World GDP Rankings 2024 Top 10 Countries Ranked By GDP

Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products. 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. 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. United States remains the largest economy globally with GDP (Nominal) over $25 trillion in 2022. China follows, with close to $18 trillion, or 17.9% of the world economy.

Mexico is also a major supplier of electronics, machinery, oil and optical apparatus, and a significant amount of furniture and alcohol comes from the country into the United States. In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars. China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany’s economy overtake Japan’s to become the third-largest in the world in 2023, while Brazil’s economy moved ahead of Italy’s in 2024. Heavy industry, including iron and steel production, machinery manufacturing, tokenexus review: what you need to know shipbuilding, and coal mining, is an important part of Poland’s economy. Coupled with an industrial policy that encourages domestic manufacturing, this has made China the world’s number one exporter.

Cities (metropolitan areas) by percentage of national GDP

• Canada (8) and Italy (10) complete the top ten list of nominal rankings, While Indonesia (7) and Brazil (8) complete the top ten list of ppp ranking.
• He did just that when he was last in the White House, placing large tariffs on goods, primarily from China.
• China’s yuan, though controlled by the government, traded higher – above 7.6% – in offshore markets.
• Further down the list, Indonesia vaulted forward from the 27th largest economy in 2000 to the 16th as of 2024.
• China was in 13th place in 2000 but has been sitting in second place since 2010.
• Some experts think it will happen eventually, as companies pass on some of the increased production costs to consumers.

Even in Australia, where more name China than the U.S. as the top economy, the share who holds this view has gone down by 5 percentage points since June 2020. People in Australia, Germany, Greece, Italy, the Netherlands and Spain – all high-income countries – name China as the world’s top economy. Italy especially stands out as the only country where more than half what is economic calendar say that China is the world’s leading economic power.

Australia combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim. 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.

Argentina’s primary contributor to GDP is the industrial sector, followed by services and then agriculture. Its industries include food processing, motor vehicles, consumer durables, textiles, chemicals, printing, metallurgy, and steel. 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. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing.

What are the Next 10 Economies

ABOUT PEW RESEARCH CENTER Pew Research Center is a nonpartisan, nonadvocacy fact tank that informs the public about the issues, attitudes and trends shaping the world. The Center conducts public opinion polling, demographic research, computational social science research and other data-driven research. Pew Research Center is a subsidiary of The Pew Charitable Trusts, its primary funder. Gross domestic product measures the total output of a nation and is used as a gauge of the health of an economy and its size. Countries consistently measure GDP growth as a way to determine how the economy is performing and what actions need to be taken to create steady growth. The U.S. has the highest national debt of any country, with $35.68 trillion as of Oct. 3, 2024.

Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy. 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.

Biggest economies in 2023 by gross domestic product

The United States’ top import from Canada is oil, which reached a record 4.3 million barrels per day in July, according to the US Energy Information Administration. America also imports cars, machinery and other various commodities, plastics and wood from Canada, according to the United Nations’ Comtrade. Canadian Prime Minister Justin Trudeau called Trump shortly after his social media post, an official with the prime minister’s office said. The brief call was focused on border security and trade, a senior Canadian government source told CNN. They characterized the call as productive and said that Trudeau and Trump promised to stay in touch in the days to come. This story has been corrected to show that consumer spending rose at the fastest pace since the fourth quarter, not the first quarter, of 2023.

Measuring GDP

Substantial shares of a fifth or more in most countries also offer that China’s position as the leading economic power makes no fxtm forex broker review difference. Views of the international balance of economic power have changed little in most middle-income countries surveyed. As was the case in 2019, those in Brazil, India, Kenya and Mexico continue to see the U.S. as the top economy, while those in South Africa and Argentina are about as likely to name the U.S. as they are China. Indonesia stands out for an 8-point decline in the share who considers China the leading economy. The economy of the United Kingdom is a blend of services, manufacturing, finance, and creative sectors.

GDP forecasts

A future contract for a pound of frozen orange juice concentrate trades for around $5.13 (£4.08) – close to the all-time high of $5.80 (£4.58) in September, according to The Telegraph. This season’s orange production in Florida was already set to fall to the lowest level since 1933 before back-to-back hurricanes Milton and Helene hit. Fraudsters are targeting people with bogus offers of tax refunds or demanding payments to get hold of personal information and banking details. Millions of people are due to complete their self-assessment tax return and pay any tax owed by 31 January 2025. Halifax has announced the launch of a new 1.5-year fixed-rate remortgage product that has been described as an “intriguing innovation”. Read this and today’s other consumer and personal finance news below.

Out of 196 economies, the rank of 93 economies has changed with Guyana is the biggest improver by a huge 11 position, followed by Norway (+8), Ireland (+5), and Tajikistan (+5). The economy of France is characterized by diversification, with a strong emphasis on industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development. “It’s a calculated move that offers flexibility and shows Halifax is tuned into market sentiment. The question now is whether borrowers are ready to buy into this short-term strategy.” He said the government was “listening closely to concerns of the automotive industry and the wider sector about transition to electric vehicles and the Conservative Party’s zero emission vehicle mandate”. Just Eat has announced plans to de-list from the London Stock Exchange by the end of the year in yet another blow to the UK’s biggest financial market.

Sixty-eight have above $100 billion, and 150 have above $10 billion. The top five economies constitute about 55% of the global gdp; the top ten make up 67%,top 20 economies add up to 80.5%. Ninety-two smallest economies only contribute 1 %, and 157 lowest ranked constitute only 10 % of the total. 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.