GDP was first used by US economist Simon during 1935-44. This word was introduced by Simon in America. That was the time when the world’s banking institutions were managing to estimate the economic growth, most of them could not find a word for it. When Simon showed this word by defining this GDP word in the US Congress, then the International Monetary Fund (IMF), the International Monetary Fund, started using the word. Gross Domestic Product (GDP) is the scale or means of measuring the economic health of any country. GDP is calculated in India every quarter. The GDP figure is based on the growth rate of production in the major production areas of the economy. There are three major components of agriculture, industry, and services under GDP. In these areas, the GDP rate is fixed on the basis of average increase or decrease in production.
How is GDP Presented?
GDP is presented in two ways because of the prices of production continue to decline with inflation. This scale is the constant price, under which the rate of production and production of GDP is fixed at the cost of production in a base year whereas the second scale is the current price, which includes the inflation rate of the production year.
What is Constant Price in GDP?
The Statistical Department of India decides a base year for evaluation of production and services. During this year, prices are determined based on prices and comparative growth rates, and this is the cost price of GDP. This is done so that it can be measured accurately by keeping GDP rates apart from inflation.
Current Price in GDP
If the rate of inflation is added to the production value of GDP, then we get the current price of economic production. This means that you have to add the cost price to the GDP at an immediate inflation rate.
GDP (Nominal) Ranking 2018: Top 50 Countries
Rank | Country/Economy | GDP (Nominal) (billions of $) | Growth (%) | GDP per capita (Nominal) ($) | Continent | |||||
---|---|---|---|---|---|---|---|---|---|---|
2018 | % Share | diff | 2023 | Rank | 2018 | Rank | ||||
1 | United States | 20,412.87 | 23.3 | – | 24,537 | 1 | 2.27 | 62,152 | 9 | North America |
2 | China | 14,092.51 | 16.1 | 6320 | 21,574 | 2 | 6.86 | 10,088 | 72 | Asia |
3 | Japan | 5,167.05 | 5.90 | 8925 | 5,962 | 3 | 1.71 | 40,849 | 25 | Asia |
4 | Germany | 4,211.64 | 4.81 | 955 | 5,272 | 4 | 2.51 | 50,842 | 17 | Europe |
5 | United Kingdom | 2,936.29 | 3.36 | 1275 | 3,477 | 7 | 1.79 | 44,177 | 23 | Europe |
6 | France | 2,925.10 | 3.34 | 11.2 | 3,586 | 6 | 1.85 | 44,934 | 21 | Europe |
7 | India | 2,848.23 | 3.25 | 76.9 | 4,663 | 5 | 6.74 | 2,135 | 142 | Asia |
8 | Italy | 2,181.97 | 2.49 | 666 | 2,554 | 9 | 1.47 | 35,914 | 27 | Europe |
9 | Brazil | 2,138.92 | 2.44 | 43.1 | 2,717 | 8 | 0.98 | 10,224 | 71 | South America |
10 | Canada | 1,798.51 | 2.06 | 340 | 2,434 | 10 | 3.00 | 48,466 | 20 | North America |
11 | Russia | 1,719.90 | 1.97 | 78.6 | 1,974 | 12 | 1.55 | 11,947 | 65 | Europe |
12 | Korea | 1,693.25 | 1.94 | 26.7 | 2,155 | 11 | 3.09 | 32,775 | 29 | Asia |
13 | Spain | 1,506.44 | 1.72 | 187 | 1,875 | 14 | 3.05 | 32,559 | 31 | Europe |
14 | Australia | 1,500.26 | 1.71 | 6.18 | 1,958 | 13 | 2.27 | 59,655 | 11 | Oceania |
15 | Mexico | 1,212.83 | 1.39 | 287 | 1,586 | 15 | 2.04 | 9,723 | 74 | North America |
16 | Indonesia | 1,074.97 | 1.23 | 138 | 1,549 | 16 | 5.07 | 4,052 | 116 | Asia |
17 | Netherlands | 945.33 | 1.08 | 130 | 1,168 | 18 | 3.11 | 55,185 | 13 | Europe |
18 | Turkey | 909.89 | 1.04 | 35.4 | 1,224 | 17 | 7.05 | 11,114 | 68 | Asia |
19 | Saudi Arabia | 748.00 | 0.855 | 162 | 866.0 | 21 | -0.74 | 22,650 | 42 | Asia |
20 | Switzerland | 741.69 | 0.848 | 6.32 | 929.3 | 19 | 1.07 | 86,835 | 2 | Europe |
21 | Argentina | 625.92 | 0.715 | 116 | 831.7 | 22 | 2.86 | 14,044 | 60 | South America |
22 | Poland | 614.19 | 0.702 | 11.7 | 793.2 | 23 | 4.55 | 16,180 | 55 | Europe |
23 | Taiwan Province of China | 613.30 | 0.701 | 0.90 | 659.6 | 26 | 2.79 | 25,977 | 37 | Asia |
24 | Sweden | 600.77 | 0.687 | 12.5 | 745.0 | 24 | 2.40 | 58,345 | 12 | Europe |
25 | Belgium | 562.23 | 0.643 | 38.5 | 685.8 | 25 | 1.71 | 49,272 | 18 | Europe |
26 | Thailand | 483.74 | 0.553 | 78.5 | 649.9 | 27 | 3.90 | 6,992 | 85 | Asia |
27 | Austria | 477.67 | 0.546 | 6.07 | 595.4 | 28 | 2.90 | 53,764 | 14 | Europe |
28 | Norway | 443.25 | 0.507 | 34.4 | 520.6 | 31 | 1.81 | 82,711 | 5 | Europe |
29 | Islamic Republic of Iran | 418.88 | 0.479 | 24.4 | 472.3 | 36 | 4.28 | 5,086 | 102 | Asia |
30 | United Arab Emirates | 411.83 | 0.471 | 7.05 | 515.4 | 32 | 0.53 | 39,484 | 26 | Asia |
31 | Nigeria | 408.61 | 0.467 | 3.21 | 873.9 | 20 | 0.82 | 2,108 | 143 | Africa |
32 | Ireland | 385.14 | 0.440 | 23.5 | 505.6 | 33 | 7.81 | 80,641 | 6 | Europe |
33 | Israel | 373.75 | 0.427 | 11.4 | 482.1 | 35 | 3.32 | 42,115 | 24 | Asia |
34 | South Africa | 370.89 | 0.424 | 2.86 | 455.8 | 39 | 1.32 | 6,459 | 91 | Africa |
35 | Denmark | 369.76 | 0.423 | 1.13 | 465.4 | 38 | 2.11 | 63,830 | 8 | Europe |
36 | Malaysia | 364.92 | 0.417 | 4.84 | 568.0 | 29 | 5.90 | 11,237 | 67 | Asia |
37 | Hong Kong SAR | 364.78 | 0.417 | 0.14 | 489.8 | 34 | 3.82 | 48,829 | 19 | Asia |
38 | Singapore | 349.66 | 0.400 | 15.1 | 437.8 | 41 | 3.62 | 61,767 | 10 | Asia |
39 | Philippines | 332.45 | 0.380 | 17.2 | 523.0 | 30 | 6.67 | 3,095 | 131 | Asia |
40 | Colombia | 327.98 | 0.375 | 4.47 | 435.0 | 42 | 1.77 | 6,581 | 89 | South America |
41 | Pakistan | 324.73 | 0.289 | 3.25 | 471.4 | 37 | 5.28 | 1615 | 151 | Asia |
42 | Finland | 289.56 | 0.331 | 35.2 | 356.8 | 47 | 2.99 | 52,422 | 15 | Europe |
43 | Bangladesh | 285.82 | 0.327 | 3.74 | 444.2 | 40 | 7.14 | 1,734 | 150 | Asia |
44 | Chile | 280.27 | 0.320 | 5.55 | 359.8 | 45 | 1.47 | 15,087 | 58 | South America |
45 | Egypt | 253.25 | 0.289 | 27.0 | 367.6 | 44 | 4.23 | 2611 | 135 | Africa |
46 | Czech Republic | 251.58 | 0.288 | 1.67 | 358.2 | 46 | 4.29 | 23,750 | 40 | Europe |
47 | Portugal | 248.89 | 0.284 | 2.69 | 301.8 | 50 | 2.67 | 24,237 | 39 | Europe |
48 | Romania | 245.59 | 0.281 | 3.30 | 350.6 | 48 | 7.00 | 12,575 | 63 | Europe |
49 | Vietnam | 240.78 | 0.275 | 4.81 | 373.8 | 43 | 6.81 | 2,546 | 137 | Asia |
50 | Peru | 231.57 | 0.265 | 9.21 | 311.2 | 49 | 2.51 | 7,199 | 84 | South America |
World | 87,505 | 114,353 | 11,727 |
GDP (PPP) Ranking in 2018: Top 50 Countries
Rank | Country/Economy< | GDP (PPP) (billions of Int. $) | Growth (%) | GDP per capita (PPP) (Int. $) | Continent | |||||
---|---|---|---|---|---|---|---|---|---|---|
2018 | % Share | diff | 2023 | Rank | 2018 | Rank | ||||
1 | China | 25,238.56 | 18.7 | – | 37,067 | 1 | 6.86 | 18,066 | 79 | Asia |
2 | United States | 20,412.87 | 15.1 | 4826 | 24,537 | 2 | 2.27 | 62,152 | 12 | North America |
3 | India | 10,385.43 | 7.69 | 10027 | 16,785 | 3 | 6.74 | 7,784 | 126 | Asia |
4 | Japan | 5,619.49 | 4.16 | 4766 | 6,358 | 4 | 1.71 | 44,426 | 31 | Asia |
5 | Germany | 4,373.95 | 3.24 | 1246 | 5,171 | 5 | 2.51 | 52,801 | 18 | Europe |
6 | Russia | 4,168.88 | 3.09 | 205 | 4,933 | 7 | 1.55 | 28,958 | 54 | Europe |
7 | Indonesia | 3,492.21 | 2.59 | 677 | 5,033 | 6 | 5.07 | 13,162 | 99 | Asia |
8 | Brazil | 3,388.96 | 2.51 | 103 | 4,168 | 8 | 0.98 | 16,199 | 84 | South America |
9 | United Kingdom | 3,028.57 | 2.24 | 360 | 3,598 | 9 | 1.79 | 45,566 | 28 | Europe |
10 | France | 2,960.25 | 2.19 | 68.3 | 3,544 | 10 | 1.85 | 45,474 | 29 | Europe |
11 | Mexico | 2,571.68 | 1.91 | 389 | 3,267 | 11 | 2.04 | 20,617 | 68 | North America |
12 | Italy | 2,399.83 | 1.78 | 172 | 2,755 | 13 | 1.47 | 39,500 | 35 | Europe |
13 | Turkey | 2,320.64 | 1.72 | 79.2 | 3,053 | 12 | 7.05 | 28,347 | 55 | Asia |
14 | Korea | 2,138.24 | 1.58 | 182 | 2,693 | 14 | 3.09 | 41,388 | 32 | Asia |
15 | Spain | 1,864.11 | 1.38 | 274 | 2,240 | 17 | 3.05 | 40,290 | 33 | Europe |
16 | Canada | 1,847.08 | 1.37 | 17.0 | 2,216 | 18 | 3.00 | 49,775 | 24 | North America |
17 | Saudi Arabia | 1,844.75 | 1.37 | 2.33 | 2,250 | 16 | -0.74 | 55,859 | 15 | Asia |
18 | Islamic Republic of Iran | 1,749.43 | 1.30 | 95.3 | 2,356 | 15 | 4.28 | 21,241 | 67 | Asia |
19 | Australia | 1,312.53 | 0.972 | 437 | 1,653 | 21 | 2.27 | 52,191 | 20 | Oceania |
20 | Thailand | 1,310.57 | 0.971 | 1.96 | 1,721 | 20 | 3.90 | 18,944 | 75 | Asia |
21 | Egypt | 1,292.75 | 0.902 | 17.8 | 1 | 19 | 4.23 | 2,611 | 135 | Africa |
22 | Taiwan Province of China | 1,234.86 | 0.915 | 57.9 | 1,498 | 24 | 2.79 | 52,305 | 19 | Asia |
23 | Poland | 1,193.11 | 0.884 | 41.8 | 1,517 | 23 | 4.55 | 31,430 | 48 | Europe |
24 | Nigeria | 1,168.40 | 0.866 | 24.7 | 1,417 | 26 | 0.82 | 6,027 | 134 | Africa |
25 | Pakistan | 1,141.21 | 0.796 | 27.2 | 1 | 22 | 5.28 | 1,615 | 151 | Asia |
26 | Malaysia | 1,002.06 | 0.742 | 139 | 1,397 | 27 | 5.90 | 30,858 | 50 | Asia |
27 | Netherlands | 966.74 | 0.716 | 35.3 | 1,176 | 29 | 3.11 | 56,436 | 14 | Europe |
28 | Argentina | 959.53 | 0.711 | 7.21 | 1,235 | 28 | 2.86 | 21,529 | 66 | South America |
29 | Philippines | 955.22 | 0.708 | 4.31 | 1,466 | 25 | 6.67 | 8,893 | 120 | Asia |
30 | South Africa | 794.71 | 0.589 | 161 | 954.1 | 33 | 1.32 | 13,840 | 93 | Africa |
31 | Bangladesh | 751.95 | 0.557 | 42.8 | 1,159 | 30 | 7.14 | 4,561 | 144 | Asia |
32 | Colombia | 750.28 | 0.556 | 1.67 | 980.4 | 32 | 1.77 | 15,055 | 89 | South America |
33 | United Arab Emirates | 716.17 | 0.531 | 34.1 | 916.0 | 34 | 0.53 | 68,662 | 8 | Asia |
34 | Vietnam | 705.77 | 0.523 | 10.4 | 1,062 | 31 | 6.81 | 7,463 | 127 | Asia |
35 | Iraq | 694.65 | 0.515 | 11.1 | 883.9 | 35 | -0.80 | 17,429 | 82 | Asia |
36 | Algeria | 666.96 | 0.494 | 27.7 | 783.8 | 36 | 1.99 | 15,758 | 86 | Africa |
37 | Singapore | 554.86 | 0.411 | 112 | 694.4 | 37 | 3.62 | 98,014 | 4 | Asia |
38 | Belgium | 550.66 | 0.408 | 4.19 | 652.6 | 40 | 1.71 | 48,258 | 25 | Europe |
39 | Sweden | 546.53 | 0.405 | 4.13 | 663.5 | 39 | 2.40 | 53,078 | 17 | Europe |
40 | Switzerland | 541.35 | 0.401 | 5.18 | 649.2 | 41 | 1.07 | 63,380 | 11 | Europe |
41 | Romania | 517.51 | 0.383 | 23.8 | 664.9 | 38 | 7.00 | 26,499 | 60 | Europe |
42 | Kazakhstan | 503.89 | 0.373 | 13.6 | 645.6 | 42 | 3.99 | 27,293 | 58 | Asia |
43 | Hong Kong SAR | 482.10 | 0.357 | 21.8 | 616.3 | 43 | 3.82 | 64,533 | 10 | Asia |
44 | Chile | 476.82 | 0.353 | 5.29 | 610.5 | 44 | 1.47 | 25,668 | 62 | South America |
45 | Austria | 461.43 | 0.342 | 15.4 | 548.5 | 47 | 2.90 | 51,936 | 21 | Europe |
46 | Peru | 450.15 | 0.333 | 11.3 | 599.2 | 45 | 2.51 | 13,994 | 92 | South America |
47 | Czech Republic | 397.73 | 0.295 | 52.4 | 497.0 | 49 | 4.29 | 37,546 | 39 | Europe |
48 | Norway | 396.92 | 0.294 | 0.81 | 479.6 | 51 | 1.81 | 74,065 | 7 | Europe |
49 | Ukraine | 389.20 | 0.288 | 7.72 | 512.5 | 48 | 2.53 | 9,215 | 118 | Europe |
50 | Ireland | 381.72 | 0.283 | 7.48 | 491.9 | 50 | 7.81 | 79,925 | 5 | Europe |
World | 134,981 | 178,018 | 18,089 |
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