Though it has several characteristics of one, including the … The U.S. dollar is also the most widely used currency for global transactions. Per capita GDP is a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. GDP growth rate forecasts in Europe 2020-2021. Japan’s economy is market-driven so businesses, production, and prices shift according to consumer demand, not governmental action. The German economy is currently in the middle of its fourth industrial revolution due to the Internet and the digital age. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion, China Nominal GDP: $14.14 trillion - China GDP (PPP): $27.31 trillion, Japan Nominal GDP: $5.15 trillion- Japan GDP (PPP): $5.75 trillion, Germany Nominal GDP: $3.86 trillion - Germany GDP (PPP): $4.44 trillion, India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion, U.K. Nominal GDP: $2.83 trillion - U.K. GDP (PPP): $3.04 trillion, France Nominal GDP: $2.71 trillion - France GDP (PPP): $2.96 trillion, Italy Nominal GDP: $1.99 trillion - Italy GDP (PPP): $2.40 trillion, Brazil Nominal GDP: $1.85 trillion - Brazil GDP (PPP): $3.37 trillion, Canada Nominal GDP: $1.73 trillion - Canada GDP (PPP): $1.84 trillion, Russia Nominal GDP: $1.64 trillion - Russia GDP (PPP): $4.21 trillion, South Korea Nominal GDP: $1.63 trillion - South Korea GDP (PPP): $2.14 trillion, Spain Nominal GDP: $1.4 trillion - Spain GDP (PPP): $1.86 trillion, Australia Nominal GDP: $1.38 trillion - Australia GDP (PPP): $1.32 trillion, Mexico Nominal GDP: $1.22 trillion - Mexico GDP (PPP): $2.57 trillion, Indonesia Nominal GDP: $1.11 trillion - Indonesia GDP (PPP): $3.50 trillion, Netherlands Nominal GDP: $902.36 billion - Netherlands GDP (PPP): $969.23 billion, Saudi Arabia Nominal GDP: $779.29 billion - Saudi Arabia GDP (PPP): $1.86 trillion, Turkey Nominal GDP: $743.71 billion - Turkey GDP (PPP): $2.29 trillion, Switzerland Nominal GDP: $715.36 billion - Switzerland GDP (PPP): $548.48 billion. Due to India’s high population, India’s GDP per capita is $2,170 (for comparison, the U.S. is $62,794). Switzerland also has a long tradition of industry, especially the clock and watches industry and pharmaceuticals. India. The U.S. GDP (PPP) is also $21.44 trillion. Investopedia requires writers to use primary sources to support their work. Market capital value of Europe's … The rate of price increases in an economy is also factored into nominal GDP. The country offers a high standard of living to its people as reflected in its GDP per capita of $42,877.56. Back in 1980, Mexico was the 10th-largest economy, with a nominal GDP of $228.6 billion. To compare GDPs around the world, currencies must be converted so that they’re consistent across all countries. Canada registered a growth of 3% in 2017 vis-à-vis 1.4% in 2016 and is expected to grow 2% during 2018 and 2019. These measures have helped India accelerate economic growth. Gross Domestic Product . Lion economies are a nickname given to Africa's fast-growing economies, most of which are located in sub-Saharan Africa. The service sector dominates the UK economy, contributing about 80% of GDP, particularly the financial services industry. Canada’s per capita GDP of $46,260.71 is ranked 20th globally while its GDP (PPP) of $1.84 trillion is ranked 17th globally. GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period and includes anything produced within its borders by the country… In addition to the key players remaining almost the same, this analysis reveals these economies are the engine of growth, commanding a majority of the global wealth. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. On the global scale, it is the fourth-largest economy in terms of nominal GDP, with a $4 trillion GDP. When the economies are assessed in terms of purchasing power parity, the U.S. loses its top spot to its close competitor China. The offers that appear in this table are from partnerships from which Investopedia receives compensation. As such, the nominal GDP is typically used to measure and compare the size of national economies. Germany’s highly developed social market economy is Europe’s largest and strongest economy and has one of the most skilled workforces. Business & economy. Canada displaced Russia to take the 10th spot in 2015 and has retained its position since then. We also reference original research from other reputable publishers where appropriate. Gross national income takes a country’s GDP, adds the value of income from imports, and subtracts the value of money from exports. The World Bank cites its enormous progress on poverty reduction—"cutting the poverty rate to more than half since 1999, to 10.9% in 2016." In 2016, Brazil contracted by 3.5% before rebounding by 1% in 2017. When the GNIs of every country in the world are added together, the value of imports and exports are in balance. The BEA cited an easier comparison of the United States with other economies … Brazil, however, has one of the most unequal economies in the world. In terms of GDP purchasing power parity, the UK is in the ninth spot with a GDP (PPP) of The UK is ranked 23rd for GDP per capita which is $42,558. The growing population in the U.S. has helped diversify the workforce. The Top Three Economies. The reform program emphasized the creation of private and rural businesses, easing the state regulations on prices, and investment in workforce education and industrial output. China has approximately $23 trillion in natural resources, 90% of which are rare earth metals and coal. Italy is the eighth-largest exporter in the world, conducting 59% of its trade with other European Union countries. France’s economy is a diversified free-market-oriented economy. In general, it’s less exact than nominal GDP and often hinges on estimates rather than calculations. Loading GDP per capita is a good way to compare the economic output of a country as experienced by its residents. These two approaches to GDP estimation have separate strengths and are generally used for different reasons. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The world GDP is the added total of the gross national income for every country in the world. The Netherlands can boast of its highly mechanized, highly productive agricultural sector, which makes it among the top agricultural exporters globally. The nation that had been riding on the commodity wave suffered multiple setbacks with the end of the commodity supercycle, in addition to internal problems of corruption and political uncertainty, which dampened the investment and business environment. With a nominal GDP of $1.87 trillion, Brazil is the ninth-largest economy in the world. Some of the prominent industrial sectors are automobiles, chemicals, pharmaceuticals, and industrial machinery. Brazil is the largest and … Russia is the ninth least indebted country in the world. This list is based on the IMF's World Economic Outlook Database, October 2019. However, it witnessed a decline in its output for five consecutive quarters starting April 2008. The world economy consists of 193 economies, with the United States being the largest. Several factors contribute to the U.S.’s powerful economy. According to the International Monetary Fund, these are the highest ranking countries in the world in nominal GDP: The three largest economies in the world as measured by nominal GDP are the United States, China, and Japan. Although agriculture is not a major contributor to its GDP, 60% of the U.K.'s food needs are produced domestically, even though less than 2% of its labor force is employed in the sector. Country GDP (nominal, 2017) GDP (abbrev.) The share of agriculture in the Mexican economy has remained under 4% over the last two decades, while its industry and services contribute around 33% and 63% to its output. The GDP (gross domestic product) of a country is a measure of the size of its economy. The most conventional economic analysis of a country relies heavily on economic indicators like the GDP and GDP per capita. As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. The UK is expected to fall to the seventh-largest economy by 2023 with a GDP of $3.27 trillion. However, the successful economic model that lifted hundreds of millions out of poverty and fueled the country’s astonishing economic and social development has also brought many challenges. Indonesia is the largest economy in Southeast Asia and the 16th-largest on the global map. It is the 20th-largest economy in the world, with a nominal GDP of $703.75 billion. Canada's nominal GDP is currently at $1.71 trillion and is expected to touch $1.74 trillion in 2019 and $2.13 trillion by 2023. and is the world's second largest developed economy. The country has a GDP (PPP) of $3.37 trillion and a GDP per capita of $8,967.66. The U.S. is also one of the leading manufacturing industries in the world, coming only second to China. Brazil is also the largest and most populous nation in Latin America. The German economy is the fourth-largest in the world with a GDP of $4.0 trillion. 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