percent to 14.2 percent over that five-year period, according to state economists.
It is always debatable how relevant these league tables are. Many factors are in play, including exchange rates. But it does illustrate that the UK is at an economic crossroads. Will Brexit bring riches? Or will the economy take a nose dive? ¯\_(ツ)_/¯
I help keep the good ship Slugger afloat by managing the business and techy stuff.