PressTV-California’s economy attains world’s 5th largest

The economy of the West Coast US state of California has grown in the past two years to become the world’s fifth largest, even surpassing the British gross domestic product (GDP), new federal data indicates.

While California’s GDP exceeded $2.7 billion dollars after it grew $127 billion between 2016 and 2017, Britain’s GDP contracted when measured in US dollars, mostly due to exchange rate variations, AP reported Friday, citing US federal data released earlier in the day.

The newly-released data, the report adds, further highlights the potency of the state’s huge population as well as the influence of its growing Silicon Valley technology sector, Hollywood’s entertainment industry and the Central Valley’s agricultural output.

It also cited the California Finance Department’s Chief Economist Irena Asmundson as stating that each of the state’s economic sectors — with the exception of agriculture — contributed to the state’s…

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