- 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 most-populous state surpassed Russia and Italy.
Posted Jan. 17, 2015 @ 7:00 am
SACRAMENTO, California — 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 most-populous state surpassed Russia and Italy.
The Golden State, with an equivalent gross domestic product of $2.20 trillion in 2013, expanded last year by almost every measure, according to data compiled by Bloomberg. Brazil's gross domestic product, in contrast, declined 1 percent from $2.25 trillion in the first three quarters of 2014 as its export of raw materials fell.
Gov. Jerry Brown, D, sworn in this month to an unprecedented fourth term, is presiding over the turnaround as he steers away from persistent deficits and fiscal turmoil that prompted Republican presidential candidate Mitt Romney in 2012 to compare California to Greece, which has about a 10th of its GDP. California-based companies from Apple to Walt Disney Co. handed investors a total return of 119 percent since January 2011, when Brown returned to the governor's office, compared with 96 percent for the Standard & Poor's 500.
http://www.vvdailypress.com/article/ZZ/20150116/NATIONWORLD/150119899/-1/s
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