Top 10 Largest Economies In the World
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries are ordered by nominal GDP estimations from financial and statistical institutions, which are measured at market or government official exchange rates.
Comparisons of national wealth are also often made based on purchasing power parity (PPP). But it does not indicate the value of economic output in international trade, does not take into account the differences in quality of goods and services among countries, and it also needs more estimation than nominal GDP. That's why the nominal GDP estimates did a year on year help in ranking the countries economically. Changes in the rate of a country’s currency can also lead to fluctuating results.
The rankings of national economies
have altered over time, the United States has sustained its top position since it had surpassed the British Empire and Qing dynasty. India and China accounted for more than half the size of the world economy for 1,500 years.
China has seen an economic boom Since China transitioned to a market-based economy. Since the execution of economic liberalisation in the early 1990s, India has also experienced an economic boom. Compared to the top 25 economies in 2000, only three countries in the top 25—Thailand, Indonesia, and Nigeria—weren’t there before. China and India moved up into second place and fifth place, respectively, have been in sixth place and 13th place in 2000.
Comparisons of national wealth are also often made based on purchasing power parity (PPP). But it does not indicate the value of economic output in international trade, does not take into account the differences in quality of goods and services among countries, and it also needs more estimation than nominal GDP. That's why the nominal GDP estimates did a year on year help in ranking the countries economically. Changes in the rate of a country’s currency can also lead to fluctuating results.
The rankings of national economies
have altered over time, the United States has sustained its top position since it had surpassed the British Empire and Qing dynasty. India and China accounted for more than half the size of the world economy for 1,500 years.
China has seen an economic boom Since China transitioned to a market-based economy. Since the execution of economic liberalisation in the early 1990s, India has also experienced an economic boom. Compared to the top 25 economies in 2000, only three countries in the top 25—Thailand, Indonesia, and Nigeria—weren’t there before. China and India moved up into second place and fifth place, respectively, have been in sixth place and 13th place in 2000.
Scroll through to see all Top 10 Largest Economies In the World :-
10. South Korea :-
The economy of South Korea is a highly developed mixed economy. It is the 4th largest GDP in Asia and the 10th largest in the world.
South Korea is a export-oriented economic. South Korea is the eighth largest exporter and eighth largest importer in the world.
It is dominated by family-owned conglomerates called chaebols like LG Electronics and Samsung, which are internationally famous for their electronics. South Korea's also exports semiconductors manufactured by Samsung Electronics and SK Hynix. Samsung and LG are also producing electronic devices such as Televisions, Smartphones,
Display, and computers.
South Korea is one of the world's dominant shipbuilders in the global shipbuilding market with Korean shipbuilders like Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering. South Korea is home to Hyundai Kia Automotive Group, which is one of the world's largest automobile producers in terms of revenue, production units and worldwide presence.
The economy of Canada is a highly developed mixed economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion.
It has the world's third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is deemed as an "energy superpower". Canada is a leading exporter of zinc, uranium, platinoids, aluminium, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium.
Like other developed nations, the country's economy is dominated by the service industry which employs about three-quarters of Canadians and accounts for 70% of GDP. Canada is also one of the world's largest suppliers of agricultural products. Canada is home to major American and Japanese automobile makers and many parts factories controlled by Canadian firms such as Magna International and
Linamar Corporation. Canada's manufacturing sector includes automobiles and aeronautics industries.
The economy of Italy is a highly developed mixed economy. It is the third-largest national economy in the European Union, the eighth-largest by nominal GDP in the world, and the 13th-largest by GDP (PPP). It is the tenth-largest exporter in the world.
Italy is a manufacturer and exporter of a variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots.
Italy produces Maize corn, rice, sugar beets, soybeans, meat, fruits and dairy products, wheat and citrus fruits. Italy is the largest producer of wine in the world, and one of the major producers of olive oil, fruits including apples, olives, grapes, oranges, lemons, pears, apricots, hazelnuts, peaches, cherries, plums, strawberries, and kiwifruits.
Italy is the manufacturers of creatively designed, high-quality products including automobiles, ships,
machinery, food, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.
The manufacturing sector often concentrated on the export of niche markets and luxury products. The automotive industry includes 144,000 firms and employs 485,000 people and a contributed 8.5% to Italian GDP. Italian company Fiat Chrysler Automobiles or FCA is the world's seventh-largest automaker.
Italy also boast companies such as Maserati, Lamborghini, and Ferrari, which makes luxury cars.
The economy of France is highly developed and free-market-oriented. It is the world's seventh-largest economy by nominal and the tenth-largest economy by PPP. It is the 3rd largest economy of Europe, after the economy of Germany and the United Kingdom.
France has a diversified economy, that is influenced by the service sector which contributed 78.8% of its GDP, while the industrial sector and
primary sector accounted for 19.5% and 1.7% of its GDP. The leading industrial sectors in France are telecommunications, communication satellites, aerospace and defense, ship building including naval and specialist ships, pharmaceuticals, construction and civil engineering, chemicals, textiles, and automobile production.
France is home to 31 companies that are part of the world's biggest 500 companies. France's largest exports are led by Planes, Helicopters, Spacecraft, Cars Packaged Medicaments, Vehicle Parts, and Gas Turbines. France is the world's sixth largest agricultural producer and EU's leading agricultural power. France was the fourth largest weapons exporter in the world. Deloitte, Louis Vuitton Moet Hennessey (LVMH), a French brand, is the largest luxury company in the world.
The economy of India is a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). India is the world's ninth-largest importer and the twelfth-largest exporter. India is the world's fastest-growing major economy, exceeding China.
India is the world's sixth-largest manufacturer, representing 3% of global manufacturing output, and employs over 57 million people. Major industries comprise textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. Nearly 60% of India's GDP is propelled by domestic private consumption and proceeds to remain the world's sixth-largest consumer market.
India is the world's largest manufacturer of generic drugs. The Indian IT industry is a major exporter of IT services with $191 billion in revenue and employs over four million people. India’s chemical industry is extremely diversified. India ranks second globally in food and agricultural production. The Indian textiles industry provides 13% of industrial output and 2.3% of India's GDP while employs over 45 million people. India's telecommunication industry is the world's second-largest by the number of mobile phones.
The economy of the United Kingdom is a highly developed social market and market-orientated economy. It is the fifth-largest national economy in the world measured by nominal GDP and ninth-largest by PPP. The UK was the fifth-largest exporter in the world and the fifth-largest importer.
The UK is home to 26 companies that are part of the world's biggest 500 companies. The service sector dominates, providing 79% of GDP. London is the second-largest financial centre in the world. Britain's aerospace industry is the second-largest national aerospace industry. Its pharmaceutical industry, the tenth-largest in the world.
Agriculture contributes around 0.6% of the UK's national GDP. The UK is a major centre for engine manufacturing.
The aerospace industry of the UK is the second- or third-largest aerospace industry in the world. British companies with a major presence in the industry include BAE Systems and Rolls-Royce. Airbus, whose commercial aircraft, space, helicopter and defence divisions employing over 13,500 people.
The economy of Germany is a highly developed social market economy. It has the largest economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). Germany is one of the biggest exporters globally with $1810.93 billion worth of goods and services exported.
Germany is home to 53 companies that are part of the world's biggest 2000 companies, with the Top 10 being Allianz, Daimler, Volkswagen, Siemens, BMW, Deutsche Telekom, Bayer, BASF, Munich Re and SAP. The top 10 exports of Germany are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics.
The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Agriculture,
forestry, and mining accounted for only 0.9% of Germany's gross domestic product and employed only 2.4% of the population. Small- to medium-sized often family-owned manufacturing firms known as Mittelstand which specialize in technologically advanced niche products form a major part of the German economy.Germany is leader in the production of automobiles,
machinery, electrical equipment and chemicals. Germany is the world's fourth-largest producer and largest exporter of automobiles.
The economy of Japan is a highly developed free-market economy. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). Japan was the world's fourth-largest importer and the fourth-largest exporter. It has the world's second-largest foreign-exchange reserves worth $1.3 trillion. Japan is also the world's third-largest consumer market.
Japan is home to 51 companies that are part of the world's biggest 500 companies. Japan is the world's third-largest automobile manufacturing country, the largest electronics goods industry. Japan now concentrates mainly on high-tech and precision goods, such as optical instruments foreign exchanges, and robotics.
The Japanese agricultural sector accounts for about 1.1% of the total country's GDP. Japanese manufacturing and industry are very diversified, with a mixture of advanced industries. The country's manufacturing output is the third highest in the world. Japan's service sector accounts for 68.7% of its GDP. Banking, insurance, real estate, retailing, transportation, and telecommunications are all major industries.
The economy of the People's Republic of China is a developing market-oriented economy that incorporates economic planning through industrial policies and strategic five-year plans. China's economy is the second-largest country by nominal GDP and the largest in the world by PPP. China is the world's largest manufacturer and exporter. China is the world's fastest-growing major economy. China is the world's largest manufacturing economy and exporter of goods. It is also the world's fastest-growing consumer market and second-largest importer of goods.
Monopolized by state-owned enterprises and mixed-ownership enterprises, the economy also comprises a large domestic private sector. China has four of the world's top ten most competitive financial centres including Shanghai, Hong Kong, Beijing, and Shenzhen. China has three of the world's ten largest stock exchanges which are Shanghai, Hong Kong and Shenzhen.
The country has natural resources with an approximate worth of $23 trillion, 90% of which are coal and rare earth metals. China also has the world's largest total banking sector assets of over $45.838 trillion. China is also home to more than two hundred tech unicorns.
China is a net importer of services products. It is the largest trading nation in the world and plays a leading position in international trade.
The economy of the United States is a highly developed mixed economy. It is the world's largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity. The U.S. dollar is the currency most utilized in international transactions and is the world's foremost reserve currency, supported by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market.
The U.S is home to 121 companies that are part of the world's biggest 500 companies. US companies are at the lead in technological advances, mostly in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment.
The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It has the seventh-highest total-estimated value of natural resources, valued at Int$45 trillion. It is the world's largest producer of petroleum and natural gas. It is the world's largest trading nation as well as its second-largest manufacturer, representing a fifth of the global manufacturing output.
South Korea is a export-oriented economic. South Korea is the eighth largest exporter and eighth largest importer in the world.
It is dominated by family-owned conglomerates called chaebols like LG Electronics and Samsung, which are internationally famous for their electronics. South Korea's also exports semiconductors manufactured by Samsung Electronics and SK Hynix. Samsung and LG are also producing electronic devices such as Televisions, Smartphones,
Display, and computers.
South Korea is one of the world's dominant shipbuilders in the global shipbuilding market with Korean shipbuilders like Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering. South Korea is home to Hyundai Kia Automotive Group, which is one of the world's largest automobile producers in terms of revenue, production units and worldwide presence.
9. Canada :-
The economy of Canada is a highly developed mixed economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion.
It has the world's third-largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is deemed as an "energy superpower". Canada is a leading exporter of zinc, uranium, platinoids, aluminium, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium.
Like other developed nations, the country's economy is dominated by the service industry which employs about three-quarters of Canadians and accounts for 70% of GDP. Canada is also one of the world's largest suppliers of agricultural products. Canada is home to major American and Japanese automobile makers and many parts factories controlled by Canadian firms such as Magna International and
Linamar Corporation. Canada's manufacturing sector includes automobiles and aeronautics industries.
8. Italy :-
The economy of Italy is a highly developed mixed economy. It is the third-largest national economy in the European Union, the eighth-largest by nominal GDP in the world, and the 13th-largest by GDP (PPP). It is the tenth-largest exporter in the world.
Italy is a manufacturer and exporter of a variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots.
Italy produces Maize corn, rice, sugar beets, soybeans, meat, fruits and dairy products, wheat and citrus fruits. Italy is the largest producer of wine in the world, and one of the major producers of olive oil, fruits including apples, olives, grapes, oranges, lemons, pears, apricots, hazelnuts, peaches, cherries, plums, strawberries, and kiwifruits.
Italy is the manufacturers of creatively designed, high-quality products including automobiles, ships,
machinery, food, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.
The manufacturing sector often concentrated on the export of niche markets and luxury products. The automotive industry includes 144,000 firms and employs 485,000 people and a contributed 8.5% to Italian GDP. Italian company Fiat Chrysler Automobiles or FCA is the world's seventh-largest automaker.
Italy also boast companies such as Maserati, Lamborghini, and Ferrari, which makes luxury cars.
7. France :-
The economy of France is highly developed and free-market-oriented. It is the world's seventh-largest economy by nominal and the tenth-largest economy by PPP. It is the 3rd largest economy of Europe, after the economy of Germany and the United Kingdom.
France has a diversified economy, that is influenced by the service sector which contributed 78.8% of its GDP, while the industrial sector and
primary sector accounted for 19.5% and 1.7% of its GDP. The leading industrial sectors in France are telecommunications, communication satellites, aerospace and defense, ship building including naval and specialist ships, pharmaceuticals, construction and civil engineering, chemicals, textiles, and automobile production.
France is home to 31 companies that are part of the world's biggest 500 companies. France's largest exports are led by Planes, Helicopters, Spacecraft, Cars Packaged Medicaments, Vehicle Parts, and Gas Turbines. France is the world's sixth largest agricultural producer and EU's leading agricultural power. France was the fourth largest weapons exporter in the world. Deloitte, Louis Vuitton Moet Hennessey (LVMH), a French brand, is the largest luxury company in the world.
6. India :-
The economy of India is a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). India is the world's ninth-largest importer and the twelfth-largest exporter. India is the world's fastest-growing major economy, exceeding China.
India is the world's sixth-largest manufacturer, representing 3% of global manufacturing output, and employs over 57 million people. Major industries comprise textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. Nearly 60% of India's GDP is propelled by domestic private consumption and proceeds to remain the world's sixth-largest consumer market.
India is the world's largest manufacturer of generic drugs. The Indian IT industry is a major exporter of IT services with $191 billion in revenue and employs over four million people. India’s chemical industry is extremely diversified. India ranks second globally in food and agricultural production. The Indian textiles industry provides 13% of industrial output and 2.3% of India's GDP while employs over 45 million people. India's telecommunication industry is the world's second-largest by the number of mobile phones.
5. United Kingdom :-
The economy of the United Kingdom is a highly developed social market and market-orientated economy. It is the fifth-largest national economy in the world measured by nominal GDP and ninth-largest by PPP. The UK was the fifth-largest exporter in the world and the fifth-largest importer.
The UK is home to 26 companies that are part of the world's biggest 500 companies. The service sector dominates, providing 79% of GDP. London is the second-largest financial centre in the world. Britain's aerospace industry is the second-largest national aerospace industry. Its pharmaceutical industry, the tenth-largest in the world.
Agriculture contributes around 0.6% of the UK's national GDP. The UK is a major centre for engine manufacturing.
The aerospace industry of the UK is the second- or third-largest aerospace industry in the world. British companies with a major presence in the industry include BAE Systems and Rolls-Royce. Airbus, whose commercial aircraft, space, helicopter and defence divisions employing over 13,500 people.
4. Germany :-
The economy of Germany is a highly developed social market economy. It has the largest economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). Germany is one of the biggest exporters globally with $1810.93 billion worth of goods and services exported.
Germany is home to 53 companies that are part of the world's biggest 2000 companies, with the Top 10 being Allianz, Daimler, Volkswagen, Siemens, BMW, Deutsche Telekom, Bayer, BASF, Munich Re and SAP. The top 10 exports of Germany are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics.
The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Agriculture,
forestry, and mining accounted for only 0.9% of Germany's gross domestic product and employed only 2.4% of the population. Small- to medium-sized often family-owned manufacturing firms known as Mittelstand which specialize in technologically advanced niche products form a major part of the German economy.Germany is leader in the production of automobiles,
machinery, electrical equipment and chemicals. Germany is the world's fourth-largest producer and largest exporter of automobiles.
3. Japan :-
Japan is home to 51 companies that are part of the world's biggest 500 companies. Japan is the world's third-largest automobile manufacturing country, the largest electronics goods industry. Japan now concentrates mainly on high-tech and precision goods, such as optical instruments foreign exchanges, and robotics.
The Japanese agricultural sector accounts for about 1.1% of the total country's GDP. Japanese manufacturing and industry are very diversified, with a mixture of advanced industries. The country's manufacturing output is the third highest in the world. Japan's service sector accounts for 68.7% of its GDP. Banking, insurance, real estate, retailing, transportation, and telecommunications are all major industries.
2. China :-
The economy of the People's Republic of China is a developing market-oriented economy that incorporates economic planning through industrial policies and strategic five-year plans. China's economy is the second-largest country by nominal GDP and the largest in the world by PPP. China is the world's largest manufacturer and exporter. China is the world's fastest-growing major economy. China is the world's largest manufacturing economy and exporter of goods. It is also the world's fastest-growing consumer market and second-largest importer of goods.
Monopolized by state-owned enterprises and mixed-ownership enterprises, the economy also comprises a large domestic private sector. China has four of the world's top ten most competitive financial centres including Shanghai, Hong Kong, Beijing, and Shenzhen. China has three of the world's ten largest stock exchanges which are Shanghai, Hong Kong and Shenzhen.
The country has natural resources with an approximate worth of $23 trillion, 90% of which are coal and rare earth metals. China also has the world's largest total banking sector assets of over $45.838 trillion. China is also home to more than two hundred tech unicorns.
China is a net importer of services products. It is the largest trading nation in the world and plays a leading position in international trade.
1. United States of America :-
The economy of the United States is a highly developed mixed economy. It is the world's largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity. The U.S. dollar is the currency most utilized in international transactions and is the world's foremost reserve currency, supported by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market.
The U.S is home to 121 companies that are part of the world's biggest 500 companies. US companies are at the lead in technological advances, mostly in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment.
The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It has the seventh-highest total-estimated value of natural resources, valued at Int$45 trillion. It is the world's largest producer of petroleum and natural gas. It is the world's largest trading nation as well as its second-largest manufacturer, representing a fifth of the global manufacturing output.
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