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  • World
  • Updated: October 30, 2023

Seven Countries With The Highest GDP In 2023

Seven Countries With The Highest GDP In 2023

A country's GDP (gross domestic product) is the total value of all goods and services produced within its borders in a given year. 

It is calculated by totalling the value of all final goods and services produced within a country, which includes consumption, investment, government spending, and net exports. 

GDP is a measure of a country's economic activity that is used to compare different countries' economies.

It is a key indicator of a country's economic strength because it measures total economic output. 

A higher GDP indicates that the country is producing more goods and services, which can lead to a higher standard of living for its citizens. 

GDP is also used to calculate key economic indicators like per capita income and economic growth.


Methodology

This data was sourced from the International Monetary Fund (IMF) and it is based on 6 datasets which are as follows: 

World Economic Outlook 
Fiscal Monitor 
AFR Regional Economic Outlook 
Global Debt Database 
Public Finances in Modern History 
Assessing Reserve Adequacy 
Fiscal Rules and Fiscal Councils 

 


7. France

GDP:  $3,052 billion
GDP By Country Per Capita: $46,320
Annual GDP Growth Rate: 0.7%

France has a diverse economy, with strengths in aerospace, tourism, luxury goods, and agriculture. 

It is also known for its strong social safety net, well-maintained infrastructure, and substantial investment in R&D.

 

6. United Kingdom

GDP:  $3,332 billion
GDP By Country Per Capita: $48,910
Annual GDP Growth Rate: -0.3%

The British economy is made up of a mix of services, manufacturing, finance, and creative industries. 

London is a global financial hub that draws foreign investment. Trade agreements and globalisation also have an impact on the UK's economic growth.


5. India

GDP:  $3,730 billion
GDP By Country Per Capita (Nominal): $2,610
Annual GDP Growth Rate: 5.9%

In 2023, India is the world's fifth-largest economy, with a diverse and rapidly growing economy driven by key sectors such as information technology, services, agriculture, and manufacturing. 

The country takes advantage of its large domestic market, young and technologically savvy workforce, and expanding middle class.

 

4. Germany

GDP:  $4,430 billion
GDP By Country Per Capita: $52,820
Annual GDP Growth Rate:  -0.1%

The precision engineering, automotive, chemical, and pharmaceutical industries are world-renowned in Germany's export-oriented economy. 

It benefits from a skilled workforce, strong R&D, and a strong commitment to innovation.

 

3. Japan

GDP:  $4,231 billion
GDP By Country Per Capita: $33,950
Annual GDP Growth Rate: 1.3%

The renowned Japanese economy is known for its cutting-edge technology, world-class manufacturing, and thriving service sector. Automobiles, electronics, machinery, and finance are all important industries. 

Japan is also respected for its hardworking workforce, innovative technological breakthroughs, and high-quality exports.

 

2. China

GDP:  $17,786 billion
GDP By Country Per Capita: $12,540
Annual GDP Growth Rate: 5.2%

Since 1960, China has experienced rapid economic growth, rising from the world's fourth-largest economy to the world's second-largest in 2023. 

Manufacturing, exports, and investment are vital to the Chinese economy. It has a sizable workforce, strong government backing, cutting-edge infrastructure, and a rapidly expanding consumer market.

 

1. United States of America

GDP:  $26,954 billion
GDP By Country Per Capita: $80,410
Annual GDP Growth Rate: 1.6%

From 1960 to 2023, the United States maintained its position as the world's leading economy and richest country. 

It has a diverse economy with strong sectors such as services, manufacturing, finance, and technology. 

The United States has a large consumer market, a welcoming environment for innovation and entrepreneurship, a solid infrastructure, and favourable business conditions. 

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