Gross Domestic Product GDP

Select a country from the drop-down menu below to compare its actual growth rate and estimated potential growth rate over time. The bottom chart shows the difference between actual and potential growth, or its growth gap. Positive values on this chart indicate that a country is growing above potential; negative values indicate it is growing below potential. In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars.

Research spending at the state level

Gross domestic product is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy and its impact on the global economy. In the case of gross national product (GNP), on the other hand, all income is deducted against that which has subsequently flowed abroad. The services of guest workers are thus reallocated to the worker’s home country. However, if one evaluates the economic performance of a country, the country not only provides the workers, but also land, machines, innovations and sales markets. The economy of the United Kingdom is a blend of services, manufacturing, finance, and creative sectors.

Now, more than a century later, the corporation and everything underneath it are on the market with an asking price of $27,000,000. Entrepreneurship is the act of being an entrepreneur, which can be defined as “one who undertakes innovations, finance and business acumen in an effort random walk theory definition and example to transform innovations into economic goods”. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.438 American entrepreneurs are even engaged in public services delivery through public-private partnerships.

This tracker charts the economic growth performance through time of ninety-one countries around the globe. The U.S. has the highest national debt of any country, with $35.68 trillion as of Oct. 3, 2024. Belgium is a trade and transport hub that has a diversified economy with a mix of service, manufacturing, and high-tech industries. The Alpine nation of Switzerland is the 20th-largest economy in the world. In 2022, Russia launched an invasion against its neighbor, Ukraine. GDP is calculated by adding together the total consumption, government spending, investments, and net exports.

Measuring GDP

Unlike actual GDP, potential GDP cannot be observed directly from the real world. Instead, its value is estimated from trends in a country’s labor supply, capital stock, and productivity level. In 12 countries, people who named China as the world’s leading economic power were asked if that is more of a good or bad thing for their country.2 On balance, more say this is a good than bad thing for their country. Substantial shares of a fifth or more in most countries also offer that China’s position as the leading economic power makes no difference. As China has progressively opened its economy over the past four decades, economic development and living standards have greatly improved. As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off.

Venezuela and Guyana are the biggest gainers in the ranking by 17, followed by Azerbaijan up by 15 positions. Macao, Zimbabwe and Lao PDR lost 12 positions each, followed by Sri Lanka (-11) and Cote d’Ivoire (-11).

Impact of recession on research spending

Perceptions of China’s investments are related to views of its economic power and its overall image. In nearly all middle-income countries surveyed, those who say Chinese investments benefit their economy at least a fair amount are more likely to name China as the world’s leading economic power. They are also more likely to hold favorable views of China than those who do not see Chinese investment as a benefit for their economy. The Saudi economy is heavily based on oil and is the world’s largest oil exporter. Italy’s economy and level of development stockstotrade breaking news and alerts vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. Italy faces persistently sluggish economic growth due to a very high public debt, an inefficient court system, a weak banking sector, an inefficient labor market with chronically high youth unemployment, and a large underground economy.

In these six countries, roughly equal shares name both the U.S. and China as the top economy. Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market. Real GDP is often considered to be the more accurate than nominal GDP because it accounts for inflation. The Saudi government has also begun to at least partially privatize Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019. With this progress, however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce.

1. They are also more likely to hold favorable views of China than those who do not see Chinese investment as a benefit for their economy.
2. He emphasized that the country’s economic resilience, supported by strong policy frameworks, positions it as a leader in the global arena.
3. If you have seen the clue before, we encourage you try to remember the solution one more time before viewing the answer.
4. In case you did, worry not because we have the most recent and up-to-date answer for it.
5. It is followed by China in second place with a GDP of 17.79 trillion dollars.

Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. As a leading exporter of oil and gas, as well as Technical analysis in forex other minerals and metals, Russia’s economy is highly sensitive to swings in world commodity prices. Canada’s free trade relationship with the United States means that three-quarters of Canadian exports head to the U.S. market each year.

The United States public-sector spending amounts to about 38% of GDP (federal is around 21%, state and local the remainder).422 Each level of government provides many direct services. Government spending has a significant effect on local and regional economies, and on the overall pace of economic activity. Views of the international balance of economic power have changed little in most middle-income countries surveyed. As was the case in 2019, those in Brazil, India, Kenya and Mexico continue to see the U.S. as the top economy, while those in South Africa and Argentina are about as likely to name the U.S. as they are China. Indonesia stands out for an 8-point decline in the share who considers China the leading economy.

Goyal stressed India’s commitment to sustainable development, highlighting the country’s advancements in renewable energy. With a goal to achieve 500 GW of renewable energy capacity by 2030, India has already reached 200 GW, reflecting substantial progress toward balancing economic growth with environmental stewardship. Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century, in what was known as the Great Migration. The United States is the world’s second-largest manufacturer, with a 2013 industrial output of US$2.4 trillion.