Just four countries—the U.S., China, Japan, and Germany—make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the U.S. alone is greater than the combined GDP of 170 countries.
How do the different economies of the world compare? In this visualization we look at GDP by country in 2021, using data and estimates from the International Monetary Fund (IMF).
An Overview of GDP
GDP serves as a broad indicator for a country’s economic output. It measures the total market value of final goods and services produced in a country in a specific timeframe, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education.
Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).
The World Economy: Top 50 Countries
Who are the biggest contributors to the global economy? Here is the ranking of the 50 largest countries by GDP in 2021:
Rank
Country
GDP ($T)
% of Global GDP
1
???????? U.S.
$22.9
24.4%
2
???????? China
$16.9
17.9%
3
???????? Japan
$5.1
5.4%
4
???????? Germany
$4.2
4.5%
5
???????? UK
$3.1
3.3%
6
???????? India
$2.9
3.1%
7
???????? France
$2.9
3.1%
8
???????? Italy
$2.1
2.3%
9
???????? Canada
$2.0
2.1%
10
???????? Korea
$1.8
1.9%
11
???????? Russia
$1.6
1.7%
12
???????? Brazil
$1.6
1.7%
13
???????? Australia
$1.6
1.7%
14
???????? Spain
$1.4
1.5%
15
???????? Mexico
$1.3
1.4%
16
???????? Indonesia
$1.2
1.2%
17
???????? Iran
$1.1
1.1%
18
???????? Netherlands
$1.0
1.1%
19
???????? Saudi Arabia
$0.8
0.9%
20
???????? Switzerland
$0.8
0.9%
21
???????? Turkey
$0.8
0.8%
22
???????? Taiwan
$0.8
0.8%
23
???????? Poland
$0.7
0.7%
24
???????? Sweden
$0.6
0.7%
25
???????? Belgium
$0.6
0.6%
26
???????? Thailand
$0.5
0.6%
27
???????? Ireland
$0.5
0.5%
28
???????? Austria
$0.5
0.5%
29
???????? Nigeria
$0.5
0.5%
30
???????? Israel
$0.5
0.5%
31
???????? Argentina
$0.5
0.5%
32
???????? Norway
$0.4
0.5%
33
???????? South Africa
$0.4
0.4%
34
???????? UAE
$0.4
0.4%
35
???????? Denmark
$0.4
0.4%
36
???????? Egypt
$0.4
0.4%
37
???????? Philippines
$0.4
0.4%
38
???????? Singapore
$0.4
0.4%
39
???????? Malaysia
$0.4
0.4%
40
???????? Hong Kong SAR
$0.4
0.4%
41
???????? Vietnam
$0.4
0.4%
42
???????? Bangladesh
$0.4
0.4%
43
???????? Chile
$0.3
0.4%
44
???????? Colombia
$0.3
0.3%
45
???????? Finland
$0.3
0.3%
46
???????? Romania
$0.3
0.3%
47
???????? Czech Republic
$0.3
0.3%
48
???????? Portugal
$0.3
0.3%
49
???????? New Zealand
$0.2
0.3%
50
???????? Peru
$0.2
0.2%
At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).
China’s economy is second in nominal terms, hovering at near $17 trillion in GDP. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others.
The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of the country’s GDP.
The World Economy: 50 Smallest Countries
On the other end of the spectrum are the world’s smallest economies by GDP, primarily developing and island nations.
With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.
In addition, the country earns significant revenue from its “.tv” web domain. Between 2011 and 2019, it earned $5 million annually from companies—including Amazon-owned Twitch to license the Twitch.tv domain name—equivalent to roughly 7% of the country’s GDP.
Countries
Region
GDP (B)
???????? Tuvalu
Oceania
$0.07
???????? Nauru
Oceania
$0.1
???????? Palau
Oceania
$0.2
???????? Kiribati
Oceania
$0.2
???????? Marshall Islands
Oceania
$0.2
???????? Micronesia
Oceania
$0.4
???????? Tonga
Oceania
$0.5
???????? São Tomé and Príncipe
Central America
$0.5
???????? Dominica
Caribbean
$0.6
???????? St. Vincent and the Grenadines
Caribbean
$0.8
???????? Samoa
Oceania
$0.8
???????? St. Kitts and Nevis
Caribbean
$1.0
???????? Vanuatu
Oceania
$1.0
???????? Grenada
Caribbean
$1.1
???????? Comoros
Africa
$1.3
???????? Seychelles
Africa
$1.3
???????? Antigua and Barbuda
Caribbean
$1.4
???????? Guinea-Bissau
Africa
$1.6
???????? Solomon Islands
Oceania
$1.7
???????? Timor-Leste
Asia
$1.7
???????? St. Lucia
Caribbean
$1.7
???????? San Marino
Europe
$1.7
???????? Cabo Verde
Africa
$1.9
???????? Belize
Central America
$1.9
???????? Gambia
Africa
$2.0
???????? Eritrea
Africa
$2.3
???????? Lesotho
Africa
$2.5
???????? Bhutan
Asia
$2.5
???????? Central African Republic
Africa
$2.6
???????? Suriname
South America
$2.8
???????? Aruba
Caribbean
$2.9
???????? Burundi
Africa
$3.2
???????? Andorra
Europe
$3.2
???????? South Sudan
Africa
$3.3
???????? Liberia
Africa
$3.4
???????? Djibouti
Africa
$3.7
???????? Sierra Leone
Africa
$4.4
???????? Eswatini
Africa
$4.5
???????? Maldives
Asia
$4.6
???????? Fiji
Oceania
$4.6
???????? Barbados
Caribbean
$4.7
???????? Somalia
Africa
$5.4
???????? Montenegro
Europe
$5.5
???????? Guyana
South America
$7.4
???????? Tajikistan
Asia
$8.1
???????? Kyrgyz Republic
Asia
$8.2
???????? Togo
Africa
$8.5
???????? Kosovo
Europe
$9.0
???????? Mauritania
Africa
$9.2
???????? Rwanda
Africa
$10.4
Like Tuvalu, many of the world’s smallest economies are in Oceania, including Nauru, Palau, and Kiribati. Additionally, several countries above rely on the tourism industry for over one-third of their employment.
The Fastest Growing Economies in the World in 2021
With 123% projected GDP growth, Libya’s economy is estimated to have the sharpest rise.
Oil is propelling its growth, with 1.2 million barrels being pumped in the country daily. Along with this, exports and a depressed currency are among the primary factors behind its recovery.
Rank
Country
Region
2021 Real GDP Growth (Annual % Change)
1
???????? Libya
Africa
123.2%
2
???????? Guyana
South America
20.4%
3
???????? Macao
Asia
20.4%
4
???????? Maldives
Asia
18.9%
5
???????? Ireland
Europe
13.0%
6
???????? Aruba
Caribbean
12.8%
7
???????? Panama
Central America
12.0%
8
???????? Chile
South America
11.0%
9
???????? Peru
South America
10.0%
10
???????? Dominican Republic
Caribbean
9.5%
Ireland’s economy, with a projected 13% real GDP growth, is being supported by the largest multinational corporations in the world. Facebook, TikTok, Google, Apple, and Pfizer all have their European headquarters in the country, which has a 12.5% corporate tax rate—or about half the global average. But these rates are set to change soon, as Ireland joined the OECD 15% minimum corporate tax rate agreement which was finalized in October 2021.
Macao’s economy bounced back after COVID-19 restrictions began to lift, but more storm clouds are on the horizon for the Chinese district. The CCP’s anti-corruption campaign and recent arrests could signal a more strained relationship between Mainland China and the world’s largest gambling hub.
Looking Ahead at the World’s GDP
The global GDP figure of $94 trillion may seem massive to us today, but such a total might seem much more modest in the future.
In 1970, the world economy was only about $3 trillion in GDP—or 30 times smaller than it is today. Over the next thirty years, the global economy is expected to more or less double again. By 2050, global GDP could total close to $180 trillion.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
VICTORIA – British Columbia is forecasting a record budget deficit and a rising debt of almost $129 billion less than two weeks before the start of a provincial election campaign where economic stability and future progress are expected to be major issues.
Finance Minister Katrine Conroy, who has announced her retirement and will not seek re-election in the Oct. 19 vote, said Tuesday her final budget update as minister predicts a deficit of $8.9 billion, up $1.1 billion from a forecast she made earlier this year.
Conroy said she acknowledges “challenges” facing B.C., including three consecutive deficit budgets, but expected improved economic growth where the province will start to “turn a corner.”
The $8.9 billion deficit forecast for 2024-2025 is followed by annual deficit projections of $6.7 billion and $6.1 billion in 2026-2027, Conroy said at a news conference outlining the government’s first quarterly financial update.
Conroy said lower corporate income tax and natural resource revenues and the increased cost of fighting wildfires have had some of the largest impacts on the budget.
“I want to acknowledge the economic uncertainties,” she said. “While global inflation is showing signs of easing and we’ve seen cuts to the Bank of Canada interest rates, we know that the challenges are not over.”
Conroy said wildfire response costs are expected to total $886 million this year, more than $650 million higher than originally forecast.
Corporate income tax revenue is forecast to be $638 million lower as a result of federal government updates and natural resource revenues are down $299 million due to lower prices for natural gas, lumber and electricity, she said.
Debt-servicing costs are also forecast to be $344 million higher due to the larger debt balance, the current interest rate and accelerated borrowing to ensure services and capital projects are maintained through the province’s election period, said Conroy.
B.C.’s economic growth is expected to strengthen over the next three years, but the timing of a return to a balanced budget will fall to another minister, said Conroy, who was addressing what likely would be her last news conference as Minister of Finance.
The election is expected to be called on Sept. 21, with the vote set for Oct. 19.
“While we are a strong province, people are facing challenges,” she said. “We have never shied away from taking those challenges head on, because we want to keep British Columbians secure and help them build good lives now and for the long term. With the investments we’re making and the actions we’re taking to support people and build a stronger economy, we’ve started to turn a corner.”
Premier David Eby said before the fiscal forecast was released Tuesday that the New Democrat government remains committed to providing services and supports for people in British Columbia and cuts are not on his agenda.
Eby said people have been hurt by high interest costs and the province is facing budget pressures connected to low resource prices, high wildfire costs and struggling global economies.
The premier said that now is not the time to reduce supports and services for people.
Last month’s year-end report for the 2023-2024 budget saw the province post a budget deficit of $5.035 billion, down from the previous forecast of $5.9 billion.
Eby said he expects government financial priorities to become a major issue during the upcoming election, with the NDP pledging to continue to fund services and the B.C. Conservatives looking to make cuts.
This report by The Canadian Press was first published Sept. 10, 2024.
Note to readers: This is a corrected story. A previous version said the debt would be going up to more than $129 billion. In fact, it will be almost $129 billion.
NANAIMO, B.C. – Former Bank of Canada governor Mark Carney says he’ll be advising the Liberal party to flip some the challenges posed by an increasingly divided and dangerous world into an economic opportunity for Canada.
But he won’t say what his specific advice will be on economic issues that are politically divisive in Canada, like the carbon tax.
He presented his vision for the Liberals’ economic policy at the party’s caucus retreat in Nanaimo, B.C. today, after he agreed to help the party prepare for the next election as chair of a Liberal task force on economic growth.
Carney has been touted as a possible leadership contender to replace Justin Trudeau, who has said he has tried to coax Carney into politics for years.
Carney says if the prime minister asks him to do something he will do it to the best of his ability, but won’t elaborate on whether the new adviser role could lead to him adding his name to a ballot in the next election.
Finance Minister Chrystia Freeland says she has been taking advice from Carney for years, and that his new position won’t infringe on her role.
This report by The Canadian Press was first published Sept. 10, 2024.
