Tag Archives: fifth

California’s economy passes UK’s to become world’s fifth biggest

People visit Santa Monica beach in Los Angeles county. Photograph: Greg Balfour Evans / Alamy/Alamy California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday. Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7tn ... Read More »

State of the States report: Queensland rises to fifth

Queensland has leap-frogged Australia’s other mining-heavy state to wedge itself firmly in the middle of the nation’s state economies. The state replaced Western Australia in fifth place on the latest CommSec State of the States report, released Monday, but remained a long way off the powerhouses of New South Wales and Victoria and just behind the Northern Territory. Queensland Treasurer Curtis ... Read More »

New Zealand cuts interest rates for the fifth time since June

In a surprise move, the Reserve Bank of New Zealand (RBNZ) has cut its lending rates for the fifth time since June last year to a record low of 2.25%. The bank said the 25 basis point cut was due to global growth worries and weaker demand from China – an important trade partner. New Zealand is the world’s largest ... Read More »