California Money

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jul. 8, 2014 – 12:00 am
Last Modified: Tuesday, Jul. 8, 2014 – 2:57 am

California’s economy has overtaken Russia and Italy, with the state now ranked as the world’s eighth-largest economy.

The state’s $2.203 trillion gross domestic product in 2013 put California slightly ahead of Russia and Italy and just behind the No. 7 economy, Brazil. The rankings were calculated by the Center for Continuing Study of the California Economy in Palo Alto and based on annual statistics from the World Bank.

Because of slow growth in Europe, California could close in on No. 5 France and No. 6 United Kingdom in the 2014 rankings, said economist Stephen Levy, director of the Palo Alto center.

Levy said the fluctuations in the annual rankings shouldn’t be taken too seriously but that the latest results do offer additional evidence that California is hitting its stride after years of economic turmoil. California’s economy grew by 2 percent last year, compared to the U.S. average of 1.8 percent.

“It’s part of the California comeback story, California beginning to grow again,” Levy said Monday.

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