It also has a large agricultural sector that makes it a major exporter of coffee and soybeans. Canada has a well-developed energy extraction sector, with the https://www.topforexnews.org/books/artificial-intelligence-software-for-forex-trading/ world’s third-largest proven oil reserves. Canada also has impressive manufacturing and service sectors, based mostly in urban areas near the U.S. border.

The Saudi economy is heavily based on oil and is the world’s largest oil exporter. The data is in millions of international dollars and was calculated and published by the IMF in October 2023. The second table includes data, mostly for the year 2022, for 180 of the 193 current United Nations member states as well as Hong Kong and Macau (the two Chinese Special Administrative Regions). Data are in millions of international dollars; they were compiled by the World Bank.

1. Turkey has a largely open economy, with large industrial and service sectors.
2. Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force.
3. Throughout most of the world, countries’ GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time.
4. Indonesia’s budget deficit for 2023 is targeted at 2.81% to 2.95% of GDP; however, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy.

When converted to 2017 international-$, nominal local currencies are first adjusted for inflation to local 2017 prices, and are then adjusted to US prices using the PPPs calculated in the ICP’s 2017 round. Likewise, 2011 international-$ https://www.day-trading.info/the-role-of-continuing-bonds-in-coping-with-grief/ adjust for inflation using 2011 local prices, and then use the 2011 PPPs to adjust for cost-of-living differences. It has a large welfare system, the largest oil sovereign wealth fund, and major fishing and forestry.

As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off. The U.S., China, Japan, Germany, and India are some of the top economies in the world, based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. Select a country from the drop-down menu below to compare its actual growth rate and estimated potential growth rate over time.

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. The United States’ economy is the largest in the world as measured by nominal GDP. The biggest contributor to that GDP is the economy’s service sector, which includes finance, real estate, insurance, professional and business services, and healthcare. To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the USCS (US DoC) and FAS (USDA) in the United States, the EDC and AAFC in Canada, Ubifrance in France, the UKTI in the United Kingdom, the HKTDC and JETRO in Asia, Austrade and the NZTE in Oceania.

South Korea

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. Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth. With this progress, however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce. In 2022, Russia launched an invasion against its neighbor, Ukraine.

Similarly, one 2011 int.-$ is defined as the value of goods and services that one US dollar would buy in the US in 2011. Yes, Statista allows the easy integration of many infographics on other websites. Simply copy the HTML code that is shown for the relevant statistic in order to integrate it.

GDP by Country

Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking. This tracker charts the economic growth performance through time of ninety-one countries around the globe. The year 2017 (2011) here indicates two things, related to the two adjustments mentioned. Firstly, it tells us the base year used for the inflation adjustment within countries.

Biggest economies in 2022 by gross domestic product

GDP (PPP) means gross domestic product based on purchasing power parity. The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities.

The table is initially ranked by the average of the available estimates for each country or territory, and can be reranked by either of the sources. France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation. The Global Growth Tracker allows you to gauge trends in economic growth through time across the globe.

Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the list where they appear in the sources. Strong cooperation alternative investment definition between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.

The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing. It has a highly developed agricultural sector and is the second-largest agricultural exporter in the world. The Netherlands has a large financial services sector, engaged in asset pooling and supported by the Dutch Ministry of Finance. The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. It is the world’s dominant geopolitical power and is able to maintain a large external national debt as the producer of the world’s primary reserve currency.

Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products. Brazil is the 11th-largest economy in the world and the largest in South America. Brazil’s diversified economy runs the gamut from heavy industries, such as aircraft and automotive production, to mineral and energy resource extraction.

The world’s fastest growing economy is said to be Guyana, which is experiencing rapid GDP growth in part due to its booming oil sector. Poland’s business-friendly climate and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. However, inefficient legal and regulatory structures and an aging population are challenges for Poland’s ongoing growth in the future. Heavy industry, including iron and steel production, machinery manufacturing, shipbuilding, and coal mining, is an important part of Poland’s economy. With a GDP of 25.44 trillion dollars, the USA is by far the world’s largest economy in this ranking for 2022. It is followed by China in second place with a GDP of 17.96 trillion dollars.