The top 20 largest economies in the world by GDP

By |2021-02-17T20:32:22-05:00February 8th, 2021|Lists|

Gross Domestic Product (GDP) is used to provide a snapshot of a country’s monetary market value of all final goods and services that the country has made during a specific period. GDP helps to provide a country’s economy using expenditures, production, and incomes.

Countries are sorted by nominal GDP estimates from financial and statistical institutions and are calculated at market or government official exchange rates. Nominal GDP doesn’t take into account the differences in the cost of living in different countries and results can vary from year to year based on fluctuations with any given country’s currency exchange rates.

The world GDP is all of the planet’s total gross national income. Gross national income takes a country’s GDP, adds the value of income from imports, and subtracts the value of money from exports.

So, what are the largest economies in the world?
According to the International Monetary Fund, these are the highest-ranking countries in the world in nominal GDP for 2020:

Rank Country

GDP (Nominal) (billions of $)

1 United States

20,807.27

2 China

15,222.16

3 Japan

4,910.58

4 Germany

3,780.55

5 United Kingdom

2,638.30

6 India

2,592.58

7 France

2,551.45

8 Italy

1,848.22

9 Canada 

1,600.26

10 South Korea

1,586.79

11 Russia

1,464.08

12 Brazil

1,363.77

13 Australia

1,334.69

14 Spain

1,247.46

15 Indonesia 

1,088.77

16 Mexico

1,040.37

17 Netherlands

886.34

18 Switzerland

707.87

19 Saudi Arabia

680.90

20 Turkey

649.44

By |2021-02-17T20:32:22-05:00February 8th, 2021|Lists|
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