California has regained its bragging-rights ranking as the world’s fourth-largest economy. Only the U.S. ($31 trillion), China ($19 trillion), and Germany ($5 trillion) had larger business output last year, according to the latest tallies. California’s revised GDP pace pushed it ahead of Japan’s $4.28 trillion economy – but by just $16 billion. 4 spot, surpassing California, according to the IMF’s October update of GDP results. According to IMF data, just behind Japan and California is India, with an economy worth $4.125 trillion in 2025.