As per data from the World Bank, global GDP in current prices totaled around $75.9 trillion in 2016. In 2017, world GDP is forecasted to expand to $79.9 trillion according to IMF’s forecast. GDP ranking by country in 2017 presented on this page shows the extent to which different countries contribute to the world’s economy.
Top 5 countries by GDP in 2017 are the United States, China, Japan, Germany, and the United Kingdom which are the largest economies in the world constituting more than a half of the Gross World Product (GWP). In the ranking by real GDP, the same countries hold the top spot.
In 2017, United States is in the first position in the world’s GDP ranking among 192 countries having the highest GDP in the world of $19.4 trillion or approximately 25 percent of the GWP.
The world's second-largest economy, China that accounts for 14.9 percent of the global GDP, is gradually slowing down as it continues the transition to a more balanced growth. Thus, Chinese GDP expanded by 6.7 percent in 2016, 0.2 percentage points down from the previous year. In 2017, China real GDP growth is expected to increase to 6.77 percent following an upward revision by IMF.
Japan, the world's third-largest economy, saw a 1.26 percent expansion of GDP in the first quarter of 2017 after an increase of 1.62 percent in the fourth quarter of 2016. Overall, 2017 growth is forecasted at 1.51 percent, but the momentum is weak: growth is projected to decrease to 0.65 percent in 2018.
The full list of 192 countries ranked by GDP both in current prices and PPPs is presented in the rankings below.
GDP is the single most commonly referenced figure to cover the entirety of a national economy and the trajectory it is on in a single statistic. Measured annually, quarterly, or monthly, trends in GDP for a single country or comparisons among peer countries are often called out in the popular press, sometimes with alarmist tones that can make one wonder why or how this single data point has taken on such importance. This is particularly the case in a world increasingly focused on measuring well-being, governance, and environmental and natural resource depletion, all of which are explicitly or implicitly excluded from standard GDP measures. In an era of open data, GDP as a singular golden indicator could fade ever so slowly to make room for other unique measures that will only become increasingly easier to develop and maintain as improvements are made in global data access.
Gross domestic product (GDP) at market prices is defined by the OECD as "the expenditure on final goods and services minus imports: final consumption expenditures, gross capital formation, and exports minus imports." It can be measured both in U.S. dollars and Purchasing Power Parities (PPPs). While the first approach suggests that the United States is the world's largest economy, according to the second approach, China is the largest one.
Take a look at other GDP-related dashboards:
Access and compare forecasts for more than 50 indicators related to countries' macroeconomic conditions. Or, use our Forecast Accuracy Tracking Tool™ to assess the historic quality of forecasts from international institutions.