Gross Value Added in the UK vs the European “Big 5” (2024)

FAQs

Is the UK still the 5th largest economy? ›

India overtakes UK as the world's fifth-largest economy | World Economic Forum.

The United Kingdom is one of the world's largest economies and is currently at rank 6. If this is calculated per inhabitant, taking purchasing power parity into account, then the United Kingdom is in the list of the world's richest countries in place 29. Inflation in the United Kingdom in 2022 was around 7.92%.

In 2022, agriculture contributed around 0.76 percent to the United Kingdom's GDP, 16.68 percent came from the manufacturing industry, and 72.17 percent from the services sector. The vast majority of the UK's GDP is generated by the services sector, and tourism in particular keeps the economy going.

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.

The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 or $26.64 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. 448,753,823 (EU27, 1 January 2023 prov.

The new report, by Cambridge Econometrics commissioned by City Hall (1), also shows that London's economy has shrunk by more than £30billion. The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year as a result of Brexit, the report reveals.

For most of the past two decades, growth in US GDP has surpassed growth in the United Kingdom and the eurozone. That trend has continued since the Covid-19 pandemic. Note: The absolute level of GDP across the three economies is indexed to 100 in 2000 to better compare changes.

Following the latest revisions, data for Q2 2023 show that the UK economy has grown by 1.8% since Q4 2019, compared to France's 1.7%.

India recently became the fifth-largest economy in the world, according to the latest GDP calculations from the International Monetary Fund (IMF).

What is the 5th largest economy in the world? ›

California is the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior, according to the U.S. Bureau of Economic Analysis (BEA). On a per capita basis, California is the second largest economy in the world.

The former British colony leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund.

With a fast-growing economy, a strong labour market and falling inflation, the US has outpaced its counterparts in Europe and elsewhere. In terms of GDP, it posted a 3.3% gain in the fourth quarter of 2023, far exceeding economists' expectations of 2%.