Top 10 Countries by GDP in 2023
International Monetary Fund (IMF), a global organization, states the world economy rankings in its World Economic Outlook (WEO) report. In this article, you will explore the World Economy Ranking of 2023 by a list of the Top 10 Countries by GDP in 2023. Read ahead to know more.
1. United States
- GDP – Nominal: $26.69 trillion
- GDP Growth: 1.4%
- In 2023, per capita GDP was estimated at around 78,421 U.S. dollars in United States.
The GDP of the United States is the largest GDP in the world, with a nominal GDP of $26.69 trillion and a GDP growth rate of 3.7% in 2023. Healthcare, Real Estate, Insurance, Finances, Information Technology, and Professional services are the biggest contributor to the growth of the US GDP.
A number of factors contribute to the success of the United States. An entrepreneurial environment that encourages hard work and long hours certainly helps. But decentralized government, advanced research universities, and favorable regulatory environments also contribute. The United States will likely always be in the top countries by GDP in the world.
2. China
- GDP – Nominal: $21.64 trillion
- GDP Growth: 5.2%
- In 2023, per capita GDP was estimated at around 15,328 U.S. dollars in China.
The Chinese economy, one of the fastest growing economies of the 21st century, now ranked as the second largest economy in the world, is currently valued at a GDP of 21.64 trillion U.S Dollars in 2023.
China has a policy related to domestic manufacturing, which leads to mass production and, eventually, it reduces the cost of production for China. Thus, it makes China the largest exporter in the world, and it is the main contributor to economic development in China. They use their applications, and all other applications which belong to other countries are banned by the Chinese government. China also faces many issues related to health, the aging population and environmental issues.
3. Japan
- GDP – Nominal: $5.29 trillion
- GDP Growth: 1.8%
- In 2023, per capita GDP was estimated at around 35,033 U.S. dollars in China.
The economy of Japan is the third largest economy in the world, with a nominal GDP of 5.29 trillion and a GDP growth rate of 1.8% in 2023. After the 1990 year of the great recession in Japan, the country has worked a lot on its government policies and industrial policies.
Ranked as one of most innovative countries in the world, Japan is the world’s largest electronic goods producer and the 3rd largest automobile manufacturer. The country generally has a surplus in annual trade and international investment. The country’s workforce is highly qualified and skilled, proving to be instrumental in organizational growth. All of these factors contribute to Japan being one of the top countries by GDP.
4. Germany
- GDP – Nominal: $4.12 trillion
- GDP Growth: 0.1%
- In 2023, per capita GDP was estimated at around 49,430 U.S. dollars in Germany.
The economy of Germany is the fourth largest economy in the world, with a nominal GDP of $4.12 trillion and a GDP growth rate of 0.1% in 2023. It is the largest economy in Europe with extremely developed social capitalism.
The nation employs a social market economy that emphasizes the value of open-market capitalism and also ensures a number of social services guarantees. The country is ranked #1 in the world for entrepreneurship due to its skilled labor force, highly developed infrastructure, and technological expertise.
5. India
- GDP – Nominal: $3.820 trillion
- GDP Growth: 6.1%
- In 2023, Indian per capita GDP was estimated at around 2,691 U.S. dollars.
The economy of India is the 5th largest economy in the world, with a nominal GDP of $3.820 trillion and a GDP growth rate of 6.1% in 2023. The Republic of India is a federal democracy that consists of 28 states and 8 union territories. It is the largest democracy and the 5th largest economy in the world. India has thriving manufacturing, technology, and service sectors. Since 2014, the rate of foreign direct investment (FDI) inflows to India has grown steadily as some key policy changes were incorporated by the government to facilitate this growth. This makes India one of the top countries by GDP in 2023.
Traditional and Modern agriculture, the Handicraft industry, technology services and Business outsourcing are the major contributor to the economic development of India. the major issues amongst Indians are stubborn business practices, poverty, corruption and acceptance the modernization.
6. United Kingdom
- GDP – Nominal: $3.686 trillion
- GDP Growth: 1.8%
- In 2023, UK per capita GDP was estimated at around 51,286 U.S. dollars.
The economy of United Kingdom is the 6th largest economy in the world, with a nominal GDP of $3.686 trillion and a GDP growth rate of 1.8% in 2023. The UK consists of four countries: Northern Ireland, England, Wales, and Scotland.
7. France
- GDP – Nominal: $3.01 trillion
- GDP Growth: 0.6%
- In 2023, France per capita GDP was estimated at around 42,646 U.S. dollars.
The economy of France is the seventh largest economy in the world, with a nominal GDP of $3.01 trillion and a GDP growth rate of 0.6% in 2023. France has a mixed economy where the public sector and private sector both play an important role.
The value of imports and exports comprise 63% of the country’s GDP. Strong protection of property rights and an efficient regulatory framework encourage investors. France ranks 32 in the World Bank’s 2019 Ease of Doing Business index. There are foreign players in various sectors, and 31 out of Fortune 500 companies are from this prominent EU member.
8. Canada
- GDP – Nominal: $2.32 trillion
- GDP Growth:1.5%
- In 2023, Canadian per capita GDP was estimated at around 59,178 U.S. dollars.
The economy of Canada is the eight largest economies in the world, with a nominal GDP of $2.32 trillion and a GDP growth rate of 1.5% in 2023. Canada is closely related to the United States as it has free trade relationship with the US.
It also has extensive trading ties with many nations due to its bilateral and regional Free Trade Agreements (FTAs). A well-educated workforce, multicultural/multilingual coexistence, a thriving economy, and the government’s support for setting up business make Canada a preferred investment destination.
9. Russia
- GDP – Nominal: $2.136 trillion
- GDP Growth:0.3%
- In 2023, Russian per capita GDP was estimated at around 14,704 U.S. dollars.
The economy of Russia is the 9th largest economy in the world, with a nominal GDP of $2.136 trillion and a GDP growth rate of 0.3%. Russia is following Free-market capitalism (where prices of goods and services are freely decided upon the demand and supply of goods and services, respectively).
Revenues from oil, natural gas, and energy drive the Russian economy. Foreign trade is important as the total value of imports and exports is equal to 46.7% of GDP, making Russia one of the top countries by GDP.
10. Italy
- GDP – Nominal: $1.991 trillion
- GDP Growth:0.6%
- In 2023, Italian per capita GDP was estimated at around 33,662 U.S. dollars.
The economy of Italy is the 10th largest economy in the world, with a nominal GDP of $1.991 trillion and a GDP growth rate of 0.6% in 2023. Italy builds up its economic structure mainly through businesses and services.
Fashion merchandise, Food products and Automotive parts industries are the biggest contributors to the economic growth of Italy. People living over there are juggling with unruly government practices, unemployment, high public debt and a weak banking sector.