California has overtaken Japan to become the fourth-largest economy in the world, according to international and domestic trackers.
Gov. Gavin Newsom touted the finding in a statement on Wednesday, saying new data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA) found that California’s GDP now exceeds Japan’s.
“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,” Newsom said in a statement.
The IMF and BEA have California’s nominal GDP at $4.1 trillion in their newly released data, compared to Japan’s $4.01 trillion.
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The data also shows that, were California its own country, its growth rate would exceed the U.S. and any other nation in the world. The state’s nominal GDP grew at a rate of 6% in 2024, outpacing the U.S.’ 5.3% rate, China’s 2.6% rate and Germany’s 2.9% rate.
Newsom’s statement went on to lash out at President Donald Trump for his tariff policies, which Newsom says threaten to derail California’s growth.
“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,” he added.
Newsom’s office argued in a statement that Trump’s tariffs have “wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses.”
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“These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually,” Newsom’s office added.
Newsom’s administration sued to block Trump’s tariffs last week, and New York is leading a coalition of other states in a similar lawsuit.
The states suing with New York include Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, Oregon and Vermont.
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