This article needs to be updated. Please help update this article to reflect recent events or newly available information.(May 2016)
This list of countries by largest GDP shows how the membership and rankings of the world's ten largest economies has changed. While the United States has consistently had the world's largest economy for some time, in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also fluctuated.
The ten largest economies by average values of GDP (nominal)[a] by every half decade from the available data in IMF, World Bank, and United Nations lists (in USD billions)[1][2][3][4]
The ten largest economies by average values of GDP (PPP)[b] by every half decade from the available data in IMF and World Bank lists (in USD billions)[5][6][7][8][9]
It currently produces 17% of global GDP (nominal) and 14.5% of global GDP (PPP) in 2023.
United Statesedit
The United States represented 28.69% of the world's economy in 1960 (highest point). It accounted for 1.8% of the world's economy in 1820, 8.9% in 1870, and 18.9% in 1913. The United States produced 25.3% (nominal) and 15.5% of global GDP (PPP) in 2022.[11]
Chinaedit
China represented 1.61% of the world's economy in 1987 (lowest point), rising to 18.4% (nominal) and 19% (PPP) in 2022. It accounted for 25.4% of global GDP in 1 CE, 29% of world global output in 1600 CE, 17.3% of the world's economy in 1870, and 33% in 1820 (its highest point). China's share of global GDP varied from a quarter to a third of global output between the year 1 until the late 19th century.[11]
Indiaedit
Golden economic era during native Hindu-Buddhist rule: The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.[12][13][14] India remained world's largest GDP since 1 CE till 1820, when it fell from the top rank to become the second-largest economy in the world behind China,[15] due to the exploitative British colonial rule.[16][17][18][19] In the year 1CE India accounted for 32 per cent of the world's GDP (its highest point). The gross domestic product of India in 1500 was estimated at about 24.4% of the world's economy, 22.4% in 1600, 16% in 1820, and 12.1% in 1870.[20]
Economic decline during the exploitative foreign-origin Islamic and Christian European colonial rule: During the Mughal Empire (foreign-origin Islamic invaders[21][22] who settled in India), India's GDP (PPP) per capita became stagnant and started to decline prior to the British colonial rule.[13]
Under the British colonial rule, India's share of the world economy declined from 24.4% in 1700 down to 4.2% in 1950.[13] India's share of global industrial output declined from 25% in 1750 down to 2% in 1900.[23] At the same time, United Kingdom's share of the world economy rose from 2.9% in 1700 up to 9% in 1870.[24] India served as both a significant supplier of raw goods to British manufacturers controlling the British Empire and a large captive market for British manufactured goods.[25]
British Colonial exploitative economic policies gave them a monopoly over India's large market and resources and their double-edged exploitative protectionist policies killed the Indian economy while Britain rapidly progressed at the expense of India. For example, bans and high tariffs were implemented to restrict Indian textiles from being sold in Britain and the rest of British Empire, whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market at high premium.[24][26][27]
Economic rise after independence: India's share of global GDP declined to less than 2% of global GDP by the time of it's independence from the British colonial rule,[23] and would only gradually rise after the liberalization of its economy beginning in the 1990's.[28][29] The Republic of India currently contributes 3.6% of world GDP (nominal) and 7.5% of global GDP (PPP) in 2023. India is currently ranked on 3rd place in GDP (PPP) and 5th on GDP (Nominal), with current and projected GDP growth rate consistently among top 5 major economies.
Notesedit
^This is, the absolute gross domestic product or total productive output of a country, not corrected by cost of life.
^Purchasing power parity (PPP) is the exchange-rate-adjusted GDP, accounting for the value of money in different countries.
^"Report for Selected Countries and Subjects". www.imf.org.
^Elliott, Larry (January 6, 2011). "GDP projections from PwC: how China, India and Brazil will overtake the West by 2050". the Guardian.
^. Ers.usda.gov. Archived from the original on 2013-09-08. Retrieved 2014-01-19.
^ abAzar Gat (2008). War in Human Civilization. Oxford University Press. p. 517. ISBN978-0-19-923663-3.
^Maddison, Angus (2007). Contours of the World Economy 1–2030 AD: Essays in Macro-Economic History. Oxford University Press. p. 379. ISBN 978-0-19-164758-1. Archived from the original on 9 November 2023.
^ abcMaddison, Angus (2003): Development Centre Studies The World Economy Historical Statistics: Historical Statistics, OECD Publishing, ISBN 9264104143, page 261.
^Broadberry, Stephen; Gupta, Bishnupriya (2005). "Cotton textiles and the great divergence: Lancashire, India and shifting competitive advantage, 1600–1850" (PDF). International Institute of Social History. Department of Economics, University of Warwick. Retrieved 5 December 2016.
^Robb, Peter (17 January 2004). A History of India. Palgrave Macmillan. ISBN978-0-333-69129-8., pp=131–34.
^James Cypher (2014). The Process of Economic Development. Routledge.
^"Groningen Growth and Development Centre". University of Groningen. July 27, 2016.
^Richards, John F. (1995), The Mughal Empire, Cambridge University Press, p. 2, ISBN978-0-521-56603-2, from the original on 22 September 2023, retrieved 9 August 2017 Quote: "First two Timurid (Mughal) emperors and many of their noblemen were recent migrants to the subcontinent...the Mughal Empire emerged from the Indian historical experience. It was the end product of a millennium of Muslim conquest, colonization, and state-building in the Indian subcontinent."
^Gilbert, Marc Jason (2017), South Asia in World History, Oxford University Press, p. 62, ISBN978-0-19-066137-3, retrieved 15 July 2019 Quote: "Babur then adroitly gave the Ottomans his promise not to attack them in return for their military aid, which he received in the form of the newest of battlefield inventions, the matchlock gun and cast cannons, as well as instructors to train his men to use them."
^ abCite error: The named reference williamson was invoked but never defined (see the help page).
^ abJames Cypher (2014). The Process of Economic Development. Routledge. ISBN978-1-136-16828-4. from the original on 9 November 2023. Retrieved 26 August 2017.
^Broadberry, Stephen; Gupta, Bishnupriya (2005). "Cotton textiles and the great divergence: Lancashire, India and shifting competitive advantage, 1600–1850" (PDF). International Institute of Social History. Department of Economics, University of Warwick. (PDF) from the original on 10 September 2016. Retrieved 5 December 2016.
^"Where does India stand in the list of world's largest economies?". Times Now. 2 April 2020. from the original on 17 June 2022. Retrieved 17 June 2022.
^"PRESS NOTE ON SECOND ADVANCE ESTIMATES OF NATIONAL INCOME 2017–18" (PDF). Ministry of Statistics and Programme Implementation. (PDF) from the original on 16 May 2018. Retrieved 26 May 2018.
February 16, 2024
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This article needs to be updated Please help update this article to reflect recent events or newly available information May 2016 This list of countries by largest GDP shows how the membership and rankings of the world s ten largest economies has changed While the United States has consistently had the world s largest economy for some time in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also fluctuated Contents 1 Overview of the ten largest economies 1 1 By average values of GDP nominal 1 2 By average values of GDP PPP 2 World Bank statistics of the ten largest economies by GDP PPP 3 Angus Maddison statistics of the ten largest economies by GDP PPP 4 Main GDP countries 4 1 European Union 4 2 United States 4 3 China 4 4 India 5 Notes 6 ReferencesOverview of the ten largest economies editBy average values of GDP nominal edit The ten largest economies by average values of GDP nominal a by every half decade from the available data in IMF World Bank and United Nations lists in USD billions 1 2 3 4 Year 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th2020 nbsp United States20 936 600 nbsp China14 772 731 nbsp Japan5 064 873 nbsp Germany3 806 060 nbsp United Kingdom2 707 744 nbsp India2 622 984 nbsp France2 603 004 nbsp Italy1 886 445 nbsp Canada1 643 408 nbsp South Korea1 630 5252015 nbsp United States18 036 650 nbsp China11 226 186 nbsp Japan4 382 420 nbsp Germany3 365 293 nbsp United Kingdom2 863 304 nbsp France2 420 163 nbsp India2 088 155 nbsp Italy1 825 820 nbsp Brazil1 801 482 nbsp Canada1 552 8082010 nbsp United States14 964 400 nbsp China5 812 464 nbsp Japan5 793 455 nbsp Germany3 309 668 nbsp France2 560 002 nbsp United Kingdom2 246 079 nbsp Brazil2 087 889 nbsp Italy2 051 412 nbsp India1 729 010 nbsp Russia1 638 4632005 nbsp United States13 093 700 nbsp Japan4 755 980 nbsp Germany2 866 308 nbsp United Kingdom2 511 165 nbsp China2 308 786 nbsp France2 207 450 nbsp Italy1 855 834 nbsp Canada1 169 467 nbsp Spain1 159 257 nbsp South Korea898 1372000 nbsp United States10 284 750 nbsp Japan4 887 301 nbsp Germany1 955 673 nbsp United Kingdom1 442 316 nbsp France1 327 964 nbsp China1 214 912 nbsp Italy1 145 109 nbsp Canada742 319 nbsp Mexico683 650 nbsp Brazil655 4541995 nbsp Japan6 119 000 nbsp United States6 115 729 nbsp Germany2 594 371 nbsp France1 611 198 nbsp United Kingdom1 320 618 nbsp Italy1 171 510 nbsp Brazil786 479 nbsp China736 870 nbsp Spain612 413 nbsp Canada604 0341990 nbsp United States5 279 592 nbsp Japan 3 133 547 nbsp Soviet Union2 659 500 nbsp West Germany1 592 710 nbsp France1 278 666 nbsp Italy1 177 063 nbsp United Kingdom1 093 997 nbsp Mexico534 177 nbsp Brazil 533 945 nbsp Canada533 9201985 nbsp United States4 346 717 nbsp Soviet Union2 200 000 nbsp Japan 1 401 006 nbsp West Germany658 784 nbsp France559 846 nbsp United Kingdom534 244 nbsp Italy458 982 nbsp Canada364 771 nbsp China312 616 nbsp India237 6181980 nbsp United States2 862 492 nbsp Soviet Union1 212 000 nbsp Japan 1 099 695 nbsp West Germany919 609 nbsp France691 138 nbsp United Kingdom536 369 nbsp Italy459 829 nbsp Canada268 893 nbsp Brazil 235 024 nbsp China226 0031975 nbsp United States1 688 900 nbsp Soviet Union686 000 nbsp Japan 512 861 nbsp West Germany474 790 nbsp France355 608 nbsp United Kingdom236 414 nbsp Italy219 392 nbsp Canada173 487 nbsp China160 751 nbsp Brazil 115 8801970 nbsp United States1 075 900 nbsp Soviet Union433 400 nbsp Japan 209 071 nbsp West Germany208 868 nbsp France146 438 nbsp United Kingdom124 800 nbsp Italy109 257 nbsp China91 273 nbsp Canada87 734 nbsp India62 4941965 nbsp United States712 082 nbsp Soviet Union367 400 nbsp West Germany124 625 nbsp France102 161 nbsp United Kingdom100 596 nbsp Japan 90 950 nbsp China69 709 nbsp Italy67 978 nbsp India60 599 nbsp Canada53 9101960 nbsp United States520 531 nbsp Soviet Union142 400 nbsp West Germany92 172 nbsp United Kingdom72 328 nbsp France61 552 nbsp China61 378 nbsp Japan 44 307 nbsp Canada 41 093 nbsp Italy40 385 nbsp India36 604By average values of GDP PPP edit The ten largest economies by average values of GDP PPP b by every half decade from the available data in IMF and World Bank lists in USD billions 5 6 7 8 9 Year 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th2020 nbsp China24 273 360 nbsp United States20 936 600 nbsp India9 907 028 nbsp Japan5 328 033 nbsp Germany4 469 546 nbsp Russia4 133 084 nbsp Indonesia3 302 377 nbsp Brazil3 153 597 nbsp France3 115 307 nbsp United Kingdom3 019 0572015 nbsp China19 695 741 nbsp United States18 036 650 nbsp India8 003 405 nbsp Japan5 118 682 nbsp Germany3 860 114 nbsp Russia3 759 692 nbsp Brazil3 216 167 nbsp Indonesia2 849 796 nbsp United Kingdom2 700 627 nbsp France2 665 8632010 nbsp United States14 964 400 nbsp China12 405 881 nbsp India5 312 261 nbsp Japan4 485 871 nbsp Germany3 279 529 nbsp Russia3 240 905 nbsp Brazil2 803 368 nbsp France2 340 155 nbsp United Kingdom2 251 123 nbsp Italy2 075 8642005 nbsp United States13 093 700 nbsp China6 617 286 nbsp Japan4 056 757 nbsp India3 238 203 nbsp Germany2 804 578 nbsp Russia2 474 758 nbsp Brazil2 046 980 nbsp France2 046 601 nbsp United Kingdom2 008 467 nbsp Italy1 916 3692000 nbsp United States10 284 775 nbsp China3 698 622 nbsp Japan3 405 450 nbsp Germany2 430 427 nbsp India2 077 843 nbsp France1 678 332 nbsp Russia1 635 277 nbsp Italy1 628 105 nbsp Brazil1 579 824 nbsp United Kingdom1 556 0511995 nbsp United States7 664 075 nbsp Japan 2 965 536 nbsp China2 254 642 nbsp Germany2 033 711 nbsp India1 426 298 nbsp Russia1 389 470 nbsp Italy1 356 581 nbsp France1 337 635 nbsp Brazil1 306 756 nbsp United Kingdom1 224 0541990 nbsp United States5 279 575 nbsp Soviet Union nbsp Japan 2 431 093 nbsp West Germany1 636 133 nbsp Italy1 134 581 nbsp France1 112 013 nbsp China1 092 075 nbsp United Kingdom1 001 703 nbsp Brazil 1 000 682 nbsp India986 8961985 nbsp Soviet Union nbsp United States4 346 750 nbsp Japan 1 633 243 nbsp West Germany1 200 553 nbsp Italy1 044 727 nbsp France807 519 nbsp Brazil 776 449 nbsp United Kingdom722 892 nbsp China654 954 nbsp India633 6041980 nbsp United States2 862 475 nbsp Soviet Union nbsp Japan 1 027 017 nbsp West Germany866 222 nbsp Italy594 363 nbsp France578 363 nbsp Brazil 570 249 nbsp United Kingdom498 558 nbsp India452 711 nbsp China419 053World Bank statistics of the ten largest economies by GDP PPP editMain article World Bank historical list of ten largest countries by GDPAngus Maddison statistics of the ten largest economies by GDP PPP editMain article Angus Maddison statistics of the ten largest economies by GDP PPP See also List of regions by past GDP PPP Main GDP countries editThe United States Department of Agriculture has calculated the share of every country to global real GDP from 1969 to 2010 10 European Union edit It currently produces 17 of global GDP nominal and 14 5 of global GDP PPP in 2023 United States edit The United States represented 28 69 of the world s economy in 1960 highest point It accounted for 1 8 of the world s economy in 1820 8 9 in 1870 and 18 9 in 1913 The United States produced 25 3 nominal and 15 5 of global GDP PPP in 2022 11 China edit China represented 1 61 of the world s economy in 1987 lowest point rising to 18 4 nominal and 19 PPP in 2022 It accounted for 25 4 of global GDP in 1 CE 29 of world global output in 1600 CE 17 3 of the world s economy in 1870 and 33 in 1820 its highest point China s share of global GDP varied from a quarter to a third of global output between the year 1 until the late 19th century 11 India edit Golden economic era during native Hindu Buddhist rule The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century 12 13 14 India remained world s largest GDP since 1 CE till 1820 when it fell from the top rank to become the second largest economy in the world behind China 15 due to the exploitative British colonial rule 16 17 18 19 In the year 1CE India accounted for 32 per cent of the world s GDP its highest point The gross domestic product of India in 1500 was estimated at about 24 4 of the world s economy 22 4 in 1600 16 in 1820 and 12 1 in 1870 20 Economic decline during the exploitative foreign origin Islamic and Christian European colonial rule During the Mughal Empire foreign origin Islamic invaders 21 22 who settled in India India s GDP PPP per capita became stagnant and started to decline prior to the British colonial rule 13 Under the British colonial rule India s share of the world economy declined from 24 4 in 1700 down to 4 2 in 1950 13 India s share of global industrial output declined from 25 in 1750 down to 2 in 1900 23 At the same time United Kingdom s share of the world economy rose from 2 9 in 1700 up to 9 in 1870 24 India served as both a significant supplier of raw goods to British manufacturers controlling the British Empire and a large captive market for British manufactured goods 25 British Colonial exploitative economic policies gave them a monopoly over India s large market and resources and their double edged exploitative protectionist policies killed the Indian economy while Britain rapidly progressed at the expense of India For example bans and high tariffs were implemented to restrict Indian textiles from being sold in Britain and the rest of British Empire whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market at high premium 24 26 27 Economic rise after independence India s share of global GDP declined to less than 2 of global GDP by the time of it s independence from the British colonial rule 23 and would only gradually rise after the liberalization of its economy beginning in the 1990 s 28 29 The Republic of India currently contributes 3 6 of world GDP nominal and 7 5 of global GDP PPP in 2023 India is currently ranked on 3rd place in GDP PPP and 5th on GDP Nominal with current and projected GDP growth rate consistently among top 5 major economies Notes edit This is the absolute gross domestic product or total productive output of a country not corrected by cost of life Purchasing power parity PPP is the exchange rate adjusted GDP accounting for the value of money in different countries References edit World s largest economies CNNMoney National Accounts Analysis of Main Aggregates AMA unstats un org World Bank GDP Data December 2014 World Economic Outlook www imf org dead link IMF historical GDP PPP Data October 2014 Imf org 2015 10 06 Retrieved 2015 10 08 GDP PPP Table Data worldbank org 2014 12 16 Retrieved 2014 12 18 Welcome to World Bank Intranet PDF Report for Selected Countries and Subjects www imf org Elliott Larry January 6 2011 GDP projections from PwC how China India and Brazil will overtake the West by 2050 the Guardian Real Historical Gross Domestic Product GDP Shares and Growth Rates of GDP Shares USDA November 2009 Ers usda gov Archived from the original on 2013 09 08 Retrieved 2014 01 19 a b Azar Gat 2008 War in Human Civilization Oxford University Press p 517 ISBN 978 0 19 923663 3 Maddison Angus 2007 Contours of the World Economy 1 2030 AD Essays in Macro Economic History Oxford University Press p 379 ISBN 978 0 19 164758 1 Archived from the original on 9 November 2023 a b c Maddison Angus 2003 Development Centre Studies The World Economy Historical Statistics Historical Statistics OECD Publishing ISBN 9264104143 page 261 Paul Bairoch 1995 Economics and World History Myths and Paradoxes University of Chicago Press p 95 ISBN 978 0 226 03463 8 Maddison Angus 2006 The world economy Volumes 1 2 OECD Publishing p 638 doi 10 1787 456125276116 ISBN 978 92 64 02261 4 Retrieved 1 November 2011 Broadberry Stephen Gupta Bishnupriya 2005 Cotton textiles and the great divergence Lancashire India and shifting competitive advantage 1600 1850 PDF International Institute of Social History Department of Economics University of Warwick Retrieved 5 December 2016 Robb Peter 17 January 2004 A History of India Palgrave Macmillan ISBN 978 0 333 69129 8 pp 131 34 James Cypher 2014 The Process of Economic Development Routledge Paul Bairoch 1995 Economics and World History Myths and Paradoxes University of Chicago Press p 89 Archived from the original on 12 October 2017 Retrieved 8 August 2017 Groningen Growth and Development Centre University of Groningen July 27 2016 Richards John F 1995 The Mughal Empire Cambridge University Press p 2 ISBN 978 0 521 56603 2 archived from the original on 22 September 2023 retrieved 9 August 2017 Quote First two Timurid Mughal emperors and many of their noblemen were recent migrants to the subcontinent the Mughal Empire emerged from the Indian historical experience It was the end product of a millennium of Muslim conquest colonization and state building in the Indian subcontinent Gilbert Marc Jason 2017 South Asia in World History Oxford University Press p 62 ISBN 978 0 19 066137 3 retrieved 15 July 2019 Quote Babur then adroitly gave the Ottomans his promise not to attack them in return for their military aid which he received in the form of the newest of battlefield inventions the matchlock gun and cast cannons as well as instructors to train his men to use them a b Cite error The named reference williamson was invoked but never defined see the help page a b James Cypher 2014 The Process of Economic Development Routledge ISBN 978 1 136 16828 4 Archived from the original on 9 November 2023 Retrieved 26 August 2017 Henry Yule A C Burnell 2013 Hobson Jobson The Definitive Glossary of British India Oxford University Press p 20 ISBN 978 1 317 25293 1 Broadberry Stephen Gupta Bishnupriya 2005 Cotton textiles and the great divergence Lancashire India and shifting competitive advantage 1600 1850 PDF International Institute of Social History Department of Economics University of Warwick Archived PDF from the original on 10 September 2016 Retrieved 5 December 2016 Paul Bairoch 1995 Economics and World History Myths and Paradoxes University of Chicago Press p 89 Archived from the original on 12 October 2017 Retrieved 9 August 2017 Where does India stand in the list of world s largest economies Times Now 2 April 2020 Archived from the original on 17 June 2022 Retrieved 17 June 2022 PRESS NOTE ON SECOND ADVANCE ESTIMATES OF NATIONAL INCOME 2017 18 PDF Ministry of Statistics and Programme Implementation Archived PDF from the original on 16 May 2018 Retrieved 26 May 2018 Retrieved from https en wikipedia org w index php title List of countries by largest historical GDP amp oldid 1207245558, wikipedia, wiki, book, books, library,
