California is now the fourth largest economy in the world, according to new data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).
The data shows California's nominal GDP reached $4.1 trillion, surpassing Japan's $4.02 trillion. California now sits behind only the U.S., China, and Germany in global rankings.
This comes as the Coachella music festival just boosted the state's economy, and Stagecoach is about to do the same. Newsom said these festivals fuel tourism, support local jobs and uplift small businesses and vendors.
Both festivals generate a combined $700 million for the local economy each year.
Source: https://abc7news.com
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