Gross Domestic Product (GDP) serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports.
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Top 10 largest economies in the world 2024
Which are the top 5 GDP countries in the world? The US, China, Germany, Japan and India, respectively, hold those positions in 2024. Now, let’s take a look at the top 10 largest economies/ richest countries in the world in 2024, sourced from IMF data (as of September 11, 2024):
| Rank | Country | GDP (USD) | 2024 Projected Real GDP (% Change) | GDP Per Capita (USD) |
|---|---|---|---|---|
| #1 | United States Of America | $28.78 trillion | 2.6% | $85.37 thousand |
| #2 | China | $18.53 trillion | 5% | $13.14 thousand |
| #3 | Germany | $4.59 trillion | 0.2% | $54.29 thousand |
| #4 | Japan | $4.11 trillion | 0.7% | $33.14 thousand |
| #5 | India | $3.94 trillion | 7% | $2.73 thousand |
| #6 | United Kingdom | $3.5 trillion | 0.7% | $51.07 thousand |
| #7 | France | $3.13 trillion | 0.9% | $47.36 thousand |
| #8 | Brazil | $2.33 trillion | 2.1% | $11.35 thousand |
| #9 | Italy | $2.33 trillion | 0.7% | $39.58 thousand |
| #10 | Canada | $2.24 trillion | 1.3% | $54.87 thousand |
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What are the Next 10 Economies
| Rank | Country | GDP (USD billion) |
|---|---|---|
| #11 | Russia | $2.06 trillion |
| #12 | Mexico | $2.02 trillion |
| #13 | Australia | $1.79 trillion |
| #14 | South Korea | $1.76 trillion |
| #15 | Spain | $1.65 trillion |
| #16 | Indonesia | $1.48 trillion |
| #17 | Netherlands | $1.14 trillion |
| #18 | Türkiye | $1.11 trillion |
| #19 | Saudi Arabia | $1.11 trillion |
| #20 | Switzerland | $938.46 billion |
*Data last updated on September 11, 2024
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The United States of America
- Region: North America
- Annual GDP Growth Rate: 2.7%
The United States upholds its status as the major global economy with a GDP of over $28.78 trillion as of 2024. Its diverse economy is bolstered by significant sectors such as services, manufacturing, finance, and technology. A substantial consumer market, resilient infrastructure, and advantageous business conditions make it the richest country.
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China
- Region: East Asia
- Annual GDP Growth Rate: 4.6%
China has seen impressive economic growth, from fourth in 1960 to second in 2024. The economy predominantly hinges on manufacturing, exports, and investment, supported by a vast workforce, robust governmental backing, and infrastructural advancements.
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Germany
- Region: North-central Europe
- Annual GDP Growth Rate: 0.2%
Germany’s economy is strongly export-oriented, renowned in engineering, automotive, chemical, and pharmaceutical sectors. It benefits from a skilled workforce, robust research and development, and a commitment to innovation.
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Japan
- Region: East Asia
- Annual GDP Growth Rate: 0.9%
Japan’s economy stands out for its advanced technology, manufacturing prowess, and service industries. Key sectors include automotive, electronics, machinery, and finance. Japan is known for its work ethic and high-quality exports.
India
- Region: South Asia
- Annual GDP Growth Rate: 6.8%
India’s GDP growth is estimated at 6.8% in April 2024, later revised to 7% in July 2024, driven by household spending in rural areas and government support. India’s economy thrives in sectors like IT, services, agriculture, and manufacturing.
United Kingdom
- Region: Western Europe
- Annual GDP Growth Rate: 0.5%
The UK’s economy blends services, manufacturing, and finance. London as a financial centre attracts foreign investments, and trade alliances further boost economic expansion.
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France
- Region: Western Europe
- Annual GDP Growth Rate: 0.7%
France’s diversified economy focuses on aerospace, tourism, luxury goods, and agriculture. It’s renowned for a strong social welfare system, developed infrastructure, and investments in R&D.
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Italy
- Region: Southern Europe
- Annual GDP Growth Rate: 0.7%
Italy’s well-developed market ranks third in the EU. Known for its business sector and competitive agricultural industry, Italy remains a key player in Europe.
Brazil
- Region: South America
- Annual GDP Growth Rate: 2.2%
Brazil’s diverse economy includes agriculture, mining, manufacturing, and services. It’s a major global hub for agricultural production and exportation, influenced by commodity prices and domestic consumption.
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Canada
- Region: North America
- Annual GDP Growth Rate: 1.2%
Canada’s economy relies on natural resources like oil, gas, minerals, and timber. Boasting a thriving services sector and manufacturing industry, Canada persists in innovation and technological advancements.
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Frequently Asked Questions
-
How is Gross Domestic Product (GDP) computed?
- GDP is determined by summing up consumption, government expenditure, investment, and net exports.
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What are the top 10 poorest countries in the world?
- The top 10 poorest countries by GDP per capita in 2024 are South Sudan, Burundi, Central African Republic, Congo, Mozambique, Niger, Malawi, Liberia, Madagascar, and Yemen.
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What is the largest economy in Asia?
- China is the largest economy in Asia with a nominal GDP of over $18.53 trillion in 2024.
- What are the top 10 richest countries in the world?
- The top 10 richest countries by GDP per capita are Luxembourg, Macao SAR, Ireland, Singapore, Qatar, UAE, Switzerland, San Marino, USA, and Norway.
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