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 time frame, 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).
Top 30 Richest Countries:
Who are the biggest contributors to the global economy? Here is the ranking of the 30 largest countries by GDP in 2021:
1. U.S. - $22.9 Trillion
2. China - $16.9 Trillion
3. Japan - $5.1 Trillion
4. Germany - $4.2 Trillion
5. UK - $3.1 Trillion
6. India - $2.9 Trillion
7. France - $2.9 Trillion
8. Italy - $2.1 Trillion
9. Canada - $2.0 Trillion
10. S/Korea - $1.8 Trillion
11. Russia - $1.6 Trillion
12. Brazil - $1.6 Trillion
13. Australia - $1.6 Trillion
14. Spain - $1.4 Trillion
15. Mexico - $1.3 Trillion
16. Indonesia - $1.2 Trillion
17. Iran - $1.1 Trillion
18. Netherlands - $1.0 Trillion
19. Saudi Arabia - $0.8 Trillion
20. Switzerland - $0.8 Trillion
21. Turkey - $0.8 Trillion
22. Taiwan - $0.8 Trillion
23. Poland - $0.7 Trillion
24. Sweden - $0.6 Trillion
25. Belgium - $0.6 Trillion
26. Thailand - $0.5 Trillion
27. Ireland - $0.5 Trillion
28. Austria - $0.5 Trillion
29. Nigeria - $0.5 Trillion
30. Israel - $0.5 Trillion
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.
Top 10 Poorest 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.
1. Tuvalu - $0.07 Billion
2. Nauru - $0.1 Billion
3. Palau - $0.2 Billion
4. Kiribati - $0.2 Billion
5. Marshall Islands - $0.2 Billion
6. Micronesia - $0.4 Billion
7. Cook Islands - $0.4 Billion
8. Tonga - $0.5 Billion
9. São Tomé - $0.5 Billion
10. Dominica - $0.6 Billion
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.
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