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