BUSINESS

We're No. 8: California near top of world's largest economies

If California were a country, it would have the eighth-largest economy in the world, maintaining its ranking from July 2014.

The latest figures for 2014 from the World Bank show that Brazil claimed seventh place with a gross domestic product of $2.346 trillion. California's gross state product, which is comparable to GDP, was $2.312 trillion, according to a report released last month by the U.S. Bureau of Economic Analysis.

There's a good chance that California could outstrip Brazil when the 2014 data are revised, said Stephen Levy, directorof the Center for Continuing Study of the California Economy in Palo Alto.

The surprise of 2014 was the re-emergence of economic growth in Southern California due to trade and record levels of tourism, he said. Add to that the strength of tech in Northern California and Levy said 2014 was "just a very good year."

"Southern California is fully participating in the recovery," he said.

The U.S. came out on top of the list with $17.4 trillion, followed by China with $10.4 trillion.

California isn't the only state that would make it on the list. Texas and New York would rank as the 13th and 16th largest world economies, respectively.

For more business news, follow @smasunaga.

Copyright © 2016, Los Angeles Times
66°