California Becomes World's Fifth Largest Economy (KFWB) --

California has overtaken France to become the world's fifth largest economy. The rise in the ranks was helped by high growth in the state and a weak European currency.

Southern California alone ranks as the world's 10 largest economic power, above Mexico, Spain, India, and South Korea. Los Angeles County came in at 17. Ranking above California is the United States, Japan, Germany and Britain.

The figures are based on a study by the Los Angeles Economic Development Corporation.

The state's energy crisis has left many worried about the state's economic future. But the study suggests California's gross domestic product of $1.330 trillion in 2000 remains a formidable force.

"It makes a very solid statement, and it's an interesting statement to make at the present time because you have a lot of people who are pessimistic about what's going on in California because of the energy crisis," said Jack Kyser, the LAEDC's chief economist, in remarks reported by the Daily News.

Southern California accounted for almost half of the state's gross domestic product in 2000 at $602 billion. It is the first time the region has climb to the top ten list of world economic powers.

About a 10 percent drop in the value of the new European currency, the euro, aided California's climb to the fifth largest economy. However, when purchasing power is taken into account, the state's rank is probably closer to seventh.

-- PHO (owennos@bigfoot.com), June 14, 2001