The Gross Domestic Product (GDP) of California in 2023 was approximately 3.23 trillion U.S. dollars, making it the state with the highest contribution to the country’s GDP that year. Meanwhile, Vermont had the lowest GDP in the United States at 35.07 billion U.S. dollars.
GDP is a crucial measure for economists to assess economic well-being and determine an economy’s size within a specific time frame. It can be calculated for countries, states, provinces, and metropolitan areas. However, while it is an excellent indicator of economic activity and absolute size of an economy, GDP is a limited tool when it comes to measuring living standards or cross-country comparisons as it does not account for other important factors.
As of 2023, the United States has the largest GDP globally, with China, Japan, Germany, and India following closely behind in the top five positions. The US GDP has nearly quadrupled since 1990 from about 5.9 trillion U.S dollars to approximately 25.46 trillion U.S dollars in 2022 alone showing its consistent growth over time
