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The list of countries by GDP showed on this page is based on the latest data from the World Economic Outlook by the International Monetary Fund. 192 countries from around the world are ranked by GDP measured in US dollars and PPPs from 1980 to 2019.

Gross Domestic Product, or GDP, measures the economy size of a country. It shows the total value of all goods and services sold in a country within a particular period of time. One may want to compare countries by GDP to understand which countries are "richest" or have larger markets, i.e. where more goods and services are sold and bought.

To make international comparisons possible, GDP should be converted into a single currency because initially, all countries report their GDP in different national currencies. Conversion can be made using current exchange rates or Purchasing Power Parities (PPPs).

World's 10 largest economies in 2019 as measured in US dollars using current exchange rates are the United States, China, Japan, Germany, India, United Kingdon, France, Italy, Brazil, and Canada. Using current exchange rates to convert national currencies to US dollars is popular because data on exchange rates are easily accessible but it has a significant drawback.

Using current exchange rates for country comparisons by GDP is not correct because exchange rates are often significantly overestimated or underestimated compared to their "correct levels". Correct exchange rate, in turn, should equalize the price levels in two countries. To make it clear, let's assume that the US and Russia, for example,  produce only one Big Mac a year each. So, their GDP should be the same and should equal the cost of the Big Mac. Due to the difference in price levels, it costs 130 Rubles in Russia and 6$ in the US. So, the "correct" conversion rate equalizing price levels should be 22 Rubles per 1 USD. Using this conversion rate, GDP of Russia and the US will be the same and will equal $6 dollars. However, if we use the current exchange rate of 63 rubles per dollar, Russia GDP will be only $2.

The conversion rate which equalizes the prices in the two countries is known as the Purchasing Power Parity (PPP). According to this measure, 10 largest economies in the world are China, the United States, India, Japan, Germany, Russia, Indonesia, Brazil, the United Kingdom, and France. So, based on PPPs, the Chinese economy is bigger than the US economy.

 

Other GDP-related dashboards: GDP by country from the World Bank |  GDP by country from IMF | World GDP | GDP per capita by country from the World BankGDP per capita by country from IMFWorld GDP per capita ranking

See also: G20 economic forecast | Short-term economic profile

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