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The Top 25 Economies in the

World
Table of Contents Ranking the richest countries in the world
Measuring GDP By CALEB SILVER Updated September 01, 2022

Reviewed by ERIKA RASURE

1. United States
Fact checked by YARILET PEREZ
2. China
Gross domestic product (GDP) is an estimate of the total value of finished
3. Japan
goods and services produced within a country’s borders during a specified
4. Germany period, usually a year. GDP is popularly used to estimate the size of a country’s
5. The United Kingdom economy.
6. India
GDP is most commonly measured by using the expenditure method, which
7. France
calculates GDP by adding up spending on new consumer goods, new
8. Italy investment spending, government spending, and the value of net exports
9. Canada (exports minus imports).

10. South Korea

Throughout most of the world, countries’ GDPs fluctuate with the phases of
11. Russia different economic cycles, against a backdrop of longer-term economic growth
12. Brazil over time; however, it’s interesting to see that despite these ups and downs,
the top economies as measured by GDP don’t budge easily from the positions
13. Australia
that they hold.
14. Spain

15. Mexico Compared to the top 25 economies in 2000, our research has found that only
16. Indonesia two countries in the top 25—Thailand and Indonesia—weren’t there before.
That said, there have been some big movers within the list. [1]
17. Netherlands

18. Saudi Arabia China was in 13th place in 2000 and has been sitting in second place since
19. Turkey 2010. Further down the list, Indonesia, one of the two aforementioned
newcomers to the list, vaulted forward from the 27th largest economy in 2000,
20. Switzerland
currently sitting at 16, while Thailand leaped from 32nd and now sits at 24. In
21. Poland 2021, Saudi Arabia climbed from 20th to 18th, while Switzerland fell from 18th
22. Sweden to 20th. [2] [1]
23. Belgium
2021 is the most recent annual data available for these countries, which shows
24. Thailand
that countries began to recover from the COVID-19 pandemic, which had a
25. Ireland major impact on economies around the world. Because Covid resulted in
Largest Economies FAQs slashed energy prices, cratered tourism, lower trade volumes, and shuttered
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stores due to quarantines, countries experienced record-breaking declines in
GDP in 2020.

The vast majority of the top 25 countries experienced negative GDP growth in
2020, but 2021 GDP numbers have shown a recovery from 2020. [3]

KEY TAKEAWAYS
Gross domestic product (GDP) is the total value of finished goods and
services produced within a country’s borders during a specified
period.
There are different ways to measure GDP, such as nominal GDP, real
GDP, GDP per capita, and purchasing power parity.
The U.S. has the largest GDP in the world and China has the second
largest. [2]

Measuring GDP
This article mentions several popular ways to measure GDP, all of which are
drawn from the World Bank database:

Nominal GDP in Current U.S. Dollars: This is the most basic and common
way of measuring and comparing GDP among countries, using local prices
and currencies converted into U.S. dollars by using currency market
exchange rates. This is the number that was used to determine the
countries’ rankings in the top 25 list.
Purchasing Power Parity (PPP) Adjusted GDP in Current International
Dollars: This is an alternative way of comparing nominal GDP among
countries, adjusting currencies based on what basket of goods they could
buy in those countries rather than currency exchange rates. This is a way to
adjust for the difference in the cost of living among countries.
GDP Growth: This is the annual percentage growth rate of nominal GDP in
local prices and currencies, which estimates how fast a country’s economy
is growing.
GDP Per Capita, in Current U.S. Dollars: This is nominal GDP divided by the
number of people in a country. GDP per capita measures how much a
country’s economy produces per person, rather than in total. This can also
act as a very rough measure of income or standard of living for individuals
living in a country.

Throughout this list and article, the term GDP refers to nominal GDP in current
U.S. dollars unless otherwise specified.

Top 10 Countries by Nominal GDP at Current U.S. Dollar Exchange Rates

Nominal GDP PPP Adjusted Annual GDP Per

Country
(in trillions) GDP (in trillions) Growth (%) Capita

United
$23.0 $23.0 5.7% $69,287
States

China $17.7 $27.3 8.1% $12,556

Japan $4.9 $5.4 1.6% $39,285

Germany $4.2 $4.8 2.9% $50,801

United
$3.2 $3.3 7.4% $47,334
Kingdom

India $3.2 $10.2 8.9% $2,277

France $2.9 $3.4 7.0% $43,518

Italy $2.1 $2.7 6.6% $35,551

Canada $2.0 $2.0 4.6% $52,051

South
$1.8 $2.4 4.0% $34,757
Korea

1. United States
2021 Nominal GDP in Current U.S. Dollars: $23.00 trillion [4]
2021 PPP Adjusted GDP in Current International Dollars: $23.00 trillion [5]
2021 GDP Growth: 5.7% [6]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $69,287 [7]

The United States’ economy is the largest in the world as measured by nominal
GDP. The biggest contributor to that GDP is the economy’s service sector, which
includes finance, real estate, insurance, professional and business services, and
healthcare. [8]

The United States has a relatively open economy, facilitating flexible business
investment and foreign direct investment in the country. It is the world’s
dominant geopolitical power and is able to maintain a large external national
debt as the producer of the world’s primary reserve currency.

The U.S. economy is at the forefront of technology in many industries, but it

faces rising threats in the form of economic inequality, rising healthcare and
social safety net costs, and deteriorating infrastructure.

2. China
2021 Nominal GDP in Current U.S. Dollars: $17.73 trillion [9]
2021 PPP Adjusted GDP in Current International Dollars: $27.31 trillion [10]
2021 GDP Growth: 8.1% [11]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $12,556 [12]

China has the world’s second-largest nominal GDP in current dollars and the
largest in terms of PPP. With annual growth that consistently outpaces that of
the United States, China may be on track to become the largest economy in the
world by nominal GDP in the years to come. [13]

As China has progressively opened its economy over the past four decades,
economic development and living standards have greatly improved. As the
government has gradually phased out collectivized agriculture and industry,
allowed greater flexibility for market prices, and increased the autonomy of
businesses, foreign and domestic trade and investment have taken off. [14]

Coupled with an industrial policy that encourages domestic manufacturing,

this has made China the world’s number one exporter. Despite these
advantages, China faces some significant challenges, such as a rapidly aging
population and severe environmental degradation. [15]

3. Japan
2021 Nominal GDP in Current U.S. Dollars: $4.94 trillion [16]
2021 PPP Adjusted GDP in Current International Dollars: $5.40 trillion [17]
2021 GDP Growth: 1.6% [18]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $39,285 [19]

Japan is the third-largest economy in the world. Its GDP crossed the $5 trillion
mark in 2018. Strong cooperation between government and industry and
advanced technological know-how have built Japan’s manufacturing and
export-oriented economy. Many major Japanese businesses are organized as
networks of interlinked companies known as keiretsu. [1] [20]  

After the Lost Decade of the 1990s and the impact of the global Great
Recession, Japan has seen an uptick in growth in recent years under the
policies of former Prime Minister Shinzo Abe; however, Japan is poor in natural
resources and dependent on energy imports, especially after the general
shutdown of its nuclear power industry following the 2011 Fukushima disaster.
Japan has also struggled with a rapidly aging population. [21]

4. Germany
2021 Nominal GDP in Current U.S. Dollars: $4.22 trillion [22]
2021 PPP Adjusted GDP in Current International Dollars: $4.82 trillion [23]
2021 GDP Growth: 2.9% [24]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $50,801 [25]

Fourth among world economies is Germany. Germany is also Europe’s largest

economy. [22] [26]

Germany is a top exporter of vehicles, machinery, chemicals, and other

manufactured goods and has a highly skilled workforce. Germany, however,
faces some demographic challenges to its economic growth. Its low fertility
rate makes replacing its aging workforce more difficult, and its high levels of
net immigration strain its social welfare system. [27] [28]

5. The United Kingdom

2021 Nominal GDP in Current U.S. Dollars: $3.19 trillion [29]
2021 PPP Adjusted GDP in Current International Dollars: $3.34 trillion [30]
2021 GDP Growth: 7.4% [31]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $47,334 [32]

The United Kingdom has the fifth-largest economy in the world. [29] [1]

The U.K. economy is driven by its large service sector, particularly in finance,
insurance, and business services. The nation’s extensive trading relationship
with continental Europe has been greatly complicated by the resolution of
Brexit subsequent to the 2016 vote to leave the European Union (EU). As of Jan.
31, 2020, the U.K. is officially not a member of the EU, but contentious
negotiations over trade relations between the two are ongoing. [33]

6. India
2021 Nominal GDP in Current U.S. Dollars: $3.17 trillion [34]
2021 PPP Adjusted GDP in Current International Dollars: $10.22 trillion [35]
2021 GDP Growth: 8.9% [36]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $2,277 [37]

India is the sixth-largest economy in the world. Because of its large population,
India has the lowest per-capita GDP on this list. [34] [1]

India’s economy is a mixture of traditional village farming and handicrafts

alongside booming modern industry and mechanized agriculture. India is a
major exporter of technology services and business outsourcing, and the
service sector makes up a large share of its economic output. [38]

Liberalization of India’s economy since the 1990s has boosted economic

growth, but inflexible business regulation, widespread corruption, and
persistent poverty pose challenges to ongoing expansion. [39]

7. France
2021 Nominal GDP in Current U.S. Dollars: $2.94 trillion [40]
2021 PPP Adjusted GDP in Current International Dollars: $3.42 trillion [41]
2021 GDP Growth: 7.0% [42]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $43,518 [43]

France has the seventh-largest GDP in the world. Tourism is an important

industry, and France receives the most visitors of any country each year. [40] [44]

France is a mixed economy that has many private and semi-private businesses
across a diverse range of industries. However, there is still heavy government
involvement in certain key sectors, such as defense and electrical power
generation. [45]

The French government’s commitment to economic intervention in favor of

social equality also creates some challenges for the economy, such as a rigid
labor market with high unemployment and a large public debt relative to other
advanced economies.

8. Italy
2021 Nominal GDP in Current U.S. Dollars: $2.10 trillion [46]
2021 PPP Adjusted GDP in Current International Dollars: $2.71 trillion [47]
2021 GDP Growth: 6.6% [48]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $35,551 [49]

The world’s eighth-largest GDP belongs to Italy. It is also the eurozone’s third-
largest economy. [1] [46]

Italy’s economy and level of development vary notably by region, with a more
developed, industrial economy in the north and underdeveloped southern
regions. Italy faces persistently sluggish economic growth due to a very high
public debt, an inefficient court system, a weak banking sector, an inefficient
labor market with chronically high youth unemployment, and a large
underground economy. [50]

9. Canada
2021 Nominal GDP in Current U.S. Dollars: $1.99 trillion [51]
2021 PPP Adjusted GDP in Current International Dollars: $1.99 trillion [52]
2021 GDP Growth: 4.6% [53]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $52,051 [54]

Canada is the world’s ninth-largest economy. Canada has a well-developed

energy extraction sector, with the world’s third-largest proven oil reserves.
Canada also has impressive manufacturing and service sectors, based mostly
in urban areas near the U.S. border. [51] [55]

Canada’s free trade relationship with the United States means that three-
quarters of Canadian exports head to the U.S. market each year. Canada’s close
ties to the United States mean that it has developed largely in parallel to the
world’s largest economy.

10. South Korea

2021 Nominal GDP in Current U.S. Dollars: $1.80 trillion [56]
2021 PPP Adjusted GDP in Current International Dollars: $2.43 trillion [57]
2021 GDP Growth: 4.0% [58]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $34,757 [59]

Rounding out the top 10 economies in the world by GDP is South Korea. [56]

South Korea’s economy is a 20th-century success story that is today firmly

established as an advanced, industrial economy. Known for its strategy of
export-led growth and the dominance of its chaebols (large business
conglomerates), South Korea in recent decades has built a network of free
trade agreements covering 58 countries that account for more than three-
quarters of the world’s GDP. It is a major producer and exporter of electronics,
telecommunications equipment, and motor vehicles. [60]

With this progress, however, South Korea also now faces some of the same
challenges that many other advanced economies are dealing with, including
slower growth and an aging workforce. [60]

11. Russia
2021 Nominal GDP in Current U.S. Dollars: $1.78 trillion [61]
2021 PPP Adjusted GDP in Current International Dollars: $4.78 trillion [62]
2021 GDP Growth: 4.8% [63]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $12,172 [64]

Russia is the world’s 11th largest economy. [61] [1]

Russia has moved toward a more market-based economy over the 30 years
since the collapse of the Soviet Union, but government ownership of and
intervention in business is still common. As a leading exporter of oil and gas, as
well as other minerals and metals, Russia’s economy is highly sensitive to
swings in world commodity prices. [65]

In 2022, Russia launched an invasion against its neighbor, Ukraine. As a result

of its actions, the country was hit by many sanctions and other economic
punishments, which are expected to greatly hurt its economy in 2022 and
beyond.

12. Brazil
2021 Nominal GDP in Current U.S. Dollars: $1.61 trillion [66]
2021 PPP Adjusted GDP in Current International Dollars: $3.44 trillion [67]
2021 GDP Growth: 4.6% [68]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $7,518 [69]

Brazil is the 12th largest economy in the world and the largest in South
America. Brazil’s diversified economy runs the gamut from heavy industries,
such as aircraft and automotive production, to mineral and energy resource
extraction. It also has a large agricultural sector that makes it a major exporter
of coffee and soybeans. [66] [70]

Brazil emerged from a severe recession in 2017 and suffered a series of high-
level corruption scandals along the way. In the wake of these events, Brazil
instituted a series of major economic reforms intended to rein in public
spending and debt, invest in energy infrastructure, lower barriers to foreign
investment, and improve labor market conditions. [71]

13. Australia
2021 Nominal GDP in Current U.S.: $1.54 trillion [72]
2021 PPP Adjusted GDP in Current International Dollars: $1.44 trillion [73]
2021 GDP Growth: 1.5% [74]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $59,934 [75]

Australia is the 13th largest economy in the world [72]

Australia combines a relatively open domestic economy with an extensive

network of free trade agreements with trading partners all around the Asia-
Pacific Rim. This works to the advantage of Australia’s abundant natural
resources and agricultural export industries; however, it has also left Australia
vulnerable to swings in world commodity demand and prices in energy (coal
and natural gas), metals (iron ore and gold), and agricultural products (beef
and sheep products). [76]

14. Spain
2021 Nominal GDP in Current U.S. Dollars: $1.28 trillion [77]
2021 PPP Adjusted GDP in Current International Dollars: $1.79 trillion [78]
2021 GDP Growth: 5.1% [79]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $27,056 [80]

Spain's GDP makes it the 14th largest economy in the world. [77]

Spain’s economy suffered severely during the Great Recession, with

unemployment soaring above 25% and a rising national debt despite attempts
at fiscal austerity. It has recovered in recent years as moderating inflation and
labor costs have encouraged foreign investment and increased the
competitiveness of Spain’s exports, including manufactured machinery and
foodstuffs. However, political instability has hindered the government’s ability
to sustain further economic reforms. [81]

15. Mexico
2021 Nominal GDP in Current U.S. Dollars: $1.29 trillion [82]
2021 PPP Adjusted GDP in Current International Dollars: $2.61 trillion [83]
2021 GDP Growth: 4.8% [84]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $9,926 [85]

Mexico is the 15th largest economy in the world. [82]

Over the past three decades, Mexico has emerged as a manufacturing economy
under a series of free trade agreements with the United States, Canada, and 44
other countries. Many major U.S. manufacturers have integrated supply chains
with counterparts or operations in Mexico. Mexico supports a variety of exports,
including consumer electronics, vehicles, and auto parts, as well as petroleum
and agricultural products. [86]

The international drug trade constitutes an ongoing challenge to Mexico’s

development, contributing directly to violence and corruption in the country.
Weak legal institutions have made it difficult to regulate and integrate the large
informal economy that employs more than half of Mexico’s workforce. [87]

16. Indonesia
2021 Nominal GDP in Current U.S. Dollars: $1.19 trillion [88]
2021 PPP Adjusted GDP in Current International Dollars: $3.57 trillion [89]
2021 GDP Growth: 3.7% [90]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $4,291 [91]

Indonesia is the world’s 16th largest economy. [88]

Indonesia’s economy is the largest economy in Southeast Asia and is based

largely on commodity export industries. Major exports include coal and
petroleum products, in addition to agricultural commodities suitable for
industrial use, such as rubber and palm oil. Indonesia's budget deficit for 2023
is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of
infrastructure, and governmental corruption remain problems for Indonesia’s
rising economy. [92] [93]

17. Netherlands
2021 Nominal GDP in Current U.S. Dollars: $1.03 trillion [94]
2021 PPP Adjusted GDP in Current International Dollars: $1.12 trillion [95]
2021 GDP Growth: 5.0% [96]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $58,061 [97]

The Netherlands stands as the 17th largest economy in the world. [94]

The Netherlands is a major commercial transportation hub, with some

industrial manufacturing as well as petroleum extraction and processing. It has
a highly developed agricultural sector and is the second-largest agricultural
exporter in the world. The Netherlands has a large financial services sector,
with assets four times the size of Dutch GDP. [98]

18. Saudi Arabia

2021 Nominal GDP in Current U.S. Dollars: $833.5 billion [99]
2021 PPP Adjusted GDP in Current International Dollars: $1.75 trillion [100]
2021 GDP Growth: 3.2% [101]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $23,585 [102]

Saudi Arabia is the 18th largest economy in the world. [99]

The Saudi economy is heavily based on oil and is the world’s largest oil
exporter. The Saudi government owns and operates much of the country’s
major industry through its oil company, Aramco; however, with global
environmental concerns driving increasing interest in developing non-fossil
fuel energy sources, the Saudis are looking to diversify their economy by
encouraging more private investment in healthcare and other service
industries. [103]

The Saudi government has also begun to at least partially privatize Aramco,
listing the company on the Saudi Stock Exchange through an initial public
offering (IPO) in December 2019. [104]

19. Turkey
2021 Nominal GDP in Current U.S. Dollars: $815.27 billion [105]
2021 PPP Adjusted GDP in Current International Dollars: $2.60 trillion [106]
2021 GDP Growth: 11.0% [107]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $9,586 [108]

Turkey is the 19th largest economy in the world. [105]

Turkey has a largely open economy, with large industrial and service sectors.
Major industries include electronics, petrochemicals, and automotive
production. Political turmoil and involvement in regional armed conflicts have
led to some financial and currency market instability and uncertainty about
Turkey’s economic future in recent years. [109]

20. Switzerland
2021 Nominal GDP in Current U.S. Dollars: $812.90 billion [110]
2021 PPP Adjusted GDP in Current International Dollars: $672.54 billion
[111]

2021 GDP Growth: 3.7% [112]

2021 Nominal GDP Per Capita in Current U.S. Dollars: $93,457 [113]

The Alpine nation of Switzerland is the 20th largest economy in the world. [110]

Switzerland has a large service sector, including financial services, and a high-
tech manufacturing sector served by a highly skilled labor force. High-quality
legal, political, and economic institutions and solid physical infrastructure set
the stage for a productive economy with one of the highest per-capita GDPs in
the world. [114]

21. Poland
2021 Nominal GDP in Current U.S. Dollars: $674.05 billion [115]
2021 PPP Adjusted GDP in Current International Dollars: $1.42 trillion [116]
2021 GDP Growth: 5.7% [117]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $17,840 [118]

Poland is the 21st largest economy in the world. Heavy industry, including iron
and steel production, machinery manufacturing, shipbuilding, and coal
mining, is an important part of Poland’s economy. [115] [119]

Poland’s business-friendly climate and sound macroeconomic policies allowed

it to be the only EU country to avoid recession in the aftermath of the 2008
financial crisis. However, inefficient legal and regulatory structures and an
aging population are challenges for Poland’s ongoing growth in the future. [119]

22. Sweden
2021 Nominal GDP in Current U.S. Dollars: $627.43 billion [120]
2021 PPP Adjusted GDP in Current International Dollars: $617.90 billion
[121]

2021 GDP Growth: 4.8% [122]

2021 Nominal GDP Per Capita in Current U.S. Dollars: $60,239 [123]

Sweden is the 22nd largest economy in the world. Sweden is a competitive

economy, with a high standard of living and a mix of free enterprise alongside a
generous social welfare state. Sweden’s manufacturing economy relies heavily
on foreign exports, including machinery, motor vehicles, and
telecommunications. [120] [124]

Sweden has taken in a large number of new immigrants and thus faces a short-
to medium-term challenge with integrating them into Swedish society and its
labor market. [124]

23. Belgium
2021 Nominal GDP in Current U.S. Dollars: $599.88 billion [125]
2021 PPP Adjusted GDP in Current International Dollars: $682.88 billion
[126]

2021 GDP Growth: 6.2% [127]

2021 Nominal GDP Per Capita in Current U.S. Dollars: $51,767 [128]

Belgium is the 23rd largest world economy. Belgium is a trade and transport
hub that has a diversified economy with a mix of services, manufacturing, and
high-tech industry. [125] [129]

Because of its deep integration with the rest of the European economy,
Belgium is highly sensitive to swings in the overall economic performance of its
neighbors. Belgium faces a high public debt burden relative to its GDP, which
can constitute an obstacle to growth. [129]

24. Thailand
2021 Nominal GDP in Current U.S. Dollars: $505.98 billion [130]
2021 PPP Adjusted GDP in Current International Dollars: $1.34 trillion [131]
2021 GDP Growth: 1.6% [132]
2021 Nominal GDP Per Capita in Current U.S. Dollars: $7,233 [133]

Thailand is the 24th largest economy in the world. [130]

The Thai economy enjoys relatively high-quality infrastructure, in addition to

pro-free-enterprise and pro-investment policies. Thailand is highly dependent
on exports, which account for about two-thirds of its GDP. Its main exports
include electronics, agricultural products, motor vehicles and parts, and food
products. Thailand also has a substantial international tourism industry. Its
agricultural sector makes up approximately 10% of its economy but employs
about 30% of its workers. [134]

25. Ireland
2021 Nominal GDP in Current U.S. Dollars: $498.56 billion [135]
2021 PPP Adjusted GDP in Current International Dollars: $535.28 billion
[136]

2021 GDP Growth: 13.5% [137]

2021 Nominal GDP Per Capita in Current U.S. Dollars: $99,152 [138]

Last but certainly not least is Ireland, the 25th largest world economy. [135]

A strong component of Ireland's economy is its export sector from foreign

multinational corporations. Ireland has a low corporate tax of 12.5% and a pool
of high-tech workers, making it an appealing place for foreign companies to set
up shop and attractive for business investment. Due to international pressure,
Ireland will implement more stringent tax laws. Its economy is supported by a
strong export sector and job growth. [139]

How Do You Calculate GDP?

Gross domestic product (GDP) is calculated as consumption (consumer
spending) + government spending + investment (business spending) + net
exports (exports - minus imports).

What Are the Top 5 Largest Economies?

The top-five largest economies in the world are the U.S., China, Japan,
Germany, and the U.K., as measured by GDP. [2]

What Country Has the Strongest Economy?

The U.S. has the strongest economy with the largest GDP in the world at $20.95
trillion. [4]

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