Did you know that The United States has been world's biggest economy since 1871?Even though that top ranking is now under threat from China, US has better living standards and quality of life which reflect the whole subject of GDP.
Importance of GDP
The GDP of a country provides a measure of the total monetary value of all goods and services it produces during a specified period of time, usually a year.This is an important statistic that indicates whether an economy is growing or not. Most of the time is exposed as a comparison to the previous quarter or year.
• United States
The U.S economy remains to be the largest economy in the terms of nominal GDP. The United States is an economic superpower that is highly advanced in technology resources and infrastructure.The $18.5 trillion U.S. economy is nearly 25% of the gross world product.
The economy of has china has faced a domestic change, from centrally planned closed economy to a manufacturing and exporting node over the years.The Chinese economy has been known for its fast growth, over 7% in recent years.China's estimated GDP is about $11.3 trillion.
Japan's economy growth is currently ranked third in terms of nominal GDP.The economy of Japan has been facing hard times since 2008.However, its economic growth is positive, over 0.5% in 2016.The nominal GDP of Japan is $4.73 trillion.
The largest and strongest economy in Europe, Germany ranks as the fourth largest economy in the world in the terms of nominal GDP.Germany's economy is known for its export of machines, vehicles, household equipment and chemicals.In the latest years, Germany economy is facing challenges from Brexit, the greek debt crisis to the refugee crisis.The size of nominal GDP is $3.49 trillion.
• United Kingdom
The United Kingdom is ranked as the world's fifth largest economy. Its GDP is $2.56 trillion.
Primarily, the economy of the UK is driven by services, as the sector administers more than 75% of the GDP.Economists have estimated a loss of anywhere from 2.2-9.5% of GDP long term as a result of Brexit.
France is the most visited country in the world.It is ranked as the sixth largest economy in the world with a nominal GDP of $2.48 trillion.Because France has high standard of living, it reflects GDP(PPP) per capita of $42.384.In the coming years, is expected a rise in GDP growth rate and unemployment is expected to continue to go down.
India is ranked in seventh place with $2.25 trillion nominal GDP.The services sector has taken about 57% of the GDP, while industry contributes only 26%.
Italy is ranked the eighth largest world economy.Its nominal GDP is $1.8 trillion.The economy is facing a bad time since it suffers from public debt estimated to be about 133% of GDP. The economy is also facing large number of unemployment, but saw a positive economic growth in 2015.
Brazil's nominal GDP is $1.77 trillion. It is ranked as the ninth-largest economy in the world.Brazil is projected to be one of the fastest growing economies in the world.However, the recession in 2015 caused Brazil to go in the ninth place from seventh place in the world economies ranking.
Canada has recently taken Russia away from the top 10 list with nominal GDP of $1.53 trillion.Canada has a well-organised and oriented economy.Over the years, the country has had solid growth in manufacturing as well as in the oil and petroleum sector.