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.
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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 |
