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., China, Japan, Germany, and India are some of the top economies in the world, based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods and services produced within a country’s learn how to day trade bitcoin borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. 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.

1. Overall, countries continued that growth in 2022, which saw global GDP go from $96.88 trillion in 2021 to $100.56 trillion in 2022.
2. When a country’s actual growth falls short of potential, by contrast, it fails to make full use of productive resources.
3. The links in the "Country/Territory" row of the following table link to the article on the GDP or the economy of the respective country or territory.
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.

The third table is a tabulation of the CIA World Factbook GDP (PPP) data update of 2019. The data for GDP at purchasing power parity has also been rebased using the new International Comparison Program price surveys and extrapolated to 2007. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited recognition (such as Kosovo, Palestine and Taiwan) are included in the list in cases in which they appear in the sources. These economies are not ranked in the charts here, but are listed in sequence by GDP for comparison.

With a GDP of 25.44 trillion dollars, the USA is by far the world's largest economy in this ranking for 2022. It is followed by China in second place with a GDP of 17.96 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking. This tracker charts the economic growth performance through time of ninety-one countries around the globe. The year 2017 (2011) here indicates two things, related to the two adjustments mentioned.

Firstly, it tells us the base year used for the inflation adjustment within countries. If prices are higher than this benchmark year, nominal data will be adjusted downwards. In the base year itself, the nominal and inflation-adjusted figures are the same by definition. According to the IMF, China and the U.S. are to remain at the top of the ranking in 2024, while Indonesia is projected to pull ahead of Germany. By 2030, India is expected to overtake the U.S. as the second-largest economy on the planet.

The Global Growth Tracker allows you to gauge trends in economic growth through time across the globe. Secondly, 2017 (2011) indicates the year in which the differences in the cost of living between countries was assessed. This chart shows the biggest economies in the world by GDP (current prices/PPP) in 2019 and their growth prospects in 2020. The links in the "Country/Territory" row of the following table link to the article on the GDP or the economy of the respective country or territory. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth.

The top 10 largest economies in the world in 2024

Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy. 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. As a leading exporter of oil and gas, as well as other minerals and metals, Russia’s economy is highly sensitive to swings in world commodity prices.

This data is based on the following sources

Tourism is an important industry, and France receives the most visitors of any country each year. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.

What are the Next 10 Economies

However, despite these ups and downs, the top economies as measured by GDP don’t budge easily from the positions that they hold. Asian countries among the top 8 biggest economies exhibited the best growth prospects, even among a global pandemic. European economies like German and the UK are expected to struggle in 2020, a fate they share with industrialized nation Japan. The table is initially ranked by the average of the available estimates for each country or territory, and can be reranked by either of the sources.

Its primary imports are petroleum, cars, natural gas, and soybeans. The Alpine nation of Switzerland is the 20th-largest economy in the world. Throughout this list and article, the term GDP refers to nominal GDP in current U.S. dollars unless otherwise specified. 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. All data and visualizations on Our World in Data rely on data sourced from one or several original data providers. While the Chinese economy is projected by the International Monetary Fund to grow by a low 1.2 percent in 2020 due to the coronavirus pandemic, the U.S. in second rank is expected to see its $20.6 trillion GDP decrease by almost 6 percent.

Strong cooperation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu. The goal of international-$ is to provide a unit whose purchasing power is held fixed over time and across countries, such that one int.-$ can buy the same quantity and quality of goods and services no matter where or when it is spent. The countries on this list have various populations, politics, trade agreements, and demographics, all of which play a factor in how their economies and, therefore, GDP perform. As countries take measures to reduce corruption, open their markets, and take advantage of their natural resources and new technologies, they can see their GDP grow.

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Instead, its value is estimated from trends in a country’s labor supply, capital stock, and productivity level. That means this data starts out being expressed in a variety of local currencies – as so many rupees, US dollars, or yuan, etc. – and without adjusting for inflation over time. This is known as being in ‘current prices’, or in ‘nominal’ terms. Indonesia’s economy is the largest economy in Southeast Asia and is based largely on commodity export industries. Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Indonesia's budget deficit for 2023 is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy.

The IMF's definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the https://www.forexbox.info/the-white-coat-investor/ list where they appear in the sources. Sweden is a competitive economy, with a high standard of living and a mix of free enterprise alongside a generous social welfare state. Sweden’s manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications.

France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. However, there is still heavy government involvement https://www.day-trading.info/wework-ipo-valuation-the-rise-and-fall-of-wework/ in certain key sectors, such as defense and electrical power generation. Because of its large population, India has the lowest per-capita GDP on this list.