The gross domestic product (GDP) of a country is the total value of all goods and services produced within its borders in a given year. It is calculated by adding up the value of all final goods and services produced within a country, including consumption, investment, government spending, and net exports. GDP is a measure of a country's economic activity and is used to compare the economies of different countries.
GDP is an important indicator of a country's economic strength because it measures the total output of the economy. A higher GDP means that the country is producing more goods and services, which can lead to higher living standards for its citizens. GDP is also used to calculate other important economic indicators, such as per capita income and economic growth.
Which Countries Have the Highest GDP in 2024?
Here are the countries with the highest GDP, according to the Forbes:
| Rank & Country | GDP (USD billion) |
| United States Of America (U.S.A) | 26,954 |
| China | 17,786 |
| Germany | 4,430 |
| Japan | 4,231 |
| India | 3,730 |
| United Kingdom (U.K.) | 3,332 |
| France | 3,052 |
| Italy | 2,190 |
| Brazil | 2,132 |
| Canada | 2,122 |
Source: Forbes
The data was sourced from the International Monetary Fund (IMF) and it was based on 12 datasets which are as follows:
- World Economic Outlook
- Fiscal Monitor
- AFR Regional Economic Outlook
- Global Debt Database
- Public Finances in Modern History
- Assessing Reserve Adequacy
- Fiscal Rules and Fiscal Councils
- Gender Budgeting and Gender Equality Indices
- Historical Public Debt Database
- Capital Flows in Developing Economies
- Export Diversification and Quality
- Capital Account Openness
The data marks the United States as the top country with the largest GDP.
1. The United States of America
Source: Info Please
| GDP: $26,954 billion Annual GDP Growth Rate: 1.6% |
Source: Forbes
The United States has maintained its position as the world's leading economy and richest country for over 60 years from 1960 to 2023. Its economy is diverse, with strong sectors in services, manufacturing, finance, and technology. The US has a large consumer market, a supportive environment for innovation and entrepreneurship, a robust infrastructure, and favourable business conditions.
2. China
Source: Earth.Org
| GDP: $17,786 billion Annual GDP Growth Rate: 5.2% |
Source: Forbes
China has experienced rapid economic growth since 1960, moving from the fourth-largest economy in the world to the second-largest in 2023. The Chinese economy is heavily reliant on manufacturing, exports, and investment. It has a large workforce, strong government support, advanced infrastructure, and a rapidly growing consumer market.
3. Germany
Source: TimeOut
| GDP: $4,430 billion Annual GDP Growth Rate: -0.1% |
Source: Forbes
Germany's export-oriented economy is world-famous for its precision engineering, automotive, chemical, and pharmaceutical industries. It benefits from a skilled workforce, strong research and development, and a strong commitment to innovation.
4. Japan
Source: The Guardian
| GDP: $4,231 billion Annual GDP Growth Rate: 1.3% |
Source: Forbes
Japan's renowned economy is known for its cutting-edge technology, world-class manufacturing, and thriving service sector. Key industries include automobiles, electronics, machinery, and finance. Additionally, Japan is respected for its dedicated workforce, innovative technological breakthroughs, and high-quality exports.
5. India
Source: Travel Triangle
| GDP: $3,730 billion Annual GDP Growth Rate: 5.9% |
Source: Forbes
India is the world's fifth-largest economy in 2023, with a diverse and rapidly growing economy driven by key sectors such as IT, services, agriculture, and manufacturing. The country capitalizes on its large domestic market, young and tech-savvy workforce, and growing middle class.
6. United Kingdom
Source: The Telegraph
| GDP: $3,332 billion Annual GDP Growth Rate: -0.3% |
Source: Forbes
The UK economy is a mix of services, manufacturing, finance, and creative industries. London is a global financial centre that attracts foreign investment. The UK's economic growth is also influenced by its trade agreements and globalisation.
7. France
Source: World Atlas
| GDP: $3,052 billion Annual GDP Growth Rate: 0.7% |
Source: Forbes
France's economy is diverse, with strengths in aerospace, tourism, luxury goods, and agriculture. It is also known for its strong social safety net, well-maintained infrastructure, and significant investment in research and development.
8. Italy
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Source: State Department
| GDP: $2,190 billion Annual GDP Growth Rate: 0.7% |
Source: Forbes
Italy is known for its third-largest European Union economy, which thrives on a sophisticated market, innovative businesses, and a robust agricultural sector. This makes the country 8th on the list with the highest GDPs.
9. Brazil
Source: Time Doctor
| GDP: $2,132 billion Annual GDP Growth Rate: 0.9% |
Source: Forbes
The Brazilian economic landscape carries various major sectors, including agriculture, mining, manufacturing, and services. Notably, Brazil stands out as a significant global centre that supports agricultural production and exports. The growth of Brazil's economy is influenced by factors such as commodity prices, domestic consumption, and advancements in infrastructure.
10. Canada
Source: Hotels.com
| GDP: $2,122 billion Annual GDP Growth Rate: 1.5% |
Source: Forbes
The Canadian economy’s foundation is majorly dependent on the available natural resources in the region. These resources include abundant oil, gas, minerals, and timber. Additionally, the country features a flourishing services sector, a robust manufacturing industry, and a strong commitment to promoting innovation and technological progress.
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