The 10 largest economies in the world by GDP

Japan is the third largest economy in the world representing about 6 percent of the total global economy at a nominal GDP of 5.1 trillion US dollars. European countries occupy the three other consecutive spots in the top ten with Germany, France, and the United Kingdom taking up fourth, fifth and sixth position respectively. India, Brazil, Italy, and Canada complete the top ten spots of the largest economies in the world. Below is an overview of the world’s largest economies in terms of Gross Domestic Product. The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing.

We explain each country in further detail and give examples of related instruments that are popularly traded across the globe. The U.S. has the highest national debt of any country, with $36.22 trillion as of Jan. 27, 2025. Ireland’s biggest exports are vaccines, packaged medicine, nitrogen compounds, integrated circuits, and scented mixtures.

Start trading with a live account orTry a demo with £10,000 of virtual funds. So, have you finished reading this article and want to get started spread betting or trading CFDs on our platform? Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market. The Saudi government has also begun to at least partially privatize Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019. France’s GDP growth in the coming years will be higher than that of Germany and Italy but merely average by EU standards.

• GDP can be calculated by adding up all of the money spent by consumers, businesses, and governments in a given period.
• Countries began to recover in 2021 from massive GDP drops in 2020 due to the COVID-19 pandemic, which had a major impact on economies around the world.
• America’s biggest contributor to GDP is the economy’s service sector, which includes finance, real estate, insurance, professional and business services, and healthcare.
• Canada also has impressive manufacturing and service sectors, based mostly in urban areas near the U.S. border.

The top 20 largest economies in the world by GDP

A flexible labor market and well-performing education system are key strengths. It is calculated by adding up the value of consumption, investment, government spending, and net exports (exports minus imports). This calculation provides an overall picture of a country’s economic activity and helps economists and policymakers analyse economic growth and development. GDP serves as a key metric for assessing the magnitude of a nation’s economy. This article aims to provide insight into the ten largest economies in the world in 2024, arranged by their GDP. Germany is the biggest economy in the European Union with an annual nominal GDP of 4.2 trillion US dollars placing it in the fourth position globally.

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Another important factor to consider is that China has a population of over 1.4 billion people. This number means the country has an impressive consumer base ready to create demand for more quality products and services, especially with the growth of a significant middle class. In this article, you’ll learn more about gross domestic product (GDP) and how it’s used to measure economic growth. It probably comes as no big surprise that the United States is at the top of the list. The U.S. has been a major component of the World GDP since at least the Second World War, and because the dollar is the world’s reserve currency, it is both a domestic powerhouse and a target for lots of foreign investment.

Japan

Countries consistently measure GDP growth as a way to determine how the economy is performing and what actions need to be taken to create steady growth. Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth.

It derives advantage from its proficient labour force, robust research and development initiatives, and a pronounced commitment to fostering innovation. India is projected to become the world’s fourth-largest economy in 2025 by nominal GDP, surpassing Japan, according to IMF estimates. California remained the world’s fourth-largest economy by a narrow margin as 2025 started. GDP is calculated by adding together the total consumption, government spending, investments, and net exports. France is a mixed economy that has many private and semi-private businesses across a diverse range of industries.

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Also, the US dollar is the preeminent reserve currency of the world, strengthening its power in international negotiations and trades. Gross domestic product (GDP) is the total value of goods and services a country produces during a specific amount of time, usually a year. Understanding our global economic landscape and knowing the top richest nations in the world can help us get a better view of our collective financial future.

Retail inflation fell to 4.6% in 2024–25, the lowest level since 2018–19. With this strong economic progress, India is on track to become the world’s third-largest economy by 2030, with a projected GDP of $7.3 trillion. What’s even more remarkable is the role played by the State Bank of India (SBI) in this story. The report noted that SBI, the country’s largest bank, contributed USD 44 billion through its asset growth. This contribution alone made up 1.1% of the entire increase in global GDP during FY25—a share bigger than the economic impact of many smaller countries.

Turkey has a largely open economy, with large industrial and service sectors. Major industries include electronics, petrochemicals, and automotive production. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Turkey’s economic future in recent years.

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• Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market.
• GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports.
• The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing.
• In recent years, the high level of unemployment which stands at 9.6 percent poses a considerable challenge to economic growth.
• Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth.

Being the most visited country in the world, tourism contributes largely to France’s GDP, but agriculture is also a key factor, with the country exporting wine, cheese, and dairy products to the world. Despite all of those advantages, India has a problem when it comes to poverty and inequality. The gap between the very rich and the very poor is growing inside the country, and a large part of its population still lives in bad conditions.

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However, the agricultural sector, which employs a large portion of the population and still accounts for around a fifth of the economy, remains less productive and vulnerable to climate risks. Major economies issue reserve currencies, such as the US dollar (USD), euro (EUR), and Japanese yen (JPY). These currencies dominate global trade and forex markets, with central bank policies and economic indicators driving exchange rate fluctuations. Economic growth, interest rate decisions, and inflation reports from large economies can impact currency valuations, affecting international capital flows.

largest Economies in the world by GDP, 2024

Canada’s fortunes as the ninth-largest economy in the world are thickly entwined with those of its southern arum capital forex broker review neighbor, the United States. The largest economy in Asia is China, with a nominal GDP of over $18,270 billion in 2025. The Supreme Court, in Randhir Singh v. Union of India and other landmark rulings, has held that this principle must extend to contractual and daily wage employees performing the same work as regular staff.

Additionally, the proper management of environmental resources could set up new leaders on the global economic stage. Countries are sorted by nominal GDP estimates from financial and statistical institutions and are calculated at market or government official exchange rates. Nominal GDP doesn’t take into account the differences in the cost of living in different countries and results can vary from year to year based on fluctuations with any given country’s currency exchange rates.

Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade agreements with the United States, Canada, and 50 other countries. Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products. Though services is the main economic sector, Germany also has a strong industrial base; the manufacturing sector is around twice as big as that of other G7 economies as a share of GDP.