Countries with the highest gross domestic product (GDP) 2030 - forecast, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022. Statista assumes no In terms of GDP, PPP, however, China has the largest economy in the world given goods and services on average cost less in the country than in the United States. Mr. Kishida and his cabinet set a goal of creating a 10-fold increase in the number of start-ups within the next 5 years and 1 million jobs; at the same time, promoting the private sector to invest 1 trillion USD in the direction of a "green" economy, as well as increasing spending on defense. US economy maintains resilience in Q2. This potential proves that any country can strive towards significant financial gain through dedication to their citizens and self-investment as long as they stay steady towards consistent improvement. India ranks as the sixth-largest economy, with a GDP of $3.25 trillion. In 2021, Saudi Arabia climbed from 20th to 18th, while Switzerland fell from 18th to 20th. 2019-2023 populationU, Research papers on Population dynamics and Social affairs. Saudi Arabia is an energy superpower that had a GDP of $833.54 billion for 2021. Since 1871, the United States has reigned supreme as the worlds largest economy, its nominal GDP reaching a staggering $24.79 trillion in 2022. 2 1 2021 is the most recent annual data available for these countries, which shows that countries. European Countries include Germany, United Kingdom, France, Italy, Russia, Spain, Netherlands constitute $18.8 trillion, major share of Europe's 16.9 trillion economy as on 2022. Per capita GDP is the amount of money that each individual gets in that particular country, this metric used to calculate from gross domestic product divided by population in a country. GDP recovered to 5% in 2021 and 4.8% in 2022. The nation also benefits from having abundant natural resources like geothermal energy, marine resources, and hydropower. The five largest economies in the world as measured by nominal GDP are the U.S., China, Japan, Germany, and the United Kingdom. Nominal GDP converts the value of goods and services at exchange rates between currencies, while purchasing power parity (PPP) GDP takes into account differences in the cost of living across countries. 1. The largest economies and top 10 countries by GDP in the world are United States, China, Japan, Germany, India, United Kingdom, France, Italy, Brazil and Canada. Developing Countries 2023 - World Population Review The country's high-tech businesses benefit from favorable corporate tax rates and access to the EU's single market. With a GDP size of 1.8 trillion USD, Korea has surpassed Russia (1.7 trillion USD) to enter the list of 10 strongest economies in the world. Despite its large overall economic size, China's GDP per capita is only around the world average, at more than $10,000 per person. Many positive traits enable the US to maintain this position. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, World Economic Outlook (April 2022) - GDP per capita, current prices (imf.org). Again, economic rankings can vary, so its essential to consult the latest data for accurate information. The country is known for its rich cultural heritage, fashion, luxury goods, and automotive industry. Weah is up for re-election in October this year. The United States has the worlds largest economy with a latest GDP of $23 trillion. Top Best Scholarship Opportunities in the U.S, Canada, UK and and developed countries in Europe, Asia, etc for International Students, Streams of knowledge everyone should know, [emailprotected] KnowInsider. But when measured by current price GDP, the US is still outperforming. Others on the list also possess strong economies due to a focus on innovation and investment in technology, finance, tourism, and natural resources. Roll the dice, and it lands amidst the glitz and glamor of the United States - the unrivaled king of the global casino industry. GDP by Country 2023 - (Live GDP, Maps, Graph) - Live Growth Blue Lagoon: An iconic geothermal spa located in the heart of Reykjavik, the Blue Lagoon features mesmerizing blue waters andold town, Austria, Arcady / Shutterstock.com. According to economists, a number of factors, such as the business environment, advanced research universities, and favorable regulatory environment, have contributed to the success of the United States and will help the country stay in the top tier. There are several factors that could play a role in the growth of GDP. The gap between US GDP and China's narrowed significantly in recent years and the country is projected to overtake the US in the future. Its higher cost of living may seem prohibitive to many, but generous tax rates have helped attract foreign investment from other parts of the world. According to the World Bank, the top 10 largest economies in the world have a total GDP of about 65.1 trillion USD, accounting for about two thirds of the global GDP (96.1 billion USD). Get in touch with us. Check it out! Due to varying update cycles, statistics can display more up-to-date GDP By Size | 2023 | Rankings | GDP PPP | Data - World Economics Russia is the eleventh largest economy, South Korea is the twelfth largest economies in the world followed by Spain, Australia and Mexico. Establishing a solid online presence begins with registering a domain name. World Economic Outlook, April 2023: A Rocky Recovery. The 20 countries with the lowest estimated gross domestic product (GDP) per capita in 2023 (in U.S. dollars) Basic Statistic Countries with the highest growth of the gross domestic product (GDP) 2022 This wealth is further bolstered by the country's high-end infrastructure that encourages domestic and foreign investments. Considering oil and gas prices have increased substantially this year given the Russia Ukraine war, the country's GDP will likely be higher for 2022. Now, let's take a look at the top 10 largest. Meanwhile, India, with a GDP of $3.25 trillion, solidifies its standing as the sixth-largest economy in the world. Africa Countries include Nigeria, South Africa, Kenya constitute $1.1 trillion, major share of Africa's 2.97 trillion economy in 2022, Nigeria sits at the top of the African economy, in terms of nominal GDP in 2021, followed by South Africa, Kenya, Ethiopia, Ghana, Ivory Coast, Angola and Tanzania. The top 5 countries (others are China, Japan, Germany, and the United Kingdom) account for 54.81% of it. It benefits from a skilled labor force, a favorable business environment, and government support for innovation. 2023 Growth Percentage Change: 5.7%. They were placed on your computer when you launched this website. The GDPs of Germany, France and Italy make up more than half of the EU's entire economic output. Macao, meanwhile, is an autonomous administrative region of China led by a governor appointed by Beijing. In addition, the country's electronics industry is also a major contributor to the $4.9 trillion economy, with businesses like Sony, Panasonic, and Toshiba. A significant determinant is its low corporate tax rate. In 2022, economists estimate the country's economy will expand by 5%. Note: Data from International Monetary Fund is projected estimate based upon previous data and known trends. This commitment to fiscal responsibility has paid off over the years, helping the Netherlands remain atop the list of wealthy European countries. South Korea rounds off the top ten economies with a GDP of $1.9 trillion. The countrys strong export-oriented economy, highly educated workforce, and significant investments in research and development have propelled its growth. Top economy stories: US economy maintains resilience in Q2, China's economic malaise deepens; Central bank leaders reaffirm policy tightening bias. The agricultural sector of France is also very developed with high quality products such as wine. Even though there are paid domain registration services, there are also free options. However, the distribution of wealth and income in any country can vary, and there may be disparities within the population. As a general rule, the GDPs of developing countries tend to grow more quickly than those of developed or high-income countries because their economies have more room to improve. Get ready to be captivated by the stories of nations that command billions and trillions, and witness how these economic giants shape the destiny of our interconnected world. Lastly, Andorra has a stable government that provides solid infrastructure and public services for those living there or visiting from abroad. In 2023, the Brazilian economy is only forecast to grow by 1% due to facing many challenges. It has been extracting its wealth of petroleum reserves since the 1970s, supplementing them with seafood, hydro-power, lumber, minerals, natural gas, and freshwater. Renowned for its engineering prowess and high-quality manufacturing, Germany is an export powerhouse. Join us as we dive headfirst into this captivating realm, unveiling the economic behemoths that tower over the world with their monumental wealth. Italy's diversified economic growth is driven by the consumer goods industry. The United States is a first-world country with a well-developed and innovative infrastructure, for example. Our revolutionary technology changes the way individuals and organizations discover, visualize, model, and present their data and the world's data to facilitate better decisions and better outcomes. China's quality of life and level of development still fall notably short of those of the United States, but China could still achieve a higher GDP even with those detriments. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. But how do these different economies compare? GDP per country is primarily used to measure the strength of a country's economy, and is often used in conjunction with GNP/GNI, a related metric. G20: GDP by country 2021 and 2027 | Statista Wages, too, remain high despite the cost of living. All rights reserved Email: [emailprotected]. Just as examining GDP per capita can add extra insight into country-to-country comparisons of GDP, examining GDP growth per capita can help illuminate country-to-country growth comparisons. According to the WTO, Germany's export turnover is only behind China and the US, its trade surplus ranks second only after China. This focus on continuous progress and innovation will no doubt help cement its status as a prosperous nation in the years to come. In a newly published study, economists at the financial group Goldman Sachs Group make a series of forecasts about the world economy over the next half century. The World's GDP is 112.6 trillion in 2023 as against 103.86 trillion as on 2022, list shows historical, present and future values for all the countries from 2020 to 2026. World's Poorest Countries in 2023 Ranked. This high standard of living is driven by Norway's numerous natural resources, raw oil and gas exports, its distinct social security system, and universal health care. Description: The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. The United Kingdom holds the fifth-largest economy, with a GDP of $3.44 trillion. In the third quarter, the country's GDP rose 8.8% year over year. There's a $75 trillion reason the economy won't crash into a recession, top economist says: Baby boomers' pent-up net worth. Despite their quasi-independence from the parent country, all three territories enjoy considerable economic prosperity and serve as models for developing nations across the globe. China has a larger population than the United States and it has developed rapidly during the past few decades, as shown by its world-leading energy consumption (and its consumption of electricity in particular). The Gross Domestic Product (GDP) of the United States amounted to 22.99 trillion U.S. dollars in 2021, making it the largest economy in the . Data taken from World Economic Outlook (April 2022) - GDP per capita, current prices (imf.org) in May, 2023. On top of their abundant resources, Norwegians benefit from a highly productive society; primary occupations are in the telecommunications and technologies sectors that help guarantee low unemployment rates, which are at 5%, and even lower poverty rates at 0.3%. These traits make the U.S. an economic superpower and grant it a tremendous amount of influence over the worlds global economic activity. Gross Domestic Product (GDP) serves as a crucial barometer of a countrys economic performance, reflecting the monetary market value of all final goods and services produced within its borders. However, the government has made strides to diversify its sources of income, particularly in technology and renewable energy sectors, as well as making significant investments in infrastructure development. Known for its technological advancements, South Korea is a global leader in industries such as electronics, semiconductors, automobiles, and shipbuilding. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Gross Domestic Product (GDP) represents the annual market value of all final goods and services produced and sold within a country. Canadas economy ranks ninth globally, with a GDP of $1.96 trillion. Enter your email below, and you'll receive this table's data in your inbox momentarily. A highly educated workforce, multiculturalism, multilingualism, thriving economy and government support for starting a business make Canada a preferred investment destination. Known for the luxurious lifestyles of the people living there, its capital Abu Dhabi has become a significant hub for business and tourism worldwide. Iceland's wealth relies on the fact that it has been able to transition from a resource-dependent economy to one driven by innovation and technology. GDP Ranked by Country 2023 - World Population Review This triple benefit encourages citizens and foreigners to invest in Switzerland's economy, and residents show a preference for buying local products and other goods produced within the country. San Marino is well-known for its impressive wealth and it deserves its place amongst the world's wealthiest countries. . Hong Kong became a special administrative region of the People's Republic of China in 1997 after more than 150 years of British rule. Its GDP is consistently the highest among nations, giving it substantial economic power and influence on the global stage. Final values may differ. Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a year, representing the size of a country. From the heights of Americas technological innovations to Chinas burgeoning manufacturing might, from Japans dedication to efficiency to Germanys precision engineering, and the United Kingdoms financial prowess, each nation contributes its unique strengths to the global economic tapestry. Brexit and its aftermath have posed both challenges and opportunities for the UK economy. This influx of global funds is apparent in Switzerland's GDP, with exports contributing significantly to its economic health. Finally, the US enjoys a relative level of political stability compared to other parts of the world, which enables it to maintain domestic order while supporting international investment with sustainable policies. Gross domestic product of G20 countries 2021 and 2027. Tuvalu is a small island nation in the Pacific Ocean with a limited economy heavily reliant on foreign aid and remittances. Other biggest contributors to that GDP in the world, include Japan, Germany, India, United Kingdom and France. Largest economies worldwide 2022 | Statista Best Countries News Home U.S. News Best Countries 2022 Rankings The overall ranking of Best Countries measure global performance on a variety of metrics. the African country with the highest GDP is Nigeria. The final Q1 2023 GDP data confirms that the economy steered clear of a recession at the start of 2023. . In addition, Austria boasts a robust social safety net that has helped support economic growth and keep unemployment low. Japan, with a GDP of $5.38 trillion, claims the third spot, showcasing its remarkable economic resilience. Below is the latest list of Countries by GDP, ranked as per the economic activity of each country in 2023. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Gross domestic product (GDP) of selected global regions 2022, Share of global regions in the gross domestic product 2022, Countries with the largest gross domestic product (GDP) 2022, Countries with the largest gross domestic product (GDP) per capita 2022, Countries with the lowest estimated GDP per capita 2023, Global gross domestic product (GDP) at current prices from 1985 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) growth in selected world regions until 2024, Growth of the real gross domestic product (GDP) in selected world regions from 2021 to 2024 (compared to the previous year), Gross domestic product (GDP) of selected global regions at current prices in 2022 (in trillion U.S. dollars), Share of global regions in the gross domestic product (adjusted for purchasing power) in 2022, Gross domestic product of the European Union 2028, European Union: Gross domestic product (GDP) from 2018 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in the Asia-Pacific region in 2021, by country or territory (in billion U.S. dollars), Gross domestic product of the BRICS countries from 2000 to 2028, Gross domestic product (GDP) of the BRICS countries from 2000 to 2028 (in billion U.S. dollars), Gross domestic product of the ASEAN countries from 2018 to 2028, Gross domestic product (GDP) of the ASEAN countries from 2018 to 2028 (in billion U.S. dollars), Gross domestic product of the Arab world in 2022, Arab world: Gross domestic product (GDP) in 2022, by country (in billion U.S. dollars), GDP of African countries 2021, by country, African countries with the highest Gross Domestic Product (GDP) in 2021 (in billion U.S. dollars), Gross domestic product at current market prices of selected European countries in 2022 (in million euros), Latin America & Caribbean: gross domestic product 2021, by country, Gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country (in billion U.S. dollars), The 20 countries with the largest gross domestic product (GDP) in 2022 (in billion U.S. dollars), The 20 countries with the largest gross domestic product (GDP) per capita in 2022 (in U.S. dollars), Gross domestic product of G20 countries 2021 and 2027, Gross domestic product (GDP) of G20 countries in 2021, with a projection for 2027 (in billion U.S. dollars), Gross domestic product (GDP) growth forecast in selected countries until 2028, Growth of the gross domestic product (GDP) in selected countries from 2018 to 2028 (compared to the previous year), The 20 countries with the lowest estimated gross domestic product (GDP) per capita in 2023 (in U.S. dollars), Countries with the highest growth of the gross domestic product (GDP) 2022, The 20 countries with the highest growth of the gross domestic product (GDP) in 2022 (compared to the previous year), The 20 countries with the greatest decrease of the gross domestic product in 2022, The 20 countries with the greatest decrease of the gross domestic product (GDP) in 2022 (compared to the previous year), GDP growth in the leading industrial and emerging countries 4th quarter 2022, Growth of the real gross domestic product (GDP) in the leading industrial and emerging countries from 4th quarter 2020 to 4th quarter 2022 (compared to the previous quarter), Countries with the highest public surplus 2022, The 20 countries with the highest public surplus in 2022 in relation to gross domestic product (GDP), Gross domestic product (GDP) of the United States 2028, Gross domestic product (GDP) of the United States at current prices from 1987 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in Germany 2028, Germany: Gross domestic product (GDP) in current prices from 1987 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) of China 1985-2028, Gross domestic product (GDP) at current prices in China from 1985 to 2022 with forecasts until 2028 (in billion U.S. dollars), Gross domestic product (GDP) of Japan 1980-2028, Japan: Gross domestic product (GDP) in current prices from 1980 to 2022, with projections until 2028 (in billion U.S. dollars), Gross domestic product (GDP) of the United Kingdom 2028 (in U.S. dollars), Gross domestic product (GDP) in current prices of the United Kingdom (UK) from 1987 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in France 2028, France: Gross domestic product (GDP) in current prices from 1987 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in India 2028, India: Gross domestic product (GDP) in current prices from 1987 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in South Africa 2028, South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. dollars), Gross domestic product (GDP) in Brazil 2028, Brazil: Gross domestic product (GDP) in current prices from 1987 to 2028 (in billion U.S. dollars), Share of economic sectors in the gross domestic product, by global regions 2021, Share of economic sectors in the gross domestic product (GDP) of selected global regions in 2021, Inland transport infrastructure spending as share of GDP in selected countries 2021, Global investment on inland transport infrastructure as share of GDP in 2021, by selected countries, Value added by the manufacturing industry to GDP by country 2020, Value added by the manufacturing industry to GDP in 2020, by country (in billion U.S. dollars), Higher education spending as a share of GDP worldwide 2019, by country, Expenditure on higher education as a share of GDP in selected countries worldwide in 2019, by source of funding, Household debt to GDP ratio in selected territories worldwide 2020, Total household debt as share of GDP in selected countries and territories worldwide in 2020, Leading countries by R&D spending as share of GDP globally 2022, Leading countries by research and development (R&D) expenditure as share of gross domestic product (GDP) worldwide in 2022, Ratio of pension assets to GDP 2022, by country, Ratio of pension assets to GDP in selected countries in 2022, Leading global travel markets by travel and tourism contribution to GDP 2019-2021, Total contribution of travel and tourism to GDP in leading travel markets worldwide from 2019 to 2021 (in billion U.S. dollars), Boost to GDP from AR/VR worldwide 2019-2030, Boost to gross domestic product (GDP) from augmented reality (AR) and virtual reality (VR) worldwide from 2019 to 2030 (in billion U.S. dollars), GDP share of health expenditure worldwide 2013-2028, GDP share of health expenditure worldwide from 2013 to 2028, Forecasted change in GDP due to COVID-19, by country and scenario 2020, Forecasted percent change in Gross Domestic Product (GDP) as a result of the coronavirus (COVID-19) outbreak in 2020, by country and scenario, Forecasted global real GDP growth 2019-2024, Global real Gross Domestic Product (GDP) growth after the coronavirus (COVID-19) from 2019 with a forecast until 2024, Forecast real GDP growth of G20 countries 2013-2023, Real Gross Domestic Product (GDP) growth of G20 countries from 2013 to 2021 with a forecast until 2023, Forecasted percent change in global GDP due to COVID-19, by scenario 2020, Forecasted percent change in global Gross Domestic Product (GDP) as a result of COVID-19 in 2020, by scenario, Global fiscal balance after coronavirus 2018-2021, Government fiscal balance as a share of GDP worldwide due to coronavirus from 2018 to 2021, Value of COVID-19 stimulus packages in the G20 as share of GDP 2021, Value of COVID-19 fiscal stimulus packages in G20 countries as of May 2021, as a share of GDP, Forecast on gross domestic product (GDP) growth in selected countries until 2024, Forecast on the growth of the gross domestic product (GDP) in selected countries from 2013 to 2022 up to 2024 (compared to the previous year), Forecast on the GDP growth in selected world regions until 2028, Growth of the real gross domestic product (GDP) in selected world regions from 2018 to 2028 (compared to the previous year), Forecast on the GDP growth worldwide 2020-2024, by economic group, Forecast growth of the real gross domestic product (GDP) worldwide from 2020 to 2024, by economic group (compared to the previous year), GDP growth forecast: Asia, U.S., U.K. and Germany 2010-2027, Annual gross domestic product (GDP) growth projections for the U.S., U.K., Germany and Asia from 2010 to 2027*, GDP growth forecast: the Americas, U.S., U.K. and Germany 2010-2027*, Annual gross domestic product (GDP) growth projections for the U.S., U.K., Germany and the Americas from 2010 to 2027*. While San Marino and Brunei might boast lower GDPs per capita or employ fewer people than other nations on this list, specific industries have put them on track to become highly successful economies. Japan needs a large amount of money pumped into the market through two tools, raising taxes and issuing government bonds; while maintaining the basic interest rate at a super low level, making it easy for people and businesses to access. International relations In most countries, international trade is the main engine for economic growth. Save my name, email, and website in this browser for the next time I comment. Luxembourg's GDP per capita for the year 2021 reached $131,745 USD according to the United Nations and $133,590 per World Bank calculations, good for third-highest in the world (behind . year 2075. The top 5 countries (others are China, Japan, Germany, and the United Kingdom) account for 54.81% of it. Canada also excels in sectors like manufacturing, services, technology, and finance. Based on IMF forecasts for 2023, the real GDP in industrial countries will slow in 2023 . Meanwhile, Japan is forecast to drop from 3rd to 12th, and the UK from 6th to 10th. Another way to measure GDP growth is to evaluate the GDP growth per capita. Moreover, the U.S. is also a military superpower, with one of the largest and most highly funded militaries in the world. Pioneering a burgeoning tech hub, Dublin's 'Silicon Docks,' Ireland's tech ecosystem has been instrumental in boosting GDP, contributing significantly to its current wealthiest nation status.Finally, Ireland's geographic advantage, serving as a bridge between North America and Europe, has allowed it to thrive as a strategic logistical hub, bolstering its wealth-generation capacities. This is a growing concern in countries whose. It benefits from a robust infrastructure, a highly skilled workforce, and a favorable business environment. Ranked: The World's 25 Richest Countries by GDP per Capita The 0.1% q/q rise in real GDP in Q1 was . 1. Since the 2008 financial crisis, China has been the largest contributor to global growth and is one of the fastest growing economies of the 21st century. Moreover, more than half of San Marino's Gross Domestic Product comes from tourism due to its picturesque landscapes and warm Mediterranean climate. For a quick view of the top 50 wealthiest nations, click here: Top 50 Wealthiest Nations Table. In addition, Germany is also heavily dependent on the export of high-quality goods in sectors including automobiles (BMW, Mercedes-Benz, Volkswagen), chemicals (BASF), and pharmaceuticals (Bayer). With a strong financial sector centered in London, the UK is a global hub for banking, insurance, and professional services. The US, China, Japan, Germany, and India, respectively, hold those positions in 2023. This economic engine is driven by natural resources such as oil and gas and highly developed industries like biotechnology, engineering, and computer technology. Service sectors, including telecommunications, healthcare and tourism are the biggest drivers of the economy. The 15 Richest Countries in the World. Germany, renowned for its industrial prowess, takes the fourth position, boasting a formidable GDP of $4.5 trillion. It benefits from a stable political environment, a skilled workforce, and strong trade relationships. For example, many. Just as examining GDP per capita can add extra insight into country-to-country comparisons of GDP, examining GDP growth per capita can help illuminate country-to-country growth comparisons. Italy excels in manufacturing, particularly machinery, precision instruments, and food processing. Will the post-Covid pandemic and global economic crisis upset the position of the Top 20 largest global economies? What are the largest economies in the world? Get the best reports to understand your industry. The top 10 economies combined made up two-thirds of GDP, while the 42 represented on the chart made up just over 90% of the world's GDP, and the rest of the world accounted for the remaining 9.8%. Published by Statista Research Department , Feb 6, 2023.
