Largest economies in the world

The largest economies in the world by 2023 as measured by nominal GDP are the United States, China, Germany, Japan and India. Germany economy gained to third position while Japan moved to fourth spot. These top economy countries accounted for half of the world economy which is 58 trillion in 2023 and expected to raise to 63 trillion in 2024, and 70 trillion by 2025. GDP is popularly used to estimate the size of a country economy, It's not wealth but its estimates of income. GDP is a monetary measure of the market value, using the expenditure method, calculates GDP by adding up total spending on new consumer goods, investment spending, total government spending, and the value of net exports. net exports is the value from exports minus imports. So in brief it is an estimate of the total value of finished goods and services produced within a country. Below list is referenced from IMF, October, 2023 database.

United States

The United States has been the world's largest economy since nineteenth century, It is one of the highest skilled market with advanced services sector cater to world needs. United States is the world's wealthiest and most diversified economies in the world. GDP of United States is 26.8 trillion in 2023.

China is the second largest economy in the world, China GDP is 19.37 trillion in 2023. China economic policy based based on investment, low-cost manufacturing and exports. China has come long way from 1980 situation, over the past four decades, economic development and living standards have greatly improved. China was in 13th place in 2000 and has been sitting in second place since 2010. By 2030, China is expected to take top position in terms of global economy.

The third largest economy in the world is Japan, Japan GDP is 1.1 trillion in 1980. The economy of Japan is a highly developed market economy, and the per capita in 2022 is $48,813. Japan economy is based on electronics , automobile industry. GDP reached 5.5 trillion in 1995, and from there the growth rate has been fluctuating between -5% to 1%, Currently it is 4.4 trillion in 2023. Sectors of the Japan economy is service sector accounts for 68.7%, Manufacturing accounts for 30%, Tourism, Agriculture, Fishing, Mining takes the remaining share.

Germany has the largest national economy in Europe, the fourth-largest by nominal GDP in the world. It is the founding member of the European Union. reached 1 trillion in 1987, 2 trillion in 1992, 3 trillion in 2006 and by 2021 it reached 4 trillion with a growth rate between 1% to 3.9%. Germany GDP is 4.3 trillion in 2023. Primary economy sectors of Germany compromises of 68% of service sector, manufacture industry sector of 29.1%, and agriculture sector is 0.9%.

India is the fifth largest economy in the world, and the third-largest by purchasing power parity. As per Oxford economy, India's share of world income collapsed from 22.6% in 1700, almost equal to Europe's share of 23.3% at that time, to as low as 3.8% in 1952. The industrial sector and the agricultural sector employs a majority of the labor force. The service sector makes up 50% of GDP and remains the fastest growing sector, Agriculture with 17%, Manufacturing with 26%. In 1980, India's GDP is 189 billion, reached 1 trillion in 2006, 2 trillion in 2014 and 3 trillion in 2021, By 2023 India GDP is 3.7 trillion and expected to raise to 5 trillion in 2027.

The sixth largest economy in the world, UK GDP is 3.1 trillion, constituting 3.3% of nominal world GDP. Until the latter 19th century, India remained Britain's economic jewel in terms of both imports and exports. In 1867, when British exports to her Empire totaled £50 million, £21 million of that was earned from India's market alone. Currently by 2022, UK economy mainly driven by large service sector in finance, insurance, and business services, which is accounted for 79%. Other sectors include manufacturing of 10%, and agriculture of 0.6%. In 1980, UK GDP is 603 billion, reached 1 trillion in 1989, 2 trillion in 2003, 3 trillion in 2007. UK per capita is $47,318 in 2022, The currency of the UK is the pound sterling, which is the world's fourth largest reserve currency after the United States dollar.

France is ranked the seventh largest economies of the world, In 2023 France GDP is 2.9 trillion, constituting 3.3% of world GDP. France economy is mainly driven by service sector which is 78.8% and manufacturing industry of 19.5%. In 1980 France GDP is 702 billion, reached 1 trillion in 1988, 2 trillion in 2004, expected to reach 3 trillion by 2025.

Russia is the eighth largest economy in the world, Russia GDP is 2 trillion in 2023. Russia's vast land area over europe and asia is an important determinant of its economic activity, It is holding a large share of the world's natural resources. Russia economy is mainly dependent on services sector of 62.3%, industry of 32.4% and agriculture of 4.7%. In 2000, Russia GDP is 278 billion, reached 1 trillion in 2006, 2 trillion in 2011, there after the economy has been slowed down to 1.2 trillion in 2016 and regained to above 2 trillion from 2021 to 2022.

Canada is the ninth largest economy in the world. Canada economy is mainly driven by service sector 70% of GDP, constitutes of real estate with 13%, manufacturing 10.3%, mining 8.2%, Finance and Insurance 7%, Healthcare with 6%. In 1980, Canada GDP is 276 million, reached 1 trillion in 2004, 2 trillion in 2021 and 2 trillion in 2023.

Italy is the tenth largest economy in the world, Italy GDP is 2 trillion in 2023. In 1980, Italy GDP is 482 billion, reached 1 trillion in 1990, 2 trillion in 2007, decreased to 1.8 trillion in 2015, and by 2021 it recovered to 2 trillion again. Italy economy is mainly driven by services sector of 73.9%, manufacturing industry of 23.9% and agriculture of 2.1%.

Iran is the eleventh largest economy in the world, Iran GDP is 1.97 trillion in 2023. Iran economy is mainly dependent on oil and gas production. Iran has 10% of the world's oil reserves and 15% gas reserves. Sector wise service sector with 55%, manufacturing industry with 35.3% and agriculture with 6.9%. In 1980, Iran GDP is estimated to be 95 billion, and reached 1 trillion in 2021.

Brazil is the twelfth largest economy in the world, Brazil GDP is 2 trillion in 2023. Brazil economy is mainly dependent on service sector with 62%, manufacturing industry with 17% and agriculture with 5.9%. In 1980, Brazil GDP is 145 billion, reached 1 trillion in 2006, 2 trillion in 2010, thereafter Brazil economy has been slowed down to 1.8 trillion in 2015.

South Korea is the thirteenth largest economy in the world, South Korea GDP is 1.7 trillion in 2023.

Australia is the fourteenth largest economy in the world, Australia GDP is 1.7 trillion in 2023.

Mexico is the fifteenth largest economy in the world, Mexico GDP is 1.6 trillion in 2023.

Top 10 largest economies in 2023

According to IMF rankings in 2023, Below is the list of top ten economies in the world.

1. United States : $26.8 Trillion
2. China : $19.3 Trillion
3. Japan : $4.4 Trillion
4. Germany : $4.3 Trillion
5. India : $3.7 Trillion
6. United Kingdom : $3.1 Trillion
7. France : $2.9 Trillion
8. Canada : $2.2 Trillion
9. Italy : $2.1 Trillion
10. Brazil : $2.08 Trillion

Gross domestic product per capita in 2023

Gross Domestic Product per capita shows a country's GDP divided by its total population. GDP per capita is often considered an indicator of a country's standard of living, even though some of the other factors to be included for the fair way of standard of living. Economic wealth can be a key statistic to measure whether a country is growing economically and moving forward. Luxembourg is the richest country in the world when calculating GDP per capita. As of 2023, it measured at $128,819, followed by Ireland with $106,997, Switzerland takes the third position in per capita with $94,835.

Largest Economies by Regions

World is divided into 7 continents and according to Geographic Regions,

• Africa GDP is $2.98 trillion
• Asia and Pacific GDP is $38.91 trillion
• Australia and New Zealand GDP is $1.97 trillion
• Caribbean GDP is $115.65 billion
• Central America GDP is $421.56 billion
• Central Asia and the Caucasus GDP is $1.35 trillion
• East Asia GDP is $27.5 trillion
• Eastern Europe GDP is $4.32 trillion
• Europe GDP is $23.51 trillion
• Middle East Region GDP is $4.97 trillion
• North Africa GDP is $886.24 billion
• North America GDP is $28.78 trillion
• Pacific Islands GDP is $40.34 billion
• South America GDP is $3.77 trillion
• South Asia GDP is $4.43 trillion
• Southeast Asia GDP is $3.62 trillion
• Sub Saharan Africa Region GDP is $2.09 trillion
• Western Europe GDP is $19.18 trillion
• Western Hemisphere Region GDP is $33.09 trillion

Largest Economies in Africa

Africa Countries include Nigeria, South Africa, Kenya constitute $1.1 trillion, major share of Africa's 2.97 trillion economy in 2022, Nigeria sits at the top of the African economy, in terms of nominal GDP in 2021, followed by South Africa, Kenya, Ethiopia, Ghana, Ivory Coast, Angola and Tanzania.

Largest Economies in Europe

European Countries include Germany, United Kingdom, France, Italy, Russia, Spain, Netherlands constitute $18.8 trillion, major share of Europe's 16.9 trillion economy as on 2022.

Largest Economies in Asia

Asian Countries include China, Japan, India, South Korea, Indonesia constitutes 31.45 trillion of Asia's 41.97 trillion economy as on 2022.

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