<blockquote><img class=img src="https://www.visualcapitalist.com/wp-content/uploads/2021/12/Global-GDP-by-Country-2021-V15-Mobile-1.jpg"></img><br><br>Just four countries - the U.S., China, Japan and Germany make up over half of the worlds economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the U.S. alone is greater than the combined GDP of 170 countries.<br><br>How do the different economies of the world compare' In this visualization we look at GDP by country in 2021, using data and estimates from the International Monetary Fund (IMF).<br><br><span style='color:blue;'><b><u>An Overview of GDP:</u></b></span><br><br>GDP serves as a broad indicator for a countrys economic output. It measures the total market value of final goods and services produced in a country in a specific time frame, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education.<br><br>Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).<br><br><span style='color:blue;'><b><u>Top 30 Richest Countries:</u></b></span><br><br>Who are the biggest contributors to the global economy' Here is the ranking of the 30 largest countries by GDP in 2021:<br><br><b>1. U.S. - $22.9 Trillion <br>2. China - $16.9 Trillion <br>3. Japan - $5.1 Trillion <br>4. Germany- $4.2 Trillion <br>5. UK - $3.1 Trillion <br>6. India - $2.9 Trillion <br>7. France - $2.9 Trillion <br>8. Italy - $2.1 Trillion <br>9. Canada - $2.0 Trillion <br>10. S/Korea - $1.8 Trillion <br>11. Russia - $1.6 Trillion <br>12. Brazil - $1.6 Trillion <br>13. Australia - $1.6 Trillion <br>14. Spain - $1.4 Trillion </b><br><b>15. Mexico - $1.3 Trillion <br>16. Indonesia - $1.2 Trillion <br>17. Iran - $1.1 Trillion <br>18. Netherlands - $1.0 Trillion <br>19. Saudi Arabia - $0.8 Trillion <br>20. Switzerland - $0.8 Trillion <br>21. Turkey - $0.8 Trillion <br>22. Taiwan - $0.8 Trillion <br>23. Poland- $0.7 Trillion <br>24. Sweden - $0.6 Trillion<br>25. Belgium - $0.6 Trillion<br>26. Thailand - $0.5 Trillion<br>27. Ireland - $0.5 Trillion<br>28. Austria - $0.5 Trillion <br>29. Nigeria - $0.5 Trillion<br>30. Israel - $0.5 Trillion</b><br><br>At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the countrys economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).<br><br>Chinas economy is second in nominal terms, hovering at near $17 trillion in GDP. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others.<br><br>The largest economy in Europe is Germany, which exports roughly 20% of the worlds motor vehicles. In 2019, overall trade equaled nearly 90% of the countrys GDP.<br><br><span style='color:blue;'><b><u>Top 10 Poorest Countries:</u></b></span><br><br>On the other end of the spectrum are the worlds smallest economies by GDP, primarily developing and island nations.<br><br>With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.<br><br>In addition, the country earns significant revenue from its TV web domain. Between 2011 and 2019, it earned $5 million annually from companies - including Amazon-owned Twitch to license the Twitch.tv domain name - equivalent to roughly 7% of the countrys GDP.<br><br><b>1. Tuvalu - $0.07 Billion<br>2. Nauru - $0.1 Billion<br>3. Palau - $0.2 Billion <br>4. Kiribati - $0.2 Billion<br>5. Marshall Islands - $0.2 Billion<br>6. Micronesia - $0.4 Billion <br>7. Cook Islands - $0.4 Billion <br>8. Tonga - $0.5 Billion<br>9. So Tom- $0.5 Billion <br>10. Dominica - $0.6 Billion</b><br><br>Like Tuvalu, many of the worlds smallest economies are in Oceania, including Nauru, Palau, and Kiribati. Additionally, several countries above rely on the tourism industry for over one-third of their employment.<br></blockquote><br><span style='font-size: 8pt;'><b>credit:</b></span> <b><a rel=ugc href="https://www.visualcapitalist.com/visualizing-the-94-trillion-world-economy-in-one-chart/"><span style='color:blue;'>Visual Capitalist</span></a></b>
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