California Slips To World’s 9th Largest Economy
PALO ALTO (CBS/AP) – The recession has taken a measurable toll on California, which has slipped behind Brazil to become the ninth-largest economy in the world.
As recently as 2002, California’s economic output would have ranked it No. 6 in the world.
KCBS’ Anna Duckworth Reports:
The Palo Alto-based Center for Continuing Study of the California Economy issued a report this month saying California had a $1.9 trillion economy in 2010, putting it just ahead of India. California, with a population of 37.5 million, previously had the eighth largest economy, behind Italy and ahead of Brazil.
The center used estimates of gross domestic product from the U.S. Department of Commerce and compared it with the World Bank’s estimates of world economies.
Based on purchasing power across countries, California continues to rank as the world’s 11th largest economy.
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