California overtakes Brazil as world's 7th largest economy amid diverse businesses

Sacramento

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 US$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 one per cent from US$2.25 trillion in the first three quarters of 2014 as its export of raw materials fell.