California's economic output grew by about $35 billion last year, or 2 percent, according to new figures from the U.S. Bureau of Economic Analysis.
The growth rate outpaced the national average of 1.5 percent. Only nine states, including North Dakota and Texas, saw quicker growth in Gross Domestic Product, or GDP. California was also one of a handful of states that saw its growth rate increase from 2010 to 2011; however, its economy shrank faster than most other states during the recession.
The fastest growing sectors of the California economy included mining, manufacturing and technology. The economy was dragged down by slow growth in the government sector, which continues to face cuts, and the finance and real estate sectors.
California's $1.73 trillion economy remains, by far, the largest in the United States -- about 50 percent bigger than the Texas economy.
Source: U.S. Bureau of Economic Analysis
Note: Gross Domestic Product represents "The monetary value of all the finished goods and services produced within a state's borders in a specific time period." -- Investopedia
Read more articles by Phillip Reese
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