Jul 1, 2015 6:23 PM by News Staff
SACRAMENTO, Calif. (AP) - Less than a month after edging out Brazil, California has slipped back to its ranking as the eighth-largest economy in the world.
A new update of world economic data released Wednesday shows Brazil's gross domestic product slightly higher than California's. That pulls the state's unofficial economic ranking down from seventh place in June.
According to the World Bank, Brazil's GDP now stands at $2.35 trillion. That compares to California's output of $2.31 trillion, according to the U.S. Bureau of Economic Analysis.
Steve Levy, director for the Center for Continuing Study of the California Economy, says California is enjoying strong growth and could retake the seventh position.
California had bottomed out at ninth in 2010 after a harsh drop in economic output following the 2008 financial crisis.
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