California's Economy Grows Slowly in 2023, Raising Concerns About Slipping Competitiveness

California had the world's 5th largest economy in 2023 with $3.86 trillion GDP, but may fall to 6th in 2024 behind fast-growing India
California's economy grew just 2.1% in 2023, slower than the U.S. average and well behind rivals Texas and Florida
Key California industries like information, retail, professional services drove growth in 2023
Manufacturing of consumer goods shrank significantly in the state in 2023
California remains the nation’s economic giant, producing far more goods and services than any other state, but subpar growth raises concerns