The top 15 economies add up to over 75% of the world’s economy leaving 172 countries to make up the remaining 25%. It is a concerning statistic and it is no surprise which of these countries feature in the top 10 based on their gross domestic product (GDP)
This is a list of the top 10 economies based on GDP as of June 2016:
- The United States
- The United States have one of the world’s biggest economies boasting a cool $17.95 trillion ultimately making up approximately 24.5% of the gross world product.
- With some of the best technology, infrastructure and natural resources, the U.S has managed to remain a superpower of the world in regards to their economy.
- China’s GDP is $19.4 trillion and the U.S. GDP is $17.95 trillion. However, the U.S. is way ahead of China in terms of GDP Per Capita (PPP).
- The U.S. economy loses its spot as the number one by a small margin to China when measured in terms of PPP.
- China has bridged the gap tremendously to the United States by manufacturing and exporting over the past 40 years.
- Nominal GDP remains the difference between China and the United States.
- China is currently a $10.98 trillion economy and has been growing by 7% in the recent years, although that growth is halting.
- Struggling since 2008, the Japanese Government’s stimulus packages have helped the economy recover a bit, but the massive earthquake in 2011 was disastrous.
- Economic growth is forecasted to stay below 1% during the next six years.
- Japan is sitting at $4.83 trillion.
- Sitting first in Europe and fourth overall, Germany is known for its exports of machinery, vehicles, household equipment, and chemicals.
- Germany his facing ongoing demographic challenges like most European nations.
- It has a value of $3.84 trillion and is expected to sit between 1 and 2% in the coming years.
- The United Kingdom, with a $2.85 trillion GDP.
- The economy of the UK is driven by the services sector as it contributes more than 75% of the GDP.
- The outcome of Brexit could result in a loss of anywhere from 2.2-9.5% of GDP depending on a range of other factors.
Rounding out the top 10
France ($2.42 trillion)
India ($2.09 trillion)
The GDP measured in purchasing-power-parity for the economy is estimated at $2.17 trillion
Brazil ($1.77 trillion)
Canada ($1.55 trillion)
Other nations boasting high numbers just outside of the top 10: Russia ($1.32 trillion), Australia ($1.22 trillion), Spain ($1.2 trillion), and Mexico ($1.14 trillion).
There will be a similar piece in the third quarter of this year!