California's economy has overtaken leading European countries

Фото: Depositphotos

California overtook France in terms of GDP and became the sixth economy in the world after the United States, China, Japan, Germany and the UK, the agency reports Bloomberg.

According to official data, California’s annual GDP was $ 2,5 trillion, leaving behind the economies of France, Italy, Brazil, India and other developing countries.

“This excellent result was achieved due to the high rate of economic growth and the growth of the dollar exchange rate relative to other world currencies,” Irena Asmundson, chief economist of the California Department of Finance, commented on the state’s financial performance.

In 2015, California's economy grew by 4,1%, compared to 2,1% growth in the US economy. By comparison, the French economy grew by just 1,1% last year. California also created more jobs last year than Texas and Florida, the second- and third-largest states, combined.

The main reasons for this growth of the California economy are the presence of technology companies, the development of agriculture and processing industry. Four of the world's top 10 largest companies are capitalized in California.

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