New figures released by the International Monetary Fund recently puts Israel's yearly gross domestic product at $300 billion, similar to the 21st largest economy in the United States, Arizona. According to the report, California has the biggest economy among the 50 states, with a yearly GDP of $2.44 trillion, roughly that of France. But California's 19 million-strong workforce has a higher productivity than France's 25 million workers, the IMF said. The American economy accounts for about 24.5% of the global GDP, while California's economy accounts for about 13.6% of the United States' economic output. Israel's economy has been hailed as one of the most robust in the world. Near-nonexistent inflation and a low unemployment rate of 4.8% have helped propel Israel to the No. 3 spot on a list of the world's most stable and promising economies for 2016 published by the Bloomberg financial news agency. The Bloomberg list named Hong Kong as the most stable economy in 2016, followed by South Korea. In March, Bank of Israel said the Israeli economy grew by 4% in 2016, exceeding projections by 1.2 percentage points and marking the most solid economic performance for the country since 2012. Israel's economy grew by 2.5% in 2015 and 3.2% in 2014. According to the data, since 2011, the Israeli economy grew by a cumulative 21.6%, exceeding all OECD member states.
