California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the U.S. most-populous state surpassed Russia and Italy. Brazil has a population five times bigger than California’s 38.3 million; yet the Golden State with GDP of $2.20 trillion in 2013, expanded last year by almost every measure. In contrast, Brazil’s GDP declined 1% from $2.25 trillion. California’s economy has sustained its momentum since 2013, when the value of goods and services produced in the state topped that of Russia and Italy to vault California to No. 8 in the world. California grew an average of 4.1% annually during the last three years. Who is next ahead of California in the No. 6 spot? United Kingdom with a GDP of $2.68 trillion. Read more
