Worldwide GDP from 1980 to 2029, by countries

The 2024 GDP data, presented in both current prices (US dollars) and PPP (Purchasing Power Parity) terms, reveals significant insights about the global economic landscape and power distribution. Looking at current prices, the United States maintains its position as the world’s largest economy at $28.78 trillion, followed by China at $18.53 trillion. However, when adjusted for purchasing power parity, the picture changes dramatically with China leading at $35.29 trillion, followed by the USA at $28.78 trillion, highlighting the significant impact of price level differences and cost of living variations between countries. The positioning of other major economies shows interesting patterns. In nominal terms, Germany ($4.59 trillion), Japan ($4.11 trillion), and India ($3.94 trillion) round out the top five. However, when viewed through PPP, India’s economy appears substantially larger at $14.59 trillion, placing it firmly as the world’s third-largest economy. This dramatic difference between nominal and PPP values for India underscores the significant role that price levels play in international economic comparisons.

Regional analysis reveals compelling patterns. The European Union collectively represents $18.98 trillion in nominal GDP, with the Euro area accounting for $16.07 trillion, demonstrating Europe’s significant economic weight. Advanced economies total $63.81 trillion in nominal terms, while emerging market and developing economies account for $45.72 trillion. However, in PPP terms, emerging market and developing economies surpass advanced economies with $110.26 trillion versus $75.42 trillion, highlighting the growing economic influence of developing nations. Emerging and Developing Asia shows particular strength, representing $26.69 trillion in nominal terms and an impressive $63.32 trillion in PPP terms, demonstrating the region’s significant economic capacity when accounting for local purchasing power. The ASEAN-5 economies contribute $3.47 trillion nominally and $9.86 trillion in PPP terms, indicating their growing economic importance.

The total world GDP stands at $109.53 trillion in nominal terms and $185.68 trillion in PPP terms, with the difference highlighting the significant impact of price level variations across countries. The G7 economies (Major advanced economies) account for $48.68 trillion nominally and $55.03 trillion in PPP terms, showing their continued significance but also revealing that their share of global economic activity is smaller when accounting for purchasing power differences. Regional disparities are evident, with Sub-Saharan Africa representing $1.9 trillion nominally and $5.85 trillion in PPP terms, highlighting both the challenges and potential for growth in this region. Latin America and the Caribbean show stronger figures at $7 trillion nominally and $13.36 trillion in PPP terms, while the Middle East and Central Asia represent $4.97 trillion nominally and $13.93 trillion in PPP terms, reflecting the significant impact of oil wealth and diverse economic structures in these regions.