Economic growth slowed in California during 2013
06/11/2014 9:24 AM
06/11/2014 9:43 AM
California's economy grew by 2 percent in 2013 after adjusting for inflation, a comedown from the growth rate of 2.7 percent in 2012, according to advance estimates from the U.S. Bureau of Economic Analysis released today.
The state's gross domestic product -- the total value of all the goods and services produced here -- was roughly $2.2 trillion in 2013. Its growth rate was slightly higher than the nationwide change of 1.8 percent. Economic growth also slowed nationwide from 2012 to 2013.
The fastest growing industries in the state during 2013 were agriculture and forestry; the information sector, which includes Silicon Valley; and utilities. The construction, real estate and transportation industries also grew faster than the statewide rate.
Losing ground last year were the mining and government sectors. After adjusting for inflation, the government sector is roughly the same size as it was in 2006, when the state had millions fewer people.Note: Figures shown in chart are in 2009 dollars.
Source: U.S. Bureau of Economic Analysis
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