What is GDP? – GDP Per Country for Top 25 GDP Countries!
GDP is one of the most important economic parameters used when measuring the growth of an economy.
What is GDP?
Gross Domestic Product or the GDP is the monetary measure representing the total value of goods and services produced in a specific time period. GDP shows the size and health of a country's economy. Gross Domestic Product includes private and public consumption, private and public investment, and exports less imports.
The world’s strongest economies have higher GDPs than the rest.
How to calculate GDP?
GDP can be calculated using the expenditure approach or income approach. To calculate GDP using the expenditure approach, we need to collect all private consumer spending within a country’s economy, including durable goods (C); total government expenditures, including salaries of government employees, military expenditure, road construction/repair, and public schools. (G); the sum of a country’s investments spent on capital equipment, housing and inventories (I) and net exports (total exports less total imports, NX):
GDP = C + G + I + NX
To calculate GDP using the income approach, we need total national Income, Sales Taxes, Depreciation, and Net Foreign Factor Income.
GDP = Total National Income +Depreciation Sales + Taxes + Net Foreign Factor Income.
Total National Income represents the sum of all wages, rent, interest, and profits. Sales Taxes imply consumer taxes imposed by the government on the sales of goods and services. Depreciation in the income approach represents the cost allocated to a tangible asset over its useful life.
Does GDP include intermediate goods?
No, economists do not include intermediate goods when they calculate gross domestic product (GDP). Intermediate goods are products that are used in the production process to make other goods. Economists do not want to include intermediate goods in GDP to avoid counting several times purchasing/selling these goods.
GDP debt to ratio
GDP to Debt Ratio represents an important ratio between a country's government debt and its gross domestic product (GDP). GDP to Debt Ratio shows how much money the country earns every year and how that compares to the money that country owes. A low debt-to-GDP ratio indicates that the economy is sufficient to pay back debts without incurring further debt.
To calculate GDP to Debt Ratio, we need to divide debt measured in units of currency and its gross domestic product (GDP) (measured in currency units per year). Please check the GDP to Debt ratio by country in our research article.
What is GDP per capita?
GDP per capita or Gross Domestic Product per person represents total GDP by the population. Usually, the strongest economies in the world have high-value GDP per capita. However, GDP per capita is highly misleading if used as an indicator of the quality of life because there are discrepancies most of the population perceives between growth in GDP per capita and improvement in their quality of life.
What is the difference between GDP and GDP per capita?
GDP shows the total value of one country's goods and services, while GDP per capita (GDP per person) is GDP value divided by population. GDP per capita is a measure to compare different economies in a better way.
See GDP per capita by country:
Rank Country GDP per capita in USD Reference Date 1 Luxembourg 111062 19-Dec 2 Norway 92556 19-Dec 3 Ireland 79703 19-Dec 4 Switzerland 79407 19-Dec 5 Denmark 65147 19-Dec 6 Qatar 62021 19-Dec 7 Singapore 58830 19-Dec 8 Sweden 57975 19-Dec 9 Australia 57071 19-Dec 10 United States 55809 19-Dec 11 Netherlands 55690 19-Dec 12 Macau 55110 19-Dec 13 Canada 51589 19-Dec 14 Iceland 51332 19-Dec 15 Austria 50655 19-Dec 16 Finland 49241 19-Dec 17 Japan 49188 19-Dec 18 Germany 47628 19-Dec 19 Belgium 47541 19-Dec 20 Andorra 45887 19-Dec 21 France 44317 19-Dec 22 United Kingdom 43688 19-Dec 23 United Arab Emirates 41420 19-Dec 24 Euro Area 41388 19-Dec 25 New Zealand 38993 19-Dec 26 Hong Kong 37957 19-Dec 27 European Union 37104 19-Dec 28 Italy 35614 19-Dec 29 Israel 35293 19-Dec 30 Spain 33350 19-Dec 31 Kuwait 32697 19-Dec 32 Brunei 32327 19-Dec 33 Cyprus 32093 19-Dec 34 Malta 28943 19-Dec 35 South Korea 28606 19-Dec 36 Puerto Rico 27684 19-Dec 37 Bahamas 27478 19-Dec 38 Slovenia 27152 19-Dec 39 Portugal 24590 19-Dec 40 Greece 24024 19-Dec 41 Czech Republic 23834 19-Dec 42 Slovakia 21039 19-Dec 43 Bahrain 20913 19-Dec 44 Estonia 20742 19-Dec 45 Saudi Arabia 20542 19-Dec 46 Lithuania 18427 19-Dec 47 Hungary 17466 19-Dec 48 Poland 17387 19-Dec 49 St Kitts and Nevis 17242 19-Dec 50 Latvia 16698 19-Dec 51 Croatia 16454 19-Dec 52 Barbados 16100 19-Dec 53 Antigua and Barbuda 15703 19-Dec 54 Trinidad and Tobago 15105 19-Dec 55 Chile 15092 19-Dec 56 Turkey 14999 19-Dec 57 Oman 14993 19-Dec 58 Seychelles 14962 19-Dec 59 Uruguay 14597 19-Dec 60 Venezuela 14025 14-Dec 61 Malaysia 12478 19-Dec 62 Palau 12260 18-Dec 63 Romania 12131 19-Dec 64 Russia 12012 19-Dec 65 Panama 11910 19-Dec 66 Kazakhstan 11518 19-Dec 67 Brazil 11122 19-Dec 68 Mauritius 10949 19-Dec 69 Mexico 10276 19-Dec 70 Costa Rica 10047 19-Dec 71 Argentina 9729 19-Dec 72 Grenada 9330 19-Dec 73 Equatorial Guinea 9238 19-Dec 74 Gabon 9129 19-Dec 75 Bulgaria 9026 19-Dec 76 Montenegro 8545 19-Dec 77 China 8254 19-Dec 78 Maldives 8210 19-Dec 79 Libya 8122 19-Dec 80 Botswana 8093 19-Dec 81 Dominican Republic 8005 19-Dec 82 Suriname 7967 19-Dec 83 Colombia 7843 19-Dec 84 Turkmenistan 7648 18-Dec 85 South Africa 7346 19-Dec 86 Serbia 7213 19-Dec 87 Dominica 7055 19-Dec 88 Iran 6949 17-Dec 89 Cuba 6817 18-Dec 90 Belarus 6678 19-Dec 91 Thailand 6503 19-Dec 92 Peru 6487 19-Dec 93 Bosnia and Herzegovina 6236 19-Dec 94 Azerbaijan 5880 19-Dec 95 Lebanon 5858 19-Dec 96 Namibia 5766 19-Dec 97 Macedonia 5634 19-Dec 98 Iraq 5591 19-Dec 99 Paraguay 5311 19-Dec 100 Albania 5209 19-Dec 101 Ecuador 5097 19-Dec 102 Georgia 4986 19-Dec 103 Jamaica 4867 19-Dec 104 Swaziland 4819 19-Dec 105 Fiji 4811 19-Dec 106 Armenia 4732 19-Dec 107 Algeria 4711 19-Dec 108 Kosovo 4462 19-Dec 109 Indonesia 4451 19-Dec 110 Tunisia 4405 19-Dec 111 Mongolia 4350 19-Dec 112 Guyana 4160 19-Dec 113 Belize 4150 19-Dec 114 Sri Lanka 4012 19-Dec 115 Cabo Verde 3908 19-Dec 116 Cape Verde 3908 19-Dec 117 Samoa 3860 19-Dec 118 Moldova 3716 19-Dec 119 El Salvador 3572 19-Dec 120 Guatemala 3413 19-Dec 121 Morocco 3396 19-Dec 122 Philippines 3338 19-Dec 123 Jordan 3284 19-Dec 124 Ukraine 3225 19-Dec 125 Bhutan 3128 18-Dec 126 Angola 3104 19-Dec 127 Marshall Islands 3067 18-Dec 128 Egypt 3009 19-Dec 129 Micronesia 2729 18-Dec 130 Republic of the Congo 2613 19-Dec 131 Bolivia 2580 19-Dec 132 Papua New Guinea 2505 19-Dec 133 Uzbekistan 2459 19-Dec 134 Nigeria 2387 19-Dec 135 Honduras 2241 19-Dec 136 India 2169 19-Dec 137 Vietnam 2082 19-Dec 138 Ghana 1884 19-Dec 139 Laos 1840 19-Dec 140 Kiribati 1790 19-Dec 141 Nicaragua 1763 19-Dec 142 Mauritania 1756 19-Dec 143 Ivory Coast 1736 19-Dec 144 Sudan 1724 19-Dec 145 Zambia 1658 19-Dec 146 Myanmar 1608 19-Dec 147 Senegal 1584 19-Dec 148 Cameroon 1523 19-Dec 149 Comoros 1409 19-Dec 150 Lesotho 1384 19-Dec 151 Sao Tome and Principe 1304 19-Dec 152 Bangladesh 1288 19-Dec 153 Cambodia 1269 19-Dec 154 Benin 1260 19-Dec 155 Kenya 1238 19-Dec 156 Pakistan 1186 19-Dec 157 Zimbabwe 1183 19-Dec 158 Tajikistan 1121 19-Dec 159 Kyrgyzstan 1116 19-Dec 160 Tanzania 986 19-Dec 161 Uganda 957 19-Dec 162 Guinea 921 19-Dec 163 Rwanda 905 19-Dec 164 East Timor 860 19-Dec 165 Nepal 859 19-Dec 166 Burkina Faso 822 19-Dec 167 Chad 814 19-Dec 168 Gambia 809 19-Dec 169 Mali 794 19-Dec 170 Haiti 714 19-Dec 171 Togo 696 19-Dec 172 Guinea Bissau 635 19-Dec 173 Yemen 633 18-Dec 174 Ethiopia 602 19-Dec 175 Mozambique 587 19-Dec 176 Afghanistan 572 19-Dec 177 Niger 558 19-Dec 178 Malawi 524 19-Dec 179 Liberia 516 19-Dec 180 Madagascar 500 19-Dec 181 Sierra Leone 488 19-Dec 182 Congo 424 19-Dec 183 Central African Republic 384 19-Dec 184 Burundi 208 19-Dec
GDP of a country seldom remains the same. Even the world’s largest economies by GDP witness ups and downs over a period of time. However, it is interesting to see that irrespective of these fluctuations, the leading world economies do not quickly move up or down the chart of being the world's strongest economies.
If we look at the list of 25 top world economies by GDP, only three new countries have entered the list since 2000 – Nigeria, Indonesia, and Thailand. However, some of the economies have moved big-time within this list. China was in the sixth position, and India was in the 13th position in 2000. Still, they both moved up significantly, with China being the second economy on the list and India standing strong in the 5th position. Before 2000, Indonesia was in 27th place but moved to the 16th spot in 2019. However, Nigeria made huge leaps and bounds when it jumped from the 46th position to 25th place.
COVID-19 has had a huge impact on all the countries irrespective of their sizes. Therefore, we will consider the recent annual data released in 2019 for comparison. The global pandemic saw the degradation of cratered tourism, energy prices: trade volume, and shuttered stores. Because of quarantine and lack of economic activities, most countries' GDP has seen a record-breaking decline. 2020’s third quarter saw many economies getting stronger again, but most countries can still be seen struggling in one way or another. Any country has not achieved the pre-pandemic level of GDP except for one, China. It is the only country in the entire world that ended the year with a GDP larger than the previous year!
What is nominal GDP?
Nominal GDP represents the value of all finished goods and services produced by a country at its current market prices. Nominal GDP measures a country's gross domestic product using current prices without adjusting for inflation.
What is Real GDP?
Real GDP is a measure of a country’s output in terms of the value of its goods and services, its investments, its government spending, and its exports. Real GDP takes nominal GDP and adjusts for inflation or deflation by comparing and converting prices to a base year’s prices. In simple words, real GDP measures a country's economic output adjusted for the impact of inflation.
Nominal GDP vs. Real GDP
- Nominal GDP measures a country's gross domestic product using current prices while measures a country's economic output adjusted for the impact of inflation.
- Nominal GDP, by definition, reflects inflation, while real GDP uses a GDP deflator to adjust for inflation.
- The country’s nominal GDP is generally higher than its real GDP because inflation is generally positive.
- Nominal GDP is better to use when you compare different quarters of output within the same year.
- Real GDP is better used when comparing GDP over several years ( remove inflation from the equation).
About the World Bank database, the following ways of measuring GDP have been mentioned in this article.
Nominal GDP: The most basic and preferred way of comparing the two countries' GDPs is Nominal GDP. The local currencies and prices are converted into USD to make the base currency identical for comparison. This is the method that is used to determine the world's leading economies.
Purchasing Power Parity: Also known as PPP, it is an alternative way of comparison. In this method, currencies are adjusted to basket goods' purchasing power rather than the exchange rate. It is more about the cost of living rather than the strength of the currency.
GDP Growth: This is the comparison drawn between a country’s present GDP and the previous year’s GDP. It is done at the local currency prices. The aim is to see the percentage change and determine the growth of the country.
GDP Per Capita: In this method, the nominal GDP is divided by a country's population. It is an average that shows you how much per person is producing in a country. Per capita can also tell us about the income of an individual and their living style.
In this article, GDP refers to nominal GDP unless otherwise stated. So, the top economies are:
Country GDP in Billion $ Previous Reference Date United States 21433 20580 19-Dec European Union 15593 15932 19-Dec China 14343 13895 19-Dec Euro Area 13336 13662 19-Dec Japan 5082 4955 19-Dec Germany 3846 3950 19-Dec India 2869 2713 19-Dec United Kingdom 2829 2861 19-Dec France 2716 2788 19-Dec Italy 2001 2086 19-Dec Brazil 1840 1885 19-Dec Canada 1736 1716 19-Dec Russia 1700 1670 19-Dec South Korea 1647 1725 19-Dec Spain 1394 1420 19-Dec Australia 1393 1434 19-Dec Mexico 1269 1222 19-Dec Indonesia 1119 1042 19-Dec Netherlands 909 914 19-Dec Saudi Arabia 793 787 19-Dec Turkey 754 771 19-Dec Switzerland 703 705 19-Dec Taiwan 611 608 19-Dec Poland 592 587 19-Dec Thailand 544 507 19-Dec Sweden 531 555 19-Dec Belgium 530 543 19-Dec Venezuela 482 371 14-Dec Argentina 450 520 19-Dec Nigeria 448 398 19-Dec Austria 446 456 19-Dec Iran 445 418 17-Dec United Arab Emirates 421 422 19-Dec Norway 403 434 19-Dec Israel 395 371 19-Dec Ireland 389 383 19-Dec Philippines 377 347 19-Dec Singapore 372 373 19-Dec Hong Kong 366 362 19-Dec Malaysia 365 359 19-Dec South Africa 351 368 19-Dec Denmark 348 356 19-Dec Colombia 324 334 19-Dec Egypt 303 251 19-Dec Bangladesh 303 274 19-Dec Chile 282 298 19-Dec Pakistan 278 315 19-Dec Finland 269 276 19-Dec Vietnam 262 245 19-Dec Romania 250 242 19-Dec Czech Republic 246 245 19-Dec Portugal 238 241 19-Dec Iraq 234 224 19-Dec Peru 227 222 19-Dec Greece 210 218 19-Dec New Zealand 207 208 19-Dec Qatar 183 191 19-Dec Kazakhstan 180 179 19-Dec Algeria 170 174 19-Dec Hungary 161 158 19-Dec Ukraine 154 131 19-Dec Kuwait 135 141 19-Dec Morocco 119 118 19-Dec Ecuador 107 108 19-Dec Slovakia 105 106 19-Dec Puerto Rico 105 101 19-Dec Cuba 100 96.85 18-Dec Ethiopia 96.11 84.27 19-Dec Kenya 95.5 87.78 19-Dec Angola 94.64 101 19-Dec Dominican Republic 88.94 85.56 19-Dec Guatemala 85.3 78.46 19-Dec Sri Lanka 84.01 88.43 19-Dec Oman 76.98 79.28 19-Dec Myanmar 76.09 76.17 19-Dec Luxembourg 71.1 70.92 19-Dec Bulgaria 67.93 66.2 19-Dec Ghana 66.98 65.56 19-Dec Panama 66.8 65.13 19-Dec Tanzania 63.18 58 19-Dec Belarus 63.08 60.03 19-Dec Costa Rica 61.77 60.55 19-Dec Croatia 60.42 60.99 19-Dec Ivory Coast 58.79 57.72 19-Dec Uzbekistan 57.92 50.39 19-Dec Uruguay 56.05 59.6 19-Dec Lithuania 54.22 53.46 19-Dec Macau 53.86 55.08 19-Dec Slovenia 53.74 54.03 19-Dec Lebanon 53.37 54.96 19-Dec Libya 52.08 52.61 19-Dec Serbia 51.41 50.6 19-Dec Azerbaijan 48.05 47.11 19-Dec Congo 47.32 46.83 19-Dec Jordan 43.74 42.23 19-Dec Bolivia 40.9 40.29 19-Dec Turkmenistan 40.76 37.93 18-Dec Tunisia 38.8 39.77 19-Dec Cameroon 38.76 38.69 19-Dec Bahrain 38.57 37.65 19-Dec Paraguay 38.15 40.38 19-Dec Uganda 34.39 32.77 19-Dec Latvia 34.12 34.31 19-Dec Estonia 31.39 30.75 19-Dec Nepal 30.64 29.17 19-Dec Yemen 27.59 24.56 18-Dec Cambodia 27.09 24.57 19-Dec El Salvador 27.02 26.12 19-Dec Honduras 25.1 24.02 19-Dec Papua New Guinea 24.97 23.41 19-Dec Cyprus 24.56 24.96 19-Dec Iceland 24.19 25.74 19-Dec Trinidad and Tobago 24.1 23.81 19-Dec Senegal 23.58 23.24 19-Dec Zambia 23.06 27.01 19-Dec Zimbabwe 21.44 24.31 19-Dec Bosnia and Herzegovina 20.05 20.18 19-Dec Afghanistan 19.1 19.48 19-Dec Sudan 18.9 26.08 19-Dec Botswana 18.34 18.66 19-Dec Laos 18.17 17.95 19-Dec Georgia 17.74 17.6 19-Dec Mali 17.51 17.17 19-Dec Gabon 16.66 16.86 19-Dec Burkina Faso 15.75 16.2 19-Dec Jamaica 15.72 16.46 18-Dec Albania 15.28 15.15 19-Dec Palestine 15 14.5 19-Dec Mozambique 14.93 14.72 19-Dec Malta 14.79 14.6 19-Dec Benin 14.39 14.25 19-Dec Mauritius 14.18 14.18 19-Dec Madagascar 14.08 13.85 19-Dec Mongolia 13.85 13.11 19-Dec Armenia 13.67 12.46 19-Dec Brunei 13.47 13.57 19-Dec Niger 12.93 12.83 19-Dec Bahamas 12.83 12.42 19-Dec Macedonia 12.69 12.63 19-Dec Nicaragua 12.52 13.06 19-Dec Namibia 12.37 13.45 19-Dec Moldova 11.96 11.46 19-Dec Guinea 11.4 12.21 19-Dec Chad 11.31 11.24 19-Dec Equatorial Guinea 11.03 13.28 19-Dec Republic of the Congo 10.82 11.66 19-Dec Rwanda 10.12 9.63 19-Dec New Caledonia 10 9.9 19-Dec Haiti 8.5 9.66 19-Dec Kyrgyzstan 8.45 8.27 19-Dec Tajikistan 8.12 7.52 19-Dec Kosovo 7.93 7.94 19-Dec Somalia 7.7 7.48 19-Dec Malawi 7.67 6.92 19-Dec Mauritania 7.59 7.05 19-Dec Monaco 7.19 6.43 18-Dec Eritrea 6.5 6.72 19-Dec Maldives 5.73 5.33 19-Dec Fiji 5.54 5.54 19-Dec Montenegro 5.49 5.51 19-Dec Togo 5.46 5.36 19-Dec Barbados 5.21 5.09 19-Dec Swaziland 4.41 4.71 19-Dec Guyana 4.28 3.88 19-Dec Suriname 3.99 3.46 19-Dec Sierra Leone 3.94 4.09 19-Dec Djibouti 3.32 3.01 19-Dec Liberia 3.22 3.26 19-Dec Andorra 3.15 3.22 19-Dec Aruba 3.06 2.97 17-Dec Greenland 3.05 2.83 18-Dec Burundi 3.01 3.04 19-Dec Lesotho 2.46 2.58 19-Dec Bhutan 2.45 2.45 18-Dec Central African Republic 2.22 2.22 19-Dec St Lucia 2.12 2.07 19-Dec Cape Verde 1.98 1.97 19-Dec Belize 1.88 1.87 19-Dec Gambia 1.76 1.62 19-Dec Antigua And Barbuda 1.73 1.61 19-Dec Seychelles 1.7 1.59 19-Dec East Timor 1.67 1.57 19-Dec Solomon Islands 1.43 1.4 19-Dec Guinea Bissau 1.34 1.46 19-Dec Grenada 1.23 1.17 19-Dec Comoros 1.19 1.18 19-Dec St Kitts and Nevis 1.05 1.01 19-Dec South Sudan 1 3.07 19-Dec Vanuatu 0.92 0.91 19-Dec Samoa 0.85 0.82 19-Dec St Vincent And The Grenadines 0.83 0.81 19-Dec Dominica 0.6 0.55 19-Dec Tonga 0.45 0.43 18-Dec Sao Tome and Principe 0.43 0.42 19-Dec Micronesia 0.4 0.37 18-Dec Palau 0.28 0.29 18-Dec Kiribati 0.19 0.2 19-Dec
In the next chapters, we will analyze top world economies.
Before we continue just to analyze one economy that is not on the list - The European Union's economy.
What is the GDP of the European Union?
The European Union's GDP is 15593 USD Billion (around 15 trillion dollars) based on the last report in 2020 for the year 2019. The GDP of the EU represents around 1/6 of the global economy. EU is the second-largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States.
Let us see GDP by country below and then detail analysis:
GDP Last Previous Frequency GDP Growth Rate (%) 4.1 33.4 Quarterly 2020 GDP Annual Growth Rate (%) -2.4 -2.8 Quarterly 2020 GDP (USD Billion) 21433 20580 Yearly 2019 GDP Constant Prices (USD Billion) 18784 18596 Quarterly 2020 Gross National Product (USD Billion) 18755 17443 Quarterly 2020 Gross Fixed Capital Formation (USD Billion) 3463 3315 Quarterly 2020 GDP per capita (USD) 55809 54796 Yearly 2019 GDP per capita PPP (USD) 62683 61544 Yearly 2019 GDP From Agriculture (USD Billion) 262 236 Quarterly 2020 GDP From Construction (USD Billion) 654 616 Quarterly 2020 GDP From Manufacturing (USD Billion) 2213 1963 Quarterly 2020 GDP From Mining (USD Billion) 422 438 Quarterly 2020 GDP From Public Administration (USD Billion) 2186 2134 Quarterly 2020 GDP From Services (USD Billion) 12772 11847 Quarterly 2020 GDP From Transport (USD Billion) 498 439 Quarterly 2020 GDP From Utilities (USD Billion) 296 296 Quarterly 2020
1. United States gross domestic product
What is the GDP of the US?
- $21.43 trillion is the Nominal GDP for the year 2019 in the present-day U.S. Dollars
- $21.43 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.2% GDP Growth in the year 2019
- $65,298 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
As per the nominal GDP, the United States has the largest economy of all other nations globally due to its service sector, including business services, healthcare, insurance, professional services, real estate, and finance.
Providing foreign direct investment and flexible business investment facilities, the U.S. is known to be an open economy. It is also considered the world’s primary geopolitical power; it mostly sustains a huge external debt because it is the nation’s primary reserve currency producer. The U.S. leads in technological terms in several industries. However, it still faces recurring challenges regarding social safety net costs, economic inequality, deteriorating infrastructure, and increasing healthcare costs.
2. China gross domestic product
- $14.34 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $14.34 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 6.1% GDP Growth in the year 2019
- $10,262 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Currently ranked as the second-largest nominal GDP and the largest PPP globally, China is already on its way to becoming the largest economy in the world as per nominal GDP.
With its new industrial policy promoting domestic manufacturing, China has gained the number one exporter globally. Certain measures taken by China have aided manifolds in the improvement of their living standard and economy. These include permitting flexibility in market prices, unbarred economy, more individualism in businesses. Although there are improvements, China continues to be challenged by its problems of environmental degradation and over-population.
3. Japan gross domestic product
- $5.08 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $5.49 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.7% GDP Growth in the year 2019
- $40,247 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
With its ameliorating technological knowledge and coordination between industry and government, Japan has gained the world's third-best economy. Japan owes this growth to the excellent policies formulated by their Prime Minister Shinzo Abe who is the reason behind the growth Japan has seen coming out of the great global recession experienced in the 1990s. However, Japan has many challenges yet to be overcome, including dependence on imports of natural resources and its aging population, among many others. One powerful backlash that Japan faced was the shutting down the country's nuclear power industry, which was caused due to the Fukushima disaster in 2011.
4. Germany gross domestic product
- $3.86 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $4.68 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.6% GDP Growth in the year 2019
- $46,445 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Germany holds the fifth position in the world economies along with being the largest economy in Europe. Having the top position as the exporter of machinery, chemicals, manufactured goods, and vehicles with a strong, skilled labor base, Germany has mastered this success. There remain certain challenges to overcome, including a high immigration rate and difficulties in the working folk's evolution.
5. India gross domestic product
- $2.87 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $9.56 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 4.2% GDP Growth in the year 2019
- $2,100 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
India stands at the fifth position in the world economy. It has the least per capita GDP owing to its immense population. India's economy consists of an amalgamation of mechanical agriculture, traditional farming, traditional handicrafts, and modern industry. India is a well-known exporter of technical services, which adds up its service sector as a major contributor towards economic well-being. The liberalization policy acts as a boon for the economy; however, certain banes include extreme poverty, corruption, and strict business relations.
6. United Kingdom gross domestic product
- $2.83 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $3.25 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.5% GDP Growth in the year 2019
- $42,330 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The 6th largest economy in the nation is the United Kingdom. It has scaled up by 1.4% from last year. Their economy's success comes from their large service sector of insurance, finance, and business services. However, the huddle faced by the economy of the United Kingdom is extremely complicated. The decision to move out of the European Union and the resolution of Brexit has impacted the trading relations of the company more than was expected. No longer a part of the European Union as of 31 January’2020, negotiations are still going on concerning the trading business.
How much does tourism contribute to the UK GDP?
In 2020, the contribution of travel and tourism to GDP (% of GDP) for the United Kingdom was 11 %. The contribution of travel and tourism to GDP (% of GDP) of the United Kingdom fell gradually from 13.5 % in 2001 to 11 % in 2020. From 2017. till 2020. tourism contribution is around 11% to the UK GDP. Tourism generated 137.8 billion dollars in 2019 (106 billion pounds) only in England.
7. France gross domestic product gross domestic product
- $2.72 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $3.32 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.5% GDP Growth in the year 2019
- $40,494 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
France ranks seventh in the list of world economies. The major source of revenue for France continues to be its excellent tourist industry. The mixed economy of the country has private and semi-private businesses running alongside different industries. The government of the country still holds fast on to certain industries, including defense and electric power. The cause of misery for their economy is the government's firm intervention to maintain social equality, which leads to a plethora of hindrances such as an inflexible labor market, unemployment, and high public debt.
8. Italy gross domestic product gross domestic product
- $2.00 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $2.67 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.3% GDP Growth in the year 2019
- $33,228 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Italy has the eighth largest economy in the world, with a GDP growth rate of 0.3%. Additionally, Italy is also the third-largest economy in the eurozone. Italy's challenges are numerous due to its extremely high public debt, which slows down economic growth. Other hurdles that the economy faces include an inefficient banking sector, weak labor market, high unemployment rate, an inefficient judicial system, and the prevalence of a huge underground economy.
9. Brazil gross domestic product gross domestic product
- $1.84 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $3.23 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.1% GDP Growth in the year 2019
- $8,717 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The ninth-largest economy in the world is Brazil, along with being the largest in South America. It gains its excellence from the big industries of aircraft, mineral extraction, energy extraction, and automotive production, along with its huge export of coffee and soya beans. Brazil faced a massive loss on account of the 2017 recession and corruption scandals. However, the barriers were overthrown with the extraordinary economic reforms targeted at investing in energy infrastructure, making foreign investment more flexible, ameliorating the labor market conditions and public spending.
10. Canada gross domestic product
- $1.74 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.93 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.7% GDP Growth in the year 2019
- $46,195 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Canada stands at the tenth position in the world economies with a GDP growth rate of 1.7%. The country's exceptional energy extraction sector and its well-functioning manufacturing and service sectors contribute to its world economic position. Another advantage that Canada holds is its good relationships with the United States through which at least three-quarters of Canadian production finds a market in the States. The U.S. being the world’s largest economy, Canada benefits massively from it.
How much does oil contribute to Canada's GDP?
Canadian oil and natural gas provided $110 billion to Canada’s gross domestic product (GDP) in 2019, and it is 6.3% of the total GDP. Oil and natural gas business supported more than 500,000 jobs across the country in 2019 and provided $10 billion in average annual revenue to governments for the period 2017 to 2019.
11. Russia gross domestic product
- $1.70 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $4.28 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.3% GDP Growth in the year 2019
- $11,585 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The eleventh position in the world economy is occupied by Russia, with a GDP growth rate of 1.3%. Even after a movement towards a market-based economy over the years happening because of the collapse of the Soviet Union, the hurdle in this economy's growth happens to be the governmental invention and ownership. Russia being a major oil and gas exporter, its economy is vulnerable due to its sensitivity to the alterations in the commodity prices around the world, causing an inevitable problem.
12. South Korea gross domestic product
- $1.65 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $2.23 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.0% GDP Growth in the year 2019
- $31,846 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
South Korea stands at the 12th position globally with a GDP growth rate of 2.0%. It stands as the prime example of a modern established economy. The country is renowned for its business conglomerates as well as exemplary export strategies. South Korea has a major market share in exporting telecommunication equipment, electronics, and motor vehicles and has formed an immense network with 58 countries worldwide. The problems faced by South Korea include other conventional problems such as aging personnel and sluggish growth.
13. Australia gross domestic product
- $1.40 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.36 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.2% GDP Growth in the year 2019
- $55,060 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Australia takes the position of the 13th largest economy in the world. Its success lies in its huge network and trade with countries of the Asia-Pacific Rim. The flexible domestic economy and the abundance of natural resources and agriculture industries provide scope for growth. The only scope of challenges for the country lies in its dependence on the other countries' demand for agricultural products, metals, and energy, along with their fluctuating prices.
14. Spain gross domestic product
- $1.39 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.99 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.0% GDP Growth in the year 2019
- $29,600 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
With a GDP growth rate of 2.0%, Spain is the 14th largest economy in the world. The country has suspended the Great Recession's challenges that caused massive unemployment and increased national debt. The country has recovered from the shock creating a strong export base of manufactured machinery and food products. The ongoing hurdle occurs due to the country's political instability, which is a big challenge for the government.
15. Mexico gross domestic product
- $1.27 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $2.63 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- -0.1% GDP Growth in the year 2019
- $9,846 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The 15th largest economy in the world is Mexico, with a Nominal GDP of $1,27 trillion. The reason for the success of the country’s economy can be weighed down to the emergence of the manufacturing industry of Mexico over the past thirty years. The country now has free trade arrangements being carried out with 46 countries, including the major countries like Canada and the U.S. The United States has good trade relations with Mexico’s industries aiding the country in its extensive growth. Mexico provides a plethora of export services, including vehicles, auto parts, petroleum, electronics, and agricultural products, to name a few. The challenge, however, to be won by the country is the prevalence of drug trade which is a cause of violence and corruption. The lack of judiciary institutions in the country contributes to the lack of proper operation of the economy.
16. Indonesia gross domestic product
- $1.12 trillion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $3.34 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 5.0% GDP Growth in the year 2019
- $4,136 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The sixteenth largest economy in the world is Indonesia while holding the top position in Southeast Asia. The country's strong base is its commodity export industry, which majorly includes agricultural products, coal products, and petroleum products. The country has a low debt burden; however other factors such as regional inequality, corruption of the state, and lack of infrastructure pose other problems.
17. The Netherlands gross domestic product
- $907.05 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.03 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.7% GDP Growth in the year 2019
- $52,331 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The Netherlands reserves the 17th position in the world economies with a GDP growth rate of 1.7%. The country's major sector is commercial transportation, petroleum extraction and processing, and industrial manufacturing. Additionally, the country is the second-largest exporter of agricultural products globally, with a highly developed and advanced agricultural sector. Further, another strong base of the country is its massive financial sector with a load of assets.
18. Saudi Arabia gross domestic product
- $792.97 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.68 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.3% GDP Growth in the year 2019
- $23,140 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Saudi Arabia stands at the 18th position in the world economies. The economy's main strength rests on its oil business, with it being the largest oil exporter in the world. The country's government has strong control over the resources and owns and operates the country's primary industry on its own. The country's challenge is the increasing environmental concern of engaging in non-fossil fuel energy sources. To counter this problem, the government encourages private ownership of healthcare and other industries alongside privatizing a part of the oil business.
19. Turkey gross domestic product
- $761.43 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $2.35 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.9% GDP Growth in the year 2019
- $9,127 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The position of the 19th largest economy in the world is held by Turkey, with a GDP growth rate of 0.9%. The power of Turkey’s economy lies in its massive industrial and service sector, which majorly includes electronics, automotive production, and petrochemicals. The only instability in the country occurs because of the country’s involvement in regional armed conflicts and political issues, which is a cause of the financial upheavals and uncertainty.
20. Switzerland gross domestic product
- $703.08 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $608.72 billion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 0.9% GDP Growth in the year 2019
- $81,994 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Switzerland stands at the 20th position in the world economies with a Nominal GDP of $703.08 billion. The backbone of the country’s economy is its large service sector, inclusive of financial services. The country also has a well-functioning manufacturing sector employed with an extremely skilled labor force. The country boasts the highest per capita GDP globally due to its good quality political, legal, and economic institutions and a strong infrastructure base.
21. Poland gross domestic product
- $595.86 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.31 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 4.5% GDP Growth in the year 2019
- $15,693 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
The 21st largest economy in the world is Poland which has a GDP growth rate of 4.5%. This economy's major constituents are heavy industries such as coal mining, steel production, iron production, machinery manufacturing, and shipbuilding. With its solid economic base, Poland became the only country of the EU to have successfully avoided recession during the financial crisis of 2008. The challenges that now stand in Poland’s economic growth are an aging population and an inefficient judiciary and regulatory structure.
22. Thailand gross domestic product
- $543.55 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.34 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.4% GDP Growth in the year 2019
- $7,807 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Thailand preserves the place of the 22nd largest world economy with a GDP growth rate of 2.4%. The country's unique features and assets include well-built infrastructure, pro-free enterprise, and pro-investment policies. The major chunk of the GDP is obtained by exports, including motor vehicles and their parts, electronics, agricultural products, and food products. Another strong pillar of Thailand is its attractive tourism industry contributing to the country’s revenue. However, a substantial amount of the country's labor force is engaged in the agricultural sector, which isn’t a major sector.
23. Sweden gross domestic product
- $530.88 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $574.13 billion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.3% GDP Growth in the year 2019
- $51,615 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Having a GDP growth rate of 1.3%, Sweden occupies the 23rd largest world economy. The country follows a mixed-economy system with the stake of both free enterprises as well as social welfare. The country's primary sector economy falls back upon its foreign machinery, telecommunications, and motor vehicles. The rising labor of Sweden is one challenge to be countered due to its rising number of immigrants.
24. Belgium gross domestic product
- $533.10 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $630.53 billion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 1.7% GDP Growth in the year 2019
- $46,421 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Belgium occupies the 24th largest economy in the world, with a nominal GDP of $533.10 billion. The country’s economy is diverse with the inclusion of the manufacturing industry, trade and transportation industry, and high-tech industry. However, Belgium depends on the neighboring countries' performance to fully benefit in its trade due to its deep integration with them. Another hurdle in the growth of the country is its high public debt.
25. Nigeria gross domestic product
- $448.12 billion is the Nominal GDP for the year 2019 in present-day U.S. Dollars
- $1.08 trillion is the PPP Adjusted GDP for the year 2019 in the present-day International Dollars
- 2.2% GDP Growth in the year 2019
- $2,230 is the Nominal GDP Per Capita for the year 2019 in the present-day U.S Dollars
Nigeria backs the 25th largest economy in the world with a GDP growth rate of 2.2%. The root cause of the success of this economy is its oil exportation. Nigeria occupies the continent’s largest oil exporter's position, having the largest natural gas reserves in Africa. The other industry contributing to the revenue is the extraction industry, including coal, tin, and other metals. Additionally, almost a fifth of Nigeria's economy includes agriculture, mostly dominated by small-scale subsistence agriculture. The challenges that stand in front of this country’s growth are lack of proper infrastructure, desertification, and corruption.
These are some of the thriving economies of the world. Though COVID-19 has changed the world and its economic growth, these economies have still maintained their places. The clear picture regarding this list will depend on what happens once the pandemic is over and we go back to over lives.