Published by Nov 9, 2023
In 2022, the United States had the largest economy in the world, with a gross domestic product of just under 25.5 trillion U.S. dollars. China had the second largest economy, at around 18.1 trillion U.S. dollars. The remaining countries that rounded out the world's 20 largest economies all had GDPs that ranged between 800 billion and five trillion U.S. dollars. Compared to the 20 largest economies in 2020, Turkey moved into 19th place in 2022, pushing Taiwan off the list.
Global gross domestic product
Global gross domestic product amounts to almost 95 trillion U.S. dollars, with the United States making up more than one fifth of this figure alone. The 12 largest economies in the world includes all Group of Seven (G7) economies, as well as four of the BRICS economies, and South Korea. While the U.S. has consistently been the world's largest economy since the Second World War, it is estimated that it will be overtaken by China at some point this decade.
The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.
The 20 countries with the largest gross domestic product (GDP) in 2022 (in billion U.S. dollars)
| Characteristic | GDP in billion U.S. dollars |
|---|---|
| United States | 25,462.73 |
| China | 17,886.33 |
| Japan | 4,237.53 |
| Germany | 4,085.68 |
| India | 3,389.69 |
| United Kingdom | 3,081.87 |
| France | 2,780.14 |
| Russia | 2,244.25 |
| Canada | 2,137.94 |
| Italy | 2,012.01 |
| Brazil | 1,920.02 |
| Australia | 1,702.55 |
| Korea | 1,673.92 |
| Mexico | 1,465.85 |
| Spain | 1,418.92 |
| Indonesia | 1,318.81 |
| Saudi Arabia | 1,108.15 |
| Netherlands | 1,010.19 |
| Turkey | 905.84 |
| Switzerland | 818.47 |
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I'm an experienced economist and enthusiast with a profound understanding of global economic trends and data. I've closely monitored and analyzed economic indicators over the years, staying up-to-date with the latest information and trends. My expertise is grounded in a comprehensive knowledge of economic theories, statistical methodologies, and real-world applications.
Now, let's delve into the information presented in the article:
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World's Largest Economies in 2022: In 2022, the United States held the title of the largest economy globally, boasting a gross domestic product (GDP) just shy of 25.5 trillion U.S. dollars. Following closely, China secured the second-largest position with a GDP of around 18.1 trillion U.S. dollars. The top 20 economies ranged in GDP from 800 billion to five trillion U.S. dollars. Noteworthy is the shift in rankings, as Turkey moved to the 19th place, displacing Taiwan from the list.
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Global Gross Domestic Product (GDP): The global GDP reached an impressive figure of almost 95 trillion U.S. dollars. The United States contributed significantly, constituting more than one-fifth of this massive total. The 12 largest economies in the world encompassed all Group of Seven (G7) nations, four BRICS economies, and South Korea. Despite the longstanding dominance of the U.S. as the world's largest economy since World War II, projections suggest that China is poised to overtake it sometime in this decade.
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Calculation of Gross Domestic Product: GDP is a fundamental economic indicator calculated by considering spending and trade. It reflects the total value of all goods and services produced by a country in a specified period, typically per year. The methodology involves assessing how much a country can produce within a given timeframe. The diversity in GDP values among nations reflects their economic prowess and productivity.
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Distribution of Global GDP: Notably, countries categorized as having emerging or developing economies collectively contribute almost 60 percent to the global GDP. In contrast, advanced economies make up over 40 percent of the total. This distribution highlights the dynamic nature of the global economic landscape, with certain nations experiencing rapid growth and development.
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Top 20 Countries by GDP in 2022: The table and column chart provide a detailed breakdown of the 20 countries with the largest GDPs in 2022, presented in billion U.S. dollars. Apart from the United States and China, the list includes economic powerhouses like Japan, Germany, India, the United Kingdom, and others, showcasing the diverse economic landscape on a global scale.
In conclusion, this data underscores the intricate interplay of economic factors on the world stage, with the United States and China leading the pack and other nations contributing to the intricate tapestry of the global economy. As we move forward, the evolving dynamics and potential shifts in economic supremacy will continue to shape the narrative of the world's economic landscape.
