How GDP of US states Compare With Major Global Economies
Several U.S. states are riding high in the list of top world economies, according to new economic data from the last year.
California and Texas ranked in the top 10 economies in the world for 2024, beating out other major developed countries like the U.K., France, and Russia.
The Context
On Wednesday, California Governor Gavin Newsom‘s office said that the GDP of the state had exceeded that of Japan, making it the fourth largest in the world after the U.S., China, and Germany. According to data from the International Monetary Fund and the Bureau of Economic Analysis, Texas is also way up the list, with Florida and New York only just missing out on a top-10 spot.
What To Know
Out of the 10 largest economies in the world for 2024, California was fourth, Texas was ninth, and barely missing out was New York in 11th. For several years since 2017, New York was the 10th largest economy, but was replaced by Russia in 2022.
The U.S. as a whole remains the largest economy in the world with a GDP of over $28 trillion, $4.1 trillion of which is Californian. Texas makes up another $2.7 trillion.
California ranked above India, the U.K., and France, as well as large emerging economies like Brazil.
Lower down the list, several U.S. states continue to match the entirety of some developed Western countries economically.
New York and Canada have the same GDP as of 2024, at $2.4 trillion, while Florida has a higher GDP than Spain ($1.7 trillion to $1.6 trillion.)
The smallest state by GDP, Vermont, has the same economic footprint as Bolivia, $46 billion.
What People Are Saying
California Governor Gavin Newsom said in a statement Wednesday: “California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation.
“And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”
In a statement on its website, the IMF said: “After enduring a prolonged and unprecedented series of shocks, the global economy appeared to have stabilized, with steady, yet underwhelming, growth rates.
“However, the landscape has changed as governments around the world reorder policy priorities and uncertainties have climbed to new highs. Global headline inflation is expected to decline at a slightly slower pace than what was expected in January.”
What Happens Next
California’s economy is expected to continue growing, though tariffs on goods from China may stifle the import-reliant state. President Donald Trump has indicated that the tariff level may decrease if a trade deal is reached.