GDP 2019 (billions of $)
1 United States 21,439.45
2 China 14,140.16
3 Japan 5,154.48
4 Germany 3,863.34
5 India 2,935.57
6 UK 2,743.59
7 France 2,707.07
8 Italy 1,988.64
9 Brazil 1,847.02
10 Canada 1,730.91
And moon's favorite!
11 Russia 1,637.89
1. United States
U.S. Nominal GDP: $21.44 trillionU.S. GDP (PPP):
$21.44 trillion
The U.S. has retained its position of being the world's largest economy since 1871. The size of the U.S. economy was at $20.58 trillion in 2018 in nominal terms and is expected to reach $22.32 trillion in 2020. The U.S. is often dubbed as an economic superpower and that's because the economy constitutes almost a quarter of the global economy, backed by advanced infrastructure, technology, and an abundance of natural resources.
When the economies are assessed in terms of purchasing power parity, the U.S. loses its top spot to its close competitor China. In 2019, the U.S. economy, in terms of GDP (PPP), was at $21.44 trillion, while the Chinese economy was measured at $27.31 trillion. The gap between the size of the two economies in terms of nominal GDP is expected to lessen by 2023; the U.S. economy is projected to grow to $24.88 trillion by 2023, followed closely by China at $19.41 trillion.
2. China
China Nominal GDP: $14.14 trillionChina GDP
(PPP): $27.31 trillion
China has experienced exponential growth over the past few decades, breaking the barriers of a centrally-planned closed economy to evolve into a manufacturing and exporting hub of the world. China is often referred to as the "world's factory," given its huge manufacturing and export base. However, over the years, the role of services has gradually increased and that of manufacturing as a contributor to GDP has declined relatively. Back in 1980, China was the seventh-largest economy, with a GDP of $305.35 billion, while the size of the U.S. then was $2.86 trillion. Since it initiated market reforms in 1978, the Asian giant has seen an economic growth averaging 10% annually. In recent years, the pace of growth has slowed, although it remains high in comparison to its peer nations.
The IMF projects a growth of 5.8% in 2020, which would sober down to around 5.6% by 2023. Over the years, the difference in the size of the Chinese and the U.S. economy has been shrinking rapidly. In 2018, the Chinese GDP in nominal terms stood at $13.37 trillion, lower than the U.S. by $7.21 trillion. In 2020, the gap is expected to reduce to $7.05 trillion, and by 2023, the difference would be $5.47 trillion. In terms of GDP in PPP, China is the largest economy, with a GDP (PPP) of $25.27 trillion. By 2023, China's GDP (PPP) would be $36.99 trillion. China's huge population brings down its GDP per capita to $10,100 (seventieth position).
6. United Kingdom
U.K. Nominal GDP: $2.74 trillionU.K. GDP
(PPP): $3.04 trillion
The United Kingdom, with a $2.83 trillion GDP is the fifth-largest economy in the world. When compared in terms of GDP purchasing-power-parity, U.K. slips to the ninth spot with a GDP-PPP of $3.04 trillion. It ranks 23rd in terms of GDP per capita, which is $42,558. Its nominal GDP is estimated to remain at $2.83 trillion during 2019, but its ranking is expected to slide to the seventh spot by 2023 with its GDP of $3.27 trillion.
Starting from 1992 until 2008, the economy of the U.K. witnessed an uptrend in each quarter. However, it witnessed a decline in its output for five consecutive quarters starting April 2008. The economy shrunk by 6% during this time (between the first quarter of 2008 and the second quarter of 2009) and eventually took five years to grow back to the pre-recession levels, according to data from the Office of National Statistics.
The economy of the U.K. is primarily driven by the services sector, which contributes more than 75% of its GDP, with manufacturing the second prominent segment, followed by agriculture. 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.