# 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:

RankCountryGDP per capita in USDReference Date
1Luxembourg11106219-Dec
2Norway9255619-Dec
3Ireland7970319-Dec
4Switzerland7940719-Dec
5Denmark6514719-Dec
6Qatar6202119-Dec
7Singapore5883019-Dec
8Sweden5797519-Dec
9Australia5707119-Dec
10United States5580919-Dec
11Netherlands5569019-Dec
12Macau5511019-Dec
14Iceland5133219-Dec
15Austria5065519-Dec
16Finland4924119-Dec
17Japan4918819-Dec
18Germany4762819-Dec
19Belgium4754119-Dec
20Andorra4588719-Dec
21France4431719-Dec
22United Kingdom4368819-Dec
23United Arab Emirates4142019-Dec
24Euro Area4138819-Dec
25New Zealand3899319-Dec
26Hong Kong3795719-Dec
27European Union3710419-Dec
28Italy3561419-Dec
29Israel3529319-Dec
30Spain3335019-Dec
31Kuwait3269719-Dec
32Brunei3232719-Dec
33Cyprus3209319-Dec
34Malta2894319-Dec
35South Korea2860619-Dec
36Puerto Rico2768419-Dec
37Bahamas2747819-Dec
38Slovenia2715219-Dec
39Portugal2459019-Dec
40Greece2402419-Dec
41Czech Republic2383419-Dec
42Slovakia2103919-Dec
43Bahrain2091319-Dec
44Estonia2074219-Dec
45Saudi Arabia2054219-Dec
46Lithuania1842719-Dec
47Hungary1746619-Dec
48Poland1738719-Dec
49St Kitts and Nevis1724219-Dec
50Latvia1669819-Dec
51Croatia1645419-Dec
53Antigua and Barbuda1570319-Dec
55Chile1509219-Dec
56Turkey1499919-Dec
57Oman1499319-Dec
58Seychelles1496219-Dec
59Uruguay1459719-Dec
60Venezuela1402514-Dec
61Malaysia1247819-Dec
62Palau1226018-Dec
63Romania1213119-Dec
64Russia1201219-Dec
65Panama1191019-Dec
66Kazakhstan1151819-Dec
67Brazil1112219-Dec
68Mauritius1094919-Dec
69Mexico1027619-Dec
70Costa Rica1004719-Dec
71Argentina972919-Dec
73Equatorial Guinea923819-Dec
74Gabon912919-Dec
75Bulgaria902619-Dec
76Montenegro854519-Dec
77China825419-Dec
78Maldives821019-Dec
79Libya812219-Dec
80Botswana809319-Dec
81Dominican Republic800519-Dec
82Suriname796719-Dec
83Colombia784319-Dec
84Turkmenistan764818-Dec
85South Africa734619-Dec
86Serbia721319-Dec
87Dominica705519-Dec
88Iran694917-Dec
89Cuba681718-Dec
90Belarus667819-Dec
91Thailand650319-Dec
92Peru648719-Dec
93Bosnia and Herzegovina623619-Dec
94Azerbaijan588019-Dec
95Lebanon585819-Dec
96Namibia576619-Dec
97Macedonia563419-Dec
98Iraq559119-Dec
99Paraguay531119-Dec
100Albania520919-Dec
102Georgia498619-Dec
103Jamaica486719-Dec
104Swaziland481919-Dec
105Fiji481119-Dec
106Armenia473219-Dec
107Algeria471119-Dec
108Kosovo446219-Dec
109Indonesia445119-Dec
110Tunisia440519-Dec
111Mongolia435019-Dec
112Guyana416019-Dec
113Belize415019-Dec
114Sri Lanka401219-Dec
115Cabo Verde390819-Dec
116Cape Verde390819-Dec
117Samoa386019-Dec
118Moldova371619-Dec
120Guatemala341319-Dec
121Morocco339619-Dec
122Philippines333819-Dec
123Jordan328419-Dec
124Ukraine322519-Dec
125Bhutan312818-Dec
126Angola310419-Dec
127Marshall Islands306718-Dec
128Egypt300919-Dec
129Micronesia272918-Dec
130Republic of the Congo261319-Dec
131Bolivia258019-Dec
132Papua New Guinea250519-Dec
133Uzbekistan245919-Dec
134Nigeria238719-Dec
135Honduras224119-Dec
136India216919-Dec
137Vietnam208219-Dec
138Ghana188419-Dec
139Laos184019-Dec
140Kiribati179019-Dec
141Nicaragua176319-Dec
142Mauritania175619-Dec
143Ivory Coast173619-Dec
144Sudan172419-Dec
145Zambia165819-Dec
146Myanmar160819-Dec
147Senegal158419-Dec
148Cameroon152319-Dec
149Comoros140919-Dec
150Lesotho138419-Dec
151Sao Tome and Principe130419-Dec
153Cambodia126919-Dec
154Benin126019-Dec
155Kenya123819-Dec
156Pakistan118619-Dec
157Zimbabwe118319-Dec
158Tajikistan112119-Dec
159Kyrgyzstan111619-Dec
160Tanzania98619-Dec
161Uganda95719-Dec
162Guinea92119-Dec
163Rwanda90519-Dec
164East Timor86019-Dec
165Nepal85919-Dec
166Burkina Faso82219-Dec
168Gambia80919-Dec
169Mali79419-Dec
170Haiti71419-Dec
171Togo69619-Dec
172Guinea Bissau63519-Dec
173Yemen63318-Dec
174Ethiopia60219-Dec
175Mozambique58719-Dec
176Afghanistan57219-Dec
177Niger55819-Dec
178Malawi52419-Dec
179Liberia51619-Dec
181Sierra Leone48819-Dec
182Congo42419-Dec
183Central African Republic38419-Dec
184Burundi20819-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:

CountryGDP in Billion \$PreviousReference Date
United States214332058019-Dec
European Union155931593219-Dec
China143431389519-Dec
Euro Area133361366219-Dec
Japan5082495519-Dec
Germany3846395019-Dec
India2869271319-Dec
United Kingdom2829286119-Dec
France2716278819-Dec
Italy2001208619-Dec
Brazil1840188519-Dec
Russia1700167019-Dec
South Korea1647172519-Dec
Spain1394142019-Dec
Australia1393143419-Dec
Mexico1269122219-Dec
Indonesia1119104219-Dec
Netherlands90991419-Dec
Saudi Arabia79378719-Dec
Turkey75477119-Dec
Switzerland70370519-Dec
Taiwan61160819-Dec
Poland59258719-Dec
Thailand54450719-Dec
Sweden53155519-Dec
Belgium53054319-Dec
Venezuela48237114-Dec
Argentina45052019-Dec
Nigeria44839819-Dec
Austria44645619-Dec
Iran44541817-Dec
United Arab Emirates42142219-Dec
Norway40343419-Dec
Israel39537119-Dec
Ireland38938319-Dec
Philippines37734719-Dec
Singapore37237319-Dec
Hong Kong36636219-Dec
Malaysia36535919-Dec
South Africa35136819-Dec
Denmark34835619-Dec
Colombia32433419-Dec
Egypt30325119-Dec
Chile28229819-Dec
Pakistan27831519-Dec
Finland26927619-Dec
Vietnam26224519-Dec
Romania25024219-Dec
Czech Republic24624519-Dec
Portugal23824119-Dec
Iraq23422419-Dec
Peru22722219-Dec
Greece21021819-Dec
New Zealand20720819-Dec
Qatar18319119-Dec
Kazakhstan18017919-Dec
Algeria17017419-Dec
Hungary16115819-Dec
Ukraine15413119-Dec
Kuwait13514119-Dec
Morocco11911819-Dec
Slovakia10510619-Dec
Puerto Rico10510119-Dec
Cuba10096.8518-Dec
Ethiopia96.1184.2719-Dec
Kenya95.587.7819-Dec
Angola94.6410119-Dec
Dominican Republic88.9485.5619-Dec
Guatemala85.378.4619-Dec
Sri Lanka84.0188.4319-Dec
Oman76.9879.2819-Dec
Myanmar76.0976.1719-Dec
Luxembourg71.170.9219-Dec
Bulgaria67.9366.219-Dec
Ghana66.9865.5619-Dec
Panama66.865.1319-Dec
Tanzania63.185819-Dec
Belarus63.0860.0319-Dec
Costa Rica61.7760.5519-Dec
Croatia60.4260.9919-Dec
Ivory Coast58.7957.7219-Dec
Uzbekistan57.9250.3919-Dec
Uruguay56.0559.619-Dec
Lithuania54.2253.4619-Dec
Macau53.8655.0819-Dec
Slovenia53.7454.0319-Dec
Lebanon53.3754.9619-Dec
Libya52.0852.6119-Dec
Serbia51.4150.619-Dec
Azerbaijan48.0547.1119-Dec
Congo47.3246.8319-Dec
Jordan43.7442.2319-Dec
Bolivia40.940.2919-Dec
Turkmenistan40.7637.9318-Dec
Tunisia38.839.7719-Dec
Cameroon38.7638.6919-Dec
Bahrain38.5737.6519-Dec
Paraguay38.1540.3819-Dec
Uganda34.3932.7719-Dec
Latvia34.1234.3119-Dec
Estonia31.3930.7519-Dec
Nepal30.6429.1719-Dec
Yemen27.5924.5618-Dec
Cambodia27.0924.5719-Dec
Honduras25.124.0219-Dec
Papua New Guinea24.9723.4119-Dec
Cyprus24.5624.9619-Dec
Iceland24.1925.7419-Dec
Senegal23.5823.2419-Dec
Zambia23.0627.0119-Dec
Zimbabwe21.4424.3119-Dec
Bosnia and Herzegovina20.0520.1819-Dec
Afghanistan19.119.4819-Dec
Sudan18.926.0819-Dec
Botswana18.3418.6619-Dec
Laos18.1717.9519-Dec
Georgia17.7417.619-Dec
Mali17.5117.1719-Dec
Gabon16.6616.8619-Dec
Burkina Faso15.7516.219-Dec
Jamaica15.7216.4618-Dec
Albania15.2815.1519-Dec
Palestine1514.519-Dec
Mozambique14.9314.7219-Dec
Malta14.7914.619-Dec
Benin14.3914.2519-Dec
Mauritius14.1814.1819-Dec
Mongolia13.8513.1119-Dec
Armenia13.6712.4619-Dec
Brunei13.4713.5719-Dec
Niger12.9312.8319-Dec
Bahamas12.8312.4219-Dec
Macedonia12.6912.6319-Dec
Nicaragua12.5213.0619-Dec
Namibia12.3713.4519-Dec
Moldova11.9611.4619-Dec
Guinea11.412.2119-Dec
Equatorial Guinea11.0313.2819-Dec
Republic of the Congo10.8211.6619-Dec
Rwanda10.129.6319-Dec
New Caledonia109.919-Dec
Haiti8.59.6619-Dec
Kyrgyzstan8.458.2719-Dec
Tajikistan8.127.5219-Dec
Kosovo7.937.9419-Dec
Somalia7.77.4819-Dec
Malawi7.676.9219-Dec
Mauritania7.597.0519-Dec
Monaco7.196.4318-Dec
Eritrea6.56.7219-Dec
Maldives5.735.3319-Dec
Fiji5.545.5419-Dec
Montenegro5.495.5119-Dec
Togo5.465.3619-Dec
Swaziland4.414.7119-Dec
Guyana4.283.8819-Dec
Suriname3.993.4619-Dec
Sierra Leone3.944.0919-Dec
Djibouti3.323.0119-Dec
Liberia3.223.2619-Dec
Andorra3.153.2219-Dec
Aruba3.062.9717-Dec
Greenland3.052.8318-Dec
Burundi3.013.0419-Dec
Lesotho2.462.5819-Dec
Bhutan2.452.4518-Dec
Central African Republic2.222.2219-Dec
St Lucia2.122.0719-Dec
Cape Verde1.981.9719-Dec
Belize1.881.8719-Dec
Gambia1.761.6219-Dec
Antigua And Barbuda1.731.6119-Dec
Seychelles1.71.5919-Dec
East Timor1.671.5719-Dec
Solomon Islands1.431.419-Dec
Guinea Bissau1.341.4619-Dec
Comoros1.191.1819-Dec
St Kitts and Nevis1.051.0119-Dec
South Sudan13.0719-Dec
Vanuatu0.920.9119-Dec
Samoa0.850.8219-Dec
Dominica0.60.5519-Dec
Tonga0.450.4318-Dec
Sao Tome and Principe0.430.4219-Dec
Micronesia0.40.3718-Dec
Palau0.280.2918-Dec
Kiribati0.190.219-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:

GDPLastPreviousFrequency
GDP Growth Rate (%)4.133.4Quarterly 2020
GDP Annual Growth Rate (%)-2.4-2.8Quarterly 2020
GDP (USD Billion)2143320580Yearly 2019
GDP Constant Prices (USD Billion)1878418596Quarterly 2020
Gross National Product (USD Billion)1875517443Quarterly 2020
Gross Fixed Capital Formation (USD Billion)34633315Quarterly 2020
GDP per capita (USD)5580954796Yearly 2019
GDP per capita PPP (USD)6268361544Yearly 2019
GDP From Agriculture (USD Billion)262236Quarterly 2020
GDP From Construction (USD Billion)654616Quarterly 2020
GDP From Manufacturing (USD Billion)22131963Quarterly 2020
GDP From Mining (USD Billion)422438Quarterly 2020
GDP From Public Administration (USD Billion)21862134Quarterly 2020
GDP From Services (USD Billion)1277211847Quarterly 2020
GDP From Transport (USD Billion)498439Quarterly 2020
GDP From Utilities (USD Billion)296296Quarterly 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.

• \$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.

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Fxigor

Igor has been a trader since 2007. Currently, Igor works for several prop trading companies. He is an expert in financial niche, long-term trading, and weekly technical levels. The primary field of Igor's research is the application of machine learning in algorithmic trading. Education: Computer Engineering and Ph.D. in machine learning. Igor regularly publishes trading-related videos on the Fxigor Youtube channel. To contact Igor write on: igor@forex.in.rs

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