The Gross Domestic Product (GDP) in Australia was worth 1392.70 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. In 2016, Brazil contracted by 3.5% before rebounding by 1% in 2017. In 2016, the UK was the tenth-largest exporter of goods in the world, exporting goods to 160 countries worldwide. The economy is backed by abundant natural resources, booming tourism, and sound industries like food processing, chemicals, electrical machinery, and petroleum refining. Its export economy accounts for 407.9% of its GDP, with its government having a 22% stake in its GDP. Japan’s GDP (PPP) is $5.75 trillion. The following ASEAN member countries are the major movers in the region’s economy in 2016. Additionally, France ranks 5th in the Fortune Global 500 behind the United States, China, Japan, and Germany with 28 of the 500 biggest companies. The country has a GDP (PPP) of $3.37 trillion and a GDP per capita of $8,967.66. However, it has charted impressive growth ever since. PPP GDP is used to measure both the economic growth and living standards in a country, making it a useful tool in global comparisons. Business & economy. Countries from The World Bank: Data. The global crisis triggered a recession, followed by weak domestic demand and huge public debt. It ranks as the largest exporter of petroleum, with the oil and gas sectors accounting for about 50% of its GDP and 70% of its export earnings. Brazil is also the largest and most populous nation in Latin America. The nominal GDP of an area is determined using up-to-date market prices and shifts according to inflation. Australia ranks 11th on the measure in terms of GDP per capita, with $56,351.58 in 2018. Canada is laying a lot of emphasis on manufacturing, which is crucial to its future economic growth. Sydney is recognised as Australia’s only global city and the leading knowledge-based region in the nation. The nation has been dependent upon capital good exports, which suffered a setback post-2008 financial crisis. 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. 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… This list contains projected GDP (Nominal and PPP) of top 50 Countries/Economies in current prices of year 2019 and 2020 by IMF alongside their world rank, % share in world economy, gdp growth rate and gdp per capita. When compared to the top 20 economies of 1980, 17 are still present on the list, which means only three new entrants. What are the largest economies in the world? A notable one is Parramatta, which is bigger than some state capitals. 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. Switzerland is one of the most stable market economies in the world. 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. The share of Turkey's middle-class increased from 18% to 41% of the population between 1993 and 2010, according to the World Bank, and the country joined the upper-middle income group in the late 2000s. Among sectors, agriculture contributes about 14% to its GDP, while industry and services add approximately 43% each to its output. 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. Chile is the first Latin American country to become a member of the Organization for Economic Cooperation and Development (OECD). Data are in current U.S. dollars. In 2018/19, around $140 billion was generated within our area representing over 7% of Australia's economy. Investopedia requires writers to use primary sources to support their work. Switzerland also has a long tradition of industry, especially the clock and watches industry and pharmaceuticals. Sixteen … Canada displaced Russia to take the 10th spot in 2015 and has retained its position since then. Careful, thrifty management of resources, such as money, materials, or labor: learned to practice economy in making out the household budget. The Netherlands can boast of its highly mechanized, highly productive agricultural sector, which makes it among the top agricultural exporters globally. Russia’s debt is currently at a total of over 14 billion руб ($216 billion USD). An example or result of such management; a saving. The manufacturing sector is primarily dominated by the chemical industry, automotive, and armament industries. France is the most visited destination in the world. The nominal GDP for the United States is $21.44 trillion. India is developing into an open-market economy from its previous autarkic policies. Why we’re doing this. Topping the list is Singapore with a nominal GDP total of $289,086,000,000 USD and a per capita GDP of $52,049.00 USD. Japan is a member of the G7 and G20.According to the International Monetary Fund, the country's per capita GDP (PPP) was at $41,637 (2020). When compared in terms of GDP purchasing-power-parity, U.K. slips to the ninth spot with a GDP-PPP of $3.04 trillion. IMF projects the economic growth to revive to 2.5% by 2019. In nominal data, China is forecast to become a $15 trillion economy in 2020. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Out of them, twelve each is located in Asia and Africa, each in South America and the Oceania continent. Economy definition is - the structure or conditions of economic life in a country, area, or period; also : an economic system. In terms of sectors, agriculture has traditionally played a crucial role, however, with time the contribution of this sector has fallen to about 3%. Gross national income takes a country’s GDP, adds the value of income from imports, and subtracts the value of money from exports. Indonesia, the fourth most populous nation, is the seventh-largest economy, with a $3.50 trillion GDP in terms of purchasing power parity. In 2020, the gap is expected to reduce to $7.05 trillion, and by 2023, the difference would be $5.47 trillion. The 1990s were a rough period for its economy, since it inherited a devastated industrial and agricultural sector along with the fundamentals of a centrally planned economy. The country has made incredible progress in the past couple of decades to establish itself as a hi-tech, industrialized nation. The German economy is currently in the middle of its fourth industrial revolution due to the Internet and the digital age. The GDP (gross domestic product) of a country is a measure of the size of its economy. All the European and North American economies will fail to expand. The Japanese economy’s strength comes from its electronic goods industry, which is the largest in the world, and its automobile industry, which is the third-largest in the world. Manufacturing and agriculture are the second- and third-largest sectors in the United Kingdom. In 1991, the BEA began using GDP, which was already being used by the majority of other countries. The rate of price increases in an economy is also factored into nominal GDP. France’s economy is a diversified free-market-oriented economy. South Korea entered the trillion-dollar club in 2004, propelled by international trade and industrialization. Russia’s debt ratio is one of the lowest in the world at 19.48% of its GDP. The U.S. is also one of the leading manufacturing industries in the world, coming only second to China. 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. The economy clocked 0.9% and 1.5% in 2016 and 2017, respectively. Brazil is a developing free-market economy. 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. IMF projects a growth of 1.7% and 1.5% during 2018 and 2019, respectively. 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. In 2018, the growth rate for the world GDP was 3.6%. The United Kingdom, with a $2.83 trillion GDP is the sixth largest economy in the world. Economic growth soared in the last few decades mainly due to the country’s increasing integration into the global economy and the government’s bold support for economic activity. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP (PPP), which is $27.31 trillion. In terms of GDP in PPP, China is the largest economy, with a GDP (PPP) of $25.27 trillion. The UK is expected to fall to the seventh-largest economy by 2023 with a GDP of $3.27 trillion. Nominal GDP is useful for large-scope GDP comparison, either for a country or region or on an international scale. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). How to use economy in a sentence. Saudi Arabia is rich in other natural resources like natural gas, iron ore, gold, and copper. These measures have helped India accelerate economic growth. The economy grew 3.1% in 2017 and is expected to edge down to 2.8% and 2.2% in 2018 and 2019, respectively. 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. IMF's World Economic Outlook Database, October 2019, Nominal GDP = Gross domestic product, current prices, U.S. dollars, GDP based on PPP = Gross domestic product, current prices, purchasing power parity, international dollars, Gross domestic product per capita, current prices, U.S. dollars, Gross domestic product based on purchasing-power-parity (PPP) share of world total, percent. International Monetary Fund: World Economic Outlook Database April 2019, United Nations: National Accounts Main Aggregates Database. The BEA cited an easier comparison of the United States with other economies … This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - GDP Growth Rate. 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. The United States has been the world’s largest economy since 1871. Starting from 1992 until 2008, the economy of the U.K. witnessed an uptrend in each quarter. Industry 4.0 is the term used for this transformation, which embraces solutions, processes, and technologies and describes the use of IT and a high degree of system networking in factories. The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to the choices and actions of the participants. Turkey, with its $766.43 billion economy, is the 19th-largest economy in the world. In recent years, the economic growth has slowed, resulting in unemployment that has placed immense pressure on the government to reboot the economy. Australia Economic Growth The economy is projected to return to growth in 2021, following this year’s pronounced contraction. With a nominal GDP of $2.07 trillion, Italy is the world’s eighth-largest economy. China currently has the world’s largest economy and the largest population of 1,415,045,928 people. In general, it’s less exact than nominal GDP and often hinges on estimates rather than calculations. China’s economic reform program of 1978 was a large success and resulted in the rise in average economic growth from 6% to over 9%. The economy is now a part of the trillion-dollar club, with a nominal GDP of $1.02 trillion. France has a nominal GDP of $2.71 trillion. In 2018, the nominal world GDP was $84,835.46 billion in 2018, and it’s projected to be $88,081.13 billion in 2019. List of countries by GDP (Gross domestic product) may refer to: . GDP (PPP) Country/Economy GDP (billions of Int. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). China's huge population brings down its GDP per capita to $10,100 (seventieth position). Russia is the ninth least indebted country in the world. Fortunately, Italy’s exports are helping to recover the economy. Brazil Nominal GDP: $1.85 trillion - Brazil GDP (PPP): $3.37 trillion. Germany’s major industries are car manufacture, machinery, household equipment, and chemicals. In recent years, its growth rate has hovered between 1–1.5%. This page provides values for GDP Growth Rate reported in several countries. Over the next two years, the IMF projects a growth of 2.3% and 2.7%, respectively. and is the world's second largest developed economy. The nominal GDP of the top 10 economies adds up to about 66% of the world's economy, while the top 20 economies contribute almost 79%. The remaining 173 countries together constitute less than one-fourth to the world's economy. GDP growth Population (2017) GDP per capita … These include white papers, government data, original reporting, and interviews with industry experts. The Top Three Economies. The chemical industry is a key sector for France, as well as agriculture and tourism. Brazil is the largest and … India. You can use GDP per capita to compare any country with another one. Italy—a prominent member of the eurozone—has been facing deep political and economic chaos. Germany was the third-largest economy in nominal terms in 1980, with a GDP of $850.47 billion. Today, the country has a nominal GDP of $912.90 billion and a GDP-PPP of $969.23 billion. Switzerland has a booming tourism industry and a strong financial sector. China is often referred to as the "world's factory," given its huge manufacturing and export base. China has approximately $23 trillion in natural resources, 90% of which are rare earth metals and coal. 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. United States remains the largest economy of the world with GDP (Nominal) over $20 … The economy's strength lies in a limited dependence on exports, high saving rates, favorable demographics, and a rising middle class. The main downfall of nominal GDP is that it doesn’t account for the living standards in a country - it focuses only on economic growth and performance. A particularly concerning aspect of the outlook is the humanitarian and economic toll the global recession will take on economies with extensive informal sectors that make up an estimated one-third of the GDP and about 70% of total employment in emerging market and developing economies. Aboriginal Australians generally lived within a hunter-gatherer economic system. Britain’s aerospace industry is the second-largest in the world and its pharmaceutical industry is the tenth-largest. 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." Each country has many supporting articles covering a range of in-country topics including trade, imports & exports, policies, banks, companies, real estate, mortgage, credit cards, insurance and so on. Post-Brexit, Spain is the fourth-largest economy in the eurozone. Italy’s economy is expected to expand to $2.26 trillion by 2023. India’s real GDP growth, however, is expected to weaken for the third straight year from 7.5% to 5%. "GDP (Current US$)." Its economy will get some stimulus with the 2020 Olympics keeping the investment flow strong, which is backed by a lax monetary policy by the Bank of Japan. In 2018, its nominal GDP was $782.48 billion, while its GDP based on PPP was $1.86 trillion. The country has contained its level of unemployment and it's likely to further shrink. Lion economies are a nickname given to Africa's fast-growing economies, most of which are located in sub-Saharan Africa. Despite its small landmass, the Netherlands is a major player in the world's trade. Japan has the third-largest economy in the world with a GDP of $5.15 trillion. Back in 1980, the Netherlands was the 12th-largest economy globally, with a GDP of $189.49 billion. The country offers a very high standard of living for its people, represented by the GDP per capita of $82,950.28, which is only behind Luxembourg. When the economy was beginning to recover, it suffered a massive earthquake that hit the country socially and economically. 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. Brazil has the ninth-largest economy in the world and the largest in Latin America with a nominal GDP of $1.85 trillion. The economy of Japan is a highly developed free-market economy. The different phases of economic cycles toss economies around the world. mies 1. a. The IMF projects a growth of 5.8% in 2020, which would sober down to around 5.6% by 2023. Brazil is part of the BRICS, along with Russia, India, China, and South Africa. In terms of different sectors of its economy, agriculture and industry contribute about 4% and 26%, respectively, while its service sector, which engages 75% of its employed population, contributes 70% to its GDP. 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. The country is looking to bolster its non-oil economy in order to diversify its economy and tackle the problem of unemployment. Though it has several characteristics of one, including the … It is projected to edge down to 1.2% in 2018 and 1.0% in 2019. Manufacturing and agriculture are two other significant sectors of the economy. Economic growth and prosperity are impacted by a wide array of factors, namely investment in workforce education, production output (as determined by investment in physical capital), natural resources, and entrepreneurship. UN data from the July 2018 World Development Indicators. Russia, the largest country on Earth in terms of landmass, is the 11th-largest economy in the world, with a nominal GDP of $1.63 trillion. It is the 20th-largest economy in the world, with a nominal GDP of $703.75 billion. In 2018, the Chinese GDP in nominal terms stood at $13.37 trillion, lower than the U.S. by $7.21 trillion. While often useful, GDP only includes economic activity for which money is exchanged. Twenty-six economies will experience a positive growth rate in 2020. It is estimated that the economy of Australia will be close to the $1.7 trillion mark by 2023 and its GDP based on PPP, which is currently at $1.32 trillion, will be nearing $1.65 trillion during the same time period. Country Economy The country economy pages include data and analysis on economic indicators as shown below. However, it’s interesting to see that these top economies don't budge easily from the positions they hold. Accessed Sept. 19, 2019. This list is based on the IMF's World Economic Outlook Database, October 2019. GDP (current US$) from The World Bank: Data. Also, generally speaking, nominal GDP can differ significantly from year to year depending on variations in the exchange rate. In 2017, it incurred a huge budget deficit, financed by foreign reserves and bond sales. The U.S. GDP (PPP) is also $21.44 trillion. On the global scale, it is the fourth-largest economy in terms of nominal GDP, with a $4 trillion GDP. Another driving force behind the growth of China’s economy is worker efficiency. India’s GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. The economy registered a 7.4% growth in 2017. Indonesia is the largest economy in Southeast Asia and the 16th-largest on the global map. When the economies are assessed in terms of purchasing power parity, the U.S. loses its top spot to its close competitor China. According to World Bank, France has unfortunately experienced high unemployment rates in recent years: a 10% unemployment rate was recorded for 2014, 2015, and 2016 and it declined to 9.681% in 2017. The economy has been growing at an impressive pace since the 2000s, driven by both industry and services. The economy has grown by 2.3% during 2017 and is expected to grow 1.8% and 1.7% during 2018 and 2019 as per the IMF. The world economy consists of 193 economies, with the United States being the largest. India’s economic liberalization began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatization of state-owned enterprises. France is the third-largest economy in Europe (behind Germany and the UK) and the seventh-largest economy in the world. We also reference original research from other reputable publishers where appropriate. The service sector dominates the UK economy, contributing about 80% of GDP, particularly the financial services industry. When it comes to calculating GDP per capita, India's high population drags its nominal GDP per capita down to $2,170. Brazil, however, has one of the most unequal economies in the world. Russia moves up the ladder to the sixth spot for rankings, with a $4.21 trillion GDP based on PPP. For example, PPP may compare the cost of a car in France to the cost of a car in Japan (after using the exchange rate to convert yen to Euros, or vice versa) to analyze the difference in GDP and cost of living between these nations. Six billionaires alone in Brazil are richer than more than 100 million of the poorest Brazilians. India's growth rate is expected to rise from 7.3% in 2018 to 7.5% in 2019 as drags from the currency exchange initiative and the introduction of the goods and services tax fade, according to the IMF. The World Bank. 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. GDP growth rate forecasts in Europe 2020-2021. The European settlement of New South Wales began in 1788 as a convict economy, with human capital hired out to private entrepreneurs, and government and the military dominating the colony. 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. The U.S. is known globally for cultivating a society that supports and encourages entrepreneurship, which encourages innovation and, in turn, leads to economic growth. During the next decade, Russia witnessed growth at a healthy pace of 7%. 2. a. However, it is projected to soften to 4.2% in 2018 amid rising external debt, depreciating currency, rising inflation, and unemployment. The value of gross national income, GNI, differs from that of GDP because it reflects the impact of domestic and international trade. 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