California Economy Slips, Now 9th Largest In The World
LOS ANGELES (CBS) — The Golden State has lost some of its luster – California has slipped from its No. 8 ranking among the top economies in the world.
According to a new report released by the Continuing Study of the California Economy (pdf), California’s gross domestic product was slightly more than $1.9 trillion, putting it in 9th place among top world economies in 2010.
California’s economy was ranked 5th in the world as recently as 2002, according to the state’s Legislative Analyst’s Office.
The Golden State also lost some of its purchasing power in 2010. Based on purchasing power, California is now the 11th largest economy, with India and Russia moving ahead of California.
The report was based on numbers according to the U.S. Department of Commerce.