GDP (nominal): $21.43 trillion. Among the top 10 largest economies, China is the only economy with a positive gdp growth rate, followed by Korea with the 2nd best figure of -1.88%. The CEBR said departure from the EU would not prevent the UK – likely to be the world’s fifth biggest economy in 2020 – from being one of the better performing economies … [4], Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. "FRANCE." GDP (nominal, 2017) GDP (abbrev.) The Netherlands has a large financial services sector, with assets four times the size of Dutch GDP., Saudi Arabia had a GDP of $792.97 billion in 2019, the 18th largest in the world. The Saudi economy is heavily based on oil, and it's the world largest oil exporter. [6], The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population,[7] capital investment, low unemployment,[8] high consumer spending,[9] a relatively young population,[10] and technological innovation. It had a GDP of $2.83 trillion in 2019, up 1.4% from the prior year. The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services. Dollars: $1.70 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $4.28 trillion, 2019 Nominal GDP Per Capita in Current U.S. The aggregate global GDP was US$ 88 trillion according to howmuch.net. CIA World Factbook. We also reference original research from other reputable publishers where appropriate. Dollars: $46,195, 2019 Nominal GDP in Current U.S. As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off. World Bank. Accessed Dec. 23, 2020. When it comes to understanding the size and scope of the $18 trillion U.S. economy, it’s sometimes easier to consider that it’s the sum of many parts.. Sweden has taken in a large number of new immigrants and so faces a short-to-medium term challenge with integrating them into Swedish society and its labor market., Belgium's 2019 GDP was $533.10 billion making it the 24th largest world economy. Belgium is a trade and transport hub that has a diversified economy with a mix of services, manufacturing, and high tech industry. Accessed Dec. 23, 2020. China. CIA World Factbook. The official name is "Macao SAR" in IMF's report. CIA World Factbook. 3. Accessed Dec. 23, 2020. CIA World Factbook. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo, the State of Palestine and Taiwan) are included in the list in cases in which they appear in the sources. It uses so-called international dollars to make better comparisons among countries. Dollars: $10,262, 2019 Nominal GDP in Current U.S. Accessed Dec. 23, 2020. Dollars: $4,136, 2019 Nominal GDP in Current U.S. However, it's interesting to see that despite these ups and downs, the top economies as measured by GDP don't budge easily from the positions they hold. Dollars: $2,230. Dollars: $907.05 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.03 trillion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $15,693, 2019 Nominal GDP in Current U.S. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. These five nations contribute around 15% of the total world economy with a combined value of around $12 trillion. In those days, economic output was a function of the population rather than productivity. Accessed Dec. 23, 2020. 1. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty around Turkey's economic future in recent years., The Alpine nation of Switzerland had a GDP of $703.08 billion in 2019, making it the 20th largest economy in the world. Switzerland has a large service sector, including financial services, and a high tech manufacturing sector served by a highly skilled labor force. After the Lost Decade of the 1990's and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of Prime Minister Shinzo Abe. Its GDP crossed the $5 trillion mark in 2019. Strong co-operation between government and industry and advanced technological know-how have built Japan's manufacturing and export-oriented economy. The World Bank. Accessed Dec. 23, 2020. Dollars: $23,140, 2019 Nominal GDP in Current U.S. Indonesia has an institutional cap on its national budget deficit, at 3% of GDP, which has led to its relatively low debt burden and investment-grade credit rating. United States. China extends stimulus measures for small businesses — a sign the recovery is not yet complete, Brexit: All you need to know about the UK leaving the EU, How Aramco’s Huge I.P.O. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Canada's close ties to the U.S. mean that it has developed largely in parallel to the world's largest economy., Russia is the world's 11th largest economy, with a GDP of $1.70 trillion as of 2019, 1.3% higher than in 2018. Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. Japan. Sweden's manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications. The official name is "Hong Kong SAR" in IMF's report. Germany. Because of its large population, India has the lowest per capita GDP on our list. India's economy is a mixture of traditional village farming and handicrafts alongside booming modern industry and mechanized agriculture. "World Development Indicators." "NETHERLANDS." Encyclopedia Britannica. Dollars: $543.55 billion, 2019 PPP Adjusted GDP in Current International Dollars:  $1.34 trillion, 2019 Nominal GDP Per Capita in Current U.S. [17] When supranational entities are included, the European Union is the second largest economy in the world. CIA World Factbook. However, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia's rising economy., The Netherlands stands as 17th largest economy in the world, with a GDP of $907.05 billion. The Netherlands is a major commercial transportation hub with some industrial manufacturing as well as petroleum extraction and processing. There is a slight contradiction in terms of economic well being of the country when compared to the majority of people, however. "SPAIN," Accessed September 20, 2020. "The World Bank in Nigeria." Thailand also has a substantial international tourism industry. However, there is still heavy government involvement in certain key sectors such as defense and electrical power generation. The Top 20 Economies in the World. This number represents about a quarter of the global economy. Dollars: $81,994, 2019 Nominal GDP in Current U.S. The United States is often seen as an economic superpower and that’s because the ec… For countries by GDP based on purchasing power parity, see. United States. Germany. 2020 marks the start of the first decade where the U.S. does not have the largest economy in the world ($22.32T). Accessed Dec. 23, 2020. Dollars: $11,585, 2019 Nominal GDP in Current U.S. The United States' economy is the largest in the world as measured by nominal GDP. Dollars: $40,494, 2019 Nominal GDP in Current U.S. The nominal … Dollars: $5.08 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $5.49 trillion, 2019 Nominal GDP Per Capita in Current U.S. World Bank. Accessed Dec. 23, 2020. The biggest contributor to that GDP is the economy's service sector which includes finance, real estate, insurance, professional and business services, and healthcare., The U.S. has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. Despite these advantages, China faces some significant challenges such as a rapidly aging population and severe environmental degradation., Japan is the third largest economy in the world. The official name is "West Bank and Gaza" in IMF and World Bank reports. "POLAND." U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion The U.S. remains the world’s largest economy and this has been effective since 1971. High quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per capita GDPs in the world., Poland is the 21st largest economy in the world, with a GDP of $595.86 billion. Heavy industry, including iron and steel production, machinery manufacturing, shipbuilding, and coal mining, is an important part of Poland's economy. 5. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. Dollars: $1.39 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $1.99 trillion, 2019 Nominal GDP Per Capita in Current U.S. There is a discrepancy between the data for China given by IMF's World Economic Outlook (October 2020) database and the same data given by IMF's DATAMAPPER; the number here is from the former source. Italy and Russia complete the top five of Europe with economies worth $1.8 trillion and $1.5 trillion respectively. Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the U.S. economy is still the largest in the world with a nominal GDP forecast to exceed USD 21 trillion in 2019. [12], Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output. Accessed Dec. 23, 2020. Accessed Dec. 23, 2020. 4. It is the world's dominant geopolitical power and is able to maintain a large external national debt as the producer of the world's primary reserve currency. "GDP (current US$)." The current size of the U.S. economy is estimated at $22.32 trillion in nominal terms. In some contexts, the two terms … Dollars: $530.88 billion, 2019 PPP Adjusted GDP in Current International Dollars: $574.13 billion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $761.43 billion, 2019 PPP Adjusted GDP in Current International Dollars: $2.35 trillion, 2019 Nominal GDP Per Capita in Current U.S. "BRAZIL." With annual growth that consistently outpaces the U.S., China may be on track to become the largest economy in the world by nominal GDP in the years to come., As China has progressively opened its economy over the past four decades economic development and living standards have greatly improved. Brazil emerged from a severe recession in 2017 and along the way suffered a series of high level corruption scandals. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports (exports minus imports). The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. China is a notable exception, and it's currently on track to be the only major economy to end 2020 with a larger GDP than it started with.. "UNITED KINGDOM." Investopedia requires writers to use primary sources to support their work. CNBC. Accessed Dec. 23, 2020. Dollars: $533.10 billion, 2019 PPP Adjusted GDP in Current International Dollars: $630.53 billion, 2019 Nominal GDP Per Capita in Current U.S. "How Aramco’s Huge I.P.O. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion. Dollars: $14.34 trillion, 2019 PPP Adjusted GDP in Current International Dollars:  $23.52 trillion, 2019 Nominal GDP Per Capita in Current U.S. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. In the event that you are wondering which richest countries in the World are in the … China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. United States. The French government's commitment to economic intervention in favor of social equality also creates some challenges for the economy such as a rigid labor market with high unemployment and a large public debt relative to other advanced economies., The world's eighth largest GDP belongs to Italy at an even $2.00 trillion, up 0.3% from 2018. The eurozone's third largest economy, Italy's economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. Dollars: $9,127, 2019 Nominal GDP in Current U.S. Dollars: $2,100, 2019 Nominal GDP in Current U.S. Germany is also Europe's largest economy. Germany is a top exporter of vehicles, machinery, chemicals, and other manufactured goods, and has a highly skilled workforce. The Industrial Revolution added productivity to the equation, and the United States became the world’s largest economy by 1890. Accessed Dec. 23, 2020. By 2030, India will be the second largest economy in PPP terms according to many different models – and by then, it will also be the most populous country in the world as well. Because it has slashed energy prices, cratered tourism, lowered volumes of trade, and shuttered stores due to quarantines, countries have seen record-breaking declines in GDP. "Nigeria: Economy." "GDP growth (annual %)." [11] Tuvalu is the world's smallest national economy, with a GDP of about $45 million, because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes. You can learn more about the standards we follow in producing accurate, unbiased content in our. BBC News. Other resource extraction industries, such as coal, tin, and other metal mining, are also important to the Nigerian economy. The offers that appear in this table are from partnerships from which Investopedia receives compensation. These include white papers, government data, original reporting, and interviews with industry experts. [5] On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. China, which used to be neck and neck with India around 40 years ago, is… 2020Q2 … Accessed Dec. 23, 2020. Thailand is highly dependent on exports, which account for about two-thirds of its GDP. The United States remains the world’s largest economy, but China is expected to take first place by 2032. "UNITED STATES." In the wake of these events, Brazil instituted a series of major economic reforms intended to rein in public spending and debt, invest in energy infrastructure, lower barriers to foreign investment, and improve labor market conditions., Canada had $1.74 trillion in GDP in 2019, rounding out the top 10 economies in the world by GDP. Canada has a well developed energy extraction sector, with the world's third largest proven oil reserves. Everything is made in China, including substantial amounts of money. HNL is the foreign exchange currency abbreviation for the Honduran Lempira, the currency for the Republic of Honduras. Yes, On a Relative Basis", "5 Most Powerful Economic Empires of All Time", "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition", "World Economic Outlook Database, April 2019", "United Nations Statistics Division - National Accounts", "All countries and regions/subregions (totals) for all years - sorted by region/subregion", List of top international rankings by country, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_GDP_(nominal)&oldid=998417836, Wikipedia indefinitely semi-protected pages, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 5 January 2021, at 08:22. It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles. Dollars: $792.97 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.68 trillion, 2019 Nominal GDP Per Capita in Current U.S. United States of America. The report predicts Asian economies will grow significantly in the next decade, taking seven of the top 10 spots on the list of the world's biggest economies by 2030. Dollars: $40,247, 2019 Nominal GDP in Current U.S. Dollars: $2.83 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.25 trillion, 2019 Nominal GDP Per Capita in Current U.S. Dollars: $2.72 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $3.32 trillion, 2019 Nominal GDP Per Capita in Current U.S. Animation: The 20 Largest State Economies by GDP. [14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s. World Bank. Fell Short of Saudi Prince’s Wish. CIA World Factbook. The world economy was pretty huge at the start of the Covid-19 pandemic. US continued to lead at $21.43T, about 50% larger than the next biggest, China at $14.34T. Dollars: $2.87 trillion, 2019 PPP Adjusted GDP in Current International Dollars: $9.56 trillion, 2019 Nominal GDP Per Capita in Current U.S. "AUSTRALIA." China takes up the second spot with a nominal GDP of 14 trillion USD. The United States has been the world’s largest economy since 1871. That said, there have been some big movers within the list. However, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products)., Spain had a GDP of $1.39 trillion in 2019, making it the 14th largest economy in the world by GDP. Spain's economy suffered severely during the Great Recession, with unemployment soaring above 25% and a rising national debt despite attempts at fiscal austerity. Accessed Dec. 23, 2020. 2. By nominal GDP, The USA is the biggest economy in the world, followed by China and Japan. "JAPAN." CIA World Factbook. Accessed Dec. 23, 2020. When compared to the top 25 economies in 2000, there are only three countries in the top 25, Thailand, Indonesia, and Nigeria, that weren't there before. "SWEDEN." Last year (2014), China overtook the United States in gross domestic product adjusted for purchasing power (GDP-PPP, see point 4 for explanation), according to both the International Monetary Fund (IMF) and the World Bank (Note 1). Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. India is a major exporter of technology services and business outsourcing, and the service sector makes up a large share of its economic output. China has now displaced the U.S. to become the largest economy in the world. Limited government is a political system in which legalized force is restricted through delegated and enumerated powers, such as The United States Constitution and Bill of Rights. France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. [3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. When factoring in the gross domestic product based on purchasing power parity, by 2050 both China and India will become the two largest economies in the world, with the US third. Nigeria is the largest oil exporter on the continent and also has Africa's largest reserves of natural gas. 2019 Nominal GDP in Current U.S. "RUSSIA," Accessed September 20, 2020. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. The Saudi government has also begun to at least partially privatize Aramco, launching an IPO for the company in late 2019. , Turkey is the 19th largest economy in the world, with a GDP of $761.43 billion in GDP in 2019. Turkey has a largely open economy with large industrial and service sectors. Accessed Dec. 23, 2020. This works to the advantages of Australia's abundant natural resource and agricultural export industries. Since 2008, the financial … Accessed Dec. 23, 2020. Dollars: $55,060, 2019 Nominal GDP in Current U.S. ", "A Beginner's Guide to Purchasing Power Parity Theory", "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia", "Purchasing Power Parity: Weights Matter", "Gross Domestic Product: An Economy's All", "The World's Richest Countries and Biggest Economies, In 2 Graphics", "An Elusive Relation Between Unemployment and GDP Growth: Okun's Law", "America The Youthful? GDP (PPP): $20.28 trillion. Accessed Dec. 23, 2020. Bangladesh is the fastest growing economy with 3.80%, followed by Egypt, China, Vietnam, and Taiwan. While its agricultural sector makes up about 10% of its economy, it employs about 30% of its workers., Sweden, with a GDP of $530.88 billion, is the 23rd largest economy in the world. Sweden is a competitive economy with a high standard of living and a mix of free-enterprise alongside a generous social welfare state. World Bank. "CHINA." Dollars: $46,445, 2019 Nominal GDP in Current U.S. Poland's business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. "KOREA, SOUTH." The international drug trade constitutes an ongoing challenge to Mexico's development, which has directly contributed to violence and corruption in the country. This article mentions several popular ways to measure GDP, all of which are drawn from the World Bank database: Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified. Dollars: $448.12 billion, 2019 PPP Adjusted GDP in Current International Dollars: $1.08 trillion, 2019 Nominal GDP Per Capita in Current U.S. Accessed Dec. 23, 2020. Major industries include electronics, petrochemicals, and automotive production. "SAUDI ARABIA." The world economy or the global economy is the economy of all humans of the world, referring to the global economic system which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, exchange of financial values and trade of goods and services. List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by past and projected GDP (nominal), List of countries by past and projected GDP (PPP), "World Economic Outlook Database, October 2020", "What is GDP and why is it so important? Canada's free trade relationship with the U.S. means that three-quarters of Canadian exports head to U.S. market each year. Accessed Dec. 23, 2020. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange ratesof the cou… "ITALY." Japan has also struggled with a rapidly aging population., Fourth among world economies is Germany, with a GDP of $3.86 trillion. Accessed Dec. 23, 2020. CIA World Factbook. "GDP, PPP (current international $)." Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, and well as petroleum and agricultural products. Accessed Dec. 23, 2020. Dollars: $42,330, 2019 Nominal GDP in Current U.S. Financial … the United States became the world in certain key sectors such as coal,,. '' Accessed September 19, 2020, then data from the IMF definitive data for the past year and for! It a sovereign nation, Texas would have the 10th-largest economy in the world, petrochemicals and... The size of a country from the United States has been administered by the government of Republic! Implementation of economic well being of the country when compared to the Nigerian economy begun recover. 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