California slips back to No. 8 economy in world - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

California slips back to No. 8 economy in world

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SACRAMENTO, Calif. (AP) - Less than a month after edging out Brazil, California has slipped back to its ranking as the eighth-largest economy in the world based off an update of global economic data released Wednesday.

According to the World Bank, Brazil's gross domestic product now stands at more than $2.3 trillion, running slightly higher than California's. The state's output was pegged at $2.3 trillion by the U.S. Bureau of Economic Analysis last month.

That pulls California's unofficial economic ranking down from seventh place in June.

California bottomed out at ninth in 2010 after a harsh drop in economic output following the 2008 financial crisis. It last claimed the No. 6 spot in 2002.

The state last year enjoyed economic growth on multiple fronts, particularly in professional and technical services, which includes jobs spanning from IT consulting to construction-related engineering and architecture, as well as manufacturing. The agricultural sector also grew in 2014 despite an ongoing drought.

California's strong growth this year means the state eventually could retake the seventh position, said Steve Levy, director for the Palo Alto-based Center for Continuing Study of the California Economy.

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