California's economy grew by 3.5 percent last year

Published: Monday, Jun. 10, 2013 - 11:41 am
Last Modified: Wednesday, Jun. 11, 2014 - 3:14 pm

California's economy grew much faster than the national average last year, nearly erasing the losses from the recession, new federal estimates show.

The state's gross domestic product -- the value of all goods and services produced here -- grew by 3.5 percent last year, after adjusting for inflation, to $1.66 trillion, according to the U.S. Bureau of Economic Analysis. Only five other states saw faster growth in 2012.

Adjusted for inflation, California's 2012 GDP was almost equal to the state's GDP in 2007, the year before the last recession.

The state's mining sector saw 10 percent growth. Its manufacturing and information sectors grew by 8 percent. And its finance, trade and hotel sectors grew by 5 percent or more.

Dragging on the economy were the state's agricultural sector, which saw an output decline of 5 percent, and its government sector, which fell by 1 percent.

This chart shows inflation-adjusted growth in the state's gross domestic product during the last decade.

Source: U.S. Bureau of Economic Analysis

Read more articles by Phillip Reese

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