Economy

Main article: Economy of California

See also: California locations by per capita income

Gross Domestic Product of California by sector for 2008.^[148]

Had California been an independent country in 2008 its gross domestic product would have been ranked between eighth and eleventh in the world.^[149]

The economy of California is large enough to be comparable to that of the largest of countries. As of 2016, the gross state product (GSP) is about $2.514 trillion, the largest in the United States.^[150] California is responsible for 13.9 percent of the United States' approximate $18.1 trillion gross domestic product (GDP).^[150] California's GSP is larger than the GDP of all but 5 countries in dollar terms (the United States, China, Japan, Germany, and the United Kingdom),^[151][152] larger than Brazil, France, Russia, Italy, India, Canada, Australia, Spain and Turkey. In Purchasing Power Parity,^[153] it is larger than all but 10 countries (the United States, China, India, Japan, Germany, Russia, Brazil, France, the United Kingdom, and Indonesia), larger than Italy, Mexico, Spain, South Korea, Saudi Arabia, Canada and Turkey.^[154]
The five largest sectors of employment in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing.^[155] As of September 2016, California has an unemployment rate of 5.5%.
California's economy is dependent on trade and international related commerce accounts for about one-quarter of the state's economy. In 2008, California exported $144 billion worth of goods, up from $134 billion in 2007 and $127 billion in 2006.^[156] Computers and electronic products are California's top export, accounting for 42 percent of all the state's exports in 2008.^[156]
Agriculture is an important sector in California's economy. Farming-related sales more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004.^[157] This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability. Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production.^[157] In 2008, California's 81,500 farms and ranches generated $36.2 billion products revenue.^[158] In 2011, that number grew to $43.5 billion products revenue.^[159] The Agriculture sector accounts for two percent of the state's GDP and employs around three percent of its total workforce.^[160] According to the USDA in 2011, the three largest California agricultural products by value were milk and cream, shelled almonds, and grapes.^[161]
Per capita GDP in 2007 was $38,956, ranking eleventh in the nation.^[162] Per capita income varies widely by geographic region and profession. The Central Valley is the most impoverished, with migrant farm workers making less than minimum wage. According to a 2005 report by the Congressional Research Service, the San Joaquin Valley was characterized as one of the most economically depressed regions in the United States, on par with the region of Appalachia.^[163] California has a poverty rate of 23.5%, the highest of any state in the country.^[164] Many coastal cities include some of the wealthiest per-capita areas in the United States The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, have emerged from the economic downturn caused by the dot-com bust.

A tree map depicting the distribution of occupations across the state of California

In 2010, there were more than 663,000 millionaires in the state, more than any other state in the nation.^[165] In 2010, California residents were ranked first among the states with the best average credit score of 754.^[166]