2018 has passed. The GDP ranking of China's provinces in 2018 has been released. The total production of many cities has exceeded 9 trillion, which is called China's 9 trillion club. So what about the GDP of all countries in the world in 2018? The small edition of this article brings you the ranking of GDP data of various countries in 2018. Among them, the nominal GDP growth rate of the top 10 economies accounts for 67% of the total world economy, which shows the importance of the top 10 in the world economic system. Let's take a look at the ranking of world GDP in 20108.
1. United States
Nominal GDP: US $19.39 trillion GDP (purchasing power parity): US $19.39 trillion
Since 1871, the United States has maintained its position as the world's largest economy. The size of the US economy in 2017 was nominally US $19.39 trillion and is expected to reach US $20.41 trillion in 2018. The United States is often called an economic superpower because its economy accounts for nearly a quarter of the global economy with the support of advanced infrastructure, technology and rich natural resources. Although the US economy is service-oriented, accounting for nearly 80% of GDP, its manufacturing industry accounts for only about 15% of its output.
In 2017, in terms of GDP (PPP), the US economy was US $19.39 trillion, while the Chinese economy was US $23.16 trillion. The gap between the nominal GDP of the two economies is expected to be reduced by 2023; By 2023, the U.S. economy is expected to grow to $24.53 trillion, followed by China's $21.57 trillion.
2. China
Nominal GDP: USD 12.01 trillion GDP (PPP): USD 23.15 trillion
China has experienced exponential growth in the past few decades and has gradually developed into a world manufacturing and export center. Given its huge manufacturing and export base, China is often referred to as the 'world factory'. However, over the years, the role of service industry has gradually increased, and the contribution of manufacturing industry to GDP has relatively decreased. As early as 1980, China was the seventh largest economy, with a GDP of 305.35 billion US dollars, while the size of the United States was 2.86 trillion US dollars at that time. Since the market reform began in 1978, the economic growth rate of Asian giants has increased by an average of 10% per year.
The world bank reported that China's economic growth rate in 2017 broke through for the first time since 2010, mainly driven by the cyclical rebound in Global trade. It is expected to grow by 6.6% in 2018 and fall to about 5.5% by 2023. Over the years, the difference in economic scale between China and the United States has narrowed rapidly. In 2017, the nominal value of China's GDP was US $12.01 trillion, lower than US $7.37 trillion. In 2018, the gap is expected to decrease to $6.32 trillion and reach $2.96 trillion by 2023. In terms of purchasing power parity GDP, China is the largest economy with a GDP (purchasing power parity) of US $23.15 trillion. By 2023, China's GDP (PPP) will reach US $37.06 trillion.
3. Japan
Nominal GDP: USD 4.87 trillion GDP (PPP): USD 5.42 trillion
Japan is the third largest economy in the world, with a GDP of US $4.87 trillion in 2017. The economy is expected to exceed $5 trillion in 2018. The financial crisis in 2008 shocked the Japanese economy, which is a challenging period for the economy. Since then. The global crisis triggered an economic recession, followed by weak domestic demand and huge public debt. When the economy began to recover, it suffered a large-scale earthquake, which had a social and economic impact on the country. Although the economy has broken the deflationary spiral, economic growth is still sluggish.
The 2020 Olympic Games will stimulate its economy, which will maintain strong investment flows, thanks to the loose monetary policy of the Bank of Japan. Japan's nominal GDP is $4.87 trillion and is expected to reach $5.16 trillion in 2018. When GDP is measured at purchasing power parity, Japan falls to fourth place; GDP (purchasing power parity) in 2017 was US $5.42 billion, while per capita GDP was US $38439.52 (25th).
4. Germany
Nominal GDP: USD 3.68 trillion GDP (PPP): USD 4.17 trillion
Germany is not only the largest economy in Europe, but also the most powerful economy. Globally, it is the fourth largest economy in terms of nominal GDP, with a GDP of US $3.68 trillion. The GDP scale of purchasing power parity is US $4.17 trillion, while the per capita GDP is US $44549.69 (ranking 17th). Germany was the third largest economy in nominal terms in 1980, with a GDP of 850.47 billion US dollars.
The country relies on good exports of capital that suffered setbacks after the 2008 financial crisis. In 2016 and 2017, the economy grew by 1.9% and 2.5% respectively. However, in view of the rising threat of protectionism and brexit, the International Monetary Fund will reduce the economic growth rate to 2.2% and 2.1% in 2019 and 2020, respectively. In order to modify its manufacturing strength in the current global scenario, Germany launched industry 4.0 - its strategic initiative to build the country into a major market and provider of advanced manufacturing solutions.
5. UK
Nominal GDP: USD 2.62 trillion GDP (PPP): USD 2.91 trillion
With a GDP of $2.62 trillion, Britain is the fifth largest economy in the world. When comparing the purchasing power parity of GDP, the UK fell to ninth place, with GDP (purchasing power parity) of US $2.91 trillion. In terms of per capita GDP, it ranks 23rd, with us $39734.59. Its nominal GDP is estimated to be US $2.96 trillion in 2018, but its ranking is expected to decline to the seventh place in 2023, with a GDP of US $3.47 trillion.
From 1992 to 2008, the British economy showed an upward trend every quarter. However, since April 2008, its output has declined for five consecutive quarters. In these five quarters (between the first quarter of 2008 and the second quarter of 2009), the economy shrank by 6%, and it will take five years to return to the level before the recession, according to the National Bureau of statistics. The British economy is mainly driven by the service industry, which accounts for more than 75% of the manufacturing GDP, followed by agriculture. Although agriculture is not a major contributor to its GDP, 60% of Britain's food demand is produced domestically, although the sector employs less than 2% of the workforce.
6. India
Nominal GDP: USD 2.61 trillion GDP (PPP): USD 9.45 trillion
India is the world's fastest-growing trillion dollar economy and the sixth largest economy, with a nominal GDP of $2.61 trillion. According to the forecast of the International Monetary Fund, India is expected to become the fifth largest economy surpassing the UK by 2019. With a GDP of US $9.45 trillion at purchasing power parity, the country ranks third. When calculating the per capita GDP, India's high population reduced the per capita nominal GDP to US $1982. In 1980, India's economy was only 189.438 billion US dollars, ranking 13th in the world. According to IMF data, India's growth rate is expected to rise from 6.7% in 2017 to 7.3% in 2018 and 7.5% in 2019, dragged down by the introduction of currency exchange program and goods and services tax.
India's journey after independence began in an agricultural country, but over the years there has been a strong momentum in manufacturing and services. Today, its service industry is the fastest growing sector in the world, with an economic contribution rate of more than 60% and accounting for 28% of employment. Manufacturing remains one of its key sectors and is being given due impetus through government initiatives such as' made in India '. Although the contribution of its agricultural sector has dropped to about 17%, it is still much higher than that of western countries. The advantages of the economy lie in its limited dependence on exports, high savings rate, favorable demographics and the rise of the middle class.
7. France
Nominal GDP: USD 2.58 trillion GDP (PPP): USD 2.83 trillion
France is the most visited country in the world, the third largest economy in Europe and the seventh largest economy in the world, with a nominal GDP of US $2.58 trillion. Its PPP GDP is about $2.83 trillion. The country provides people with a high standard of living, with a per capita GDP of US $44549. In recent years, the slowdown of economic growth has led to unemployment, which has put great pressure on the government to restart the economy. The unemployment rate of the world bank was 10% in 2014, 2015 and 2016. In 2017, the unemployment rate dropped to 9.681%.
In addition to tourism, which is very important to the economy, France is also a major agricultural producer, accounting for about one third of the agricultural land in the EU. France is the sixth largest agricultural producer in the world and the second largest agricultural exporter after the United States. The manufacturing industry is mainly dominated by the chemical industry, automobile and weapons industry. The economic growth rate in 2017 was 2.3%, and it is expected to grow by 1.8% and 1.7% according to the International Monetary Fund in 2018 and 2019.
8. Brazil
Nominal GDP: USD 2.05 trillion GDP (PPP): USD 3.24 trillion
Brazil is the largest and most populous country in Latin America. With a nominal GDP of US $2.05 trillion, Brazil is the eighth largest economy in the world. With the end of the commodity super cycle and internal problems of corruption and political uncertainty weakening the investment and business environment, countries that have been affected by the commodity wave have suffered many setbacks.
During 2006 - 10, the national average growth rate was 4.5%, and slowed down to about 2.8% in 2011 - 13. As of 2014, it had hardly increased by 0.1%. Brazil contracted by 3.5% in 2016 and then rebounded by 1% in 2017. The international monetary fund expects economic growth to return to 2.5% by 2019. Brazil is part of the BRICs countries of Russia, India, China and South Africa. The country's GDP (purchasing power parity) is US $3.24 trillion and its per capita GDP is US $9681.
9. Italy
Nominal GDP: USD 1.93 trillion GDP (PPP): USD 2.31 trillion
With a nominal GDP of US $1.93 trillion, Italy is the ninth largest economy in the world. By 2023, its economy is expected to expand to $2.5 trillion. In terms of GDP (PPP), its economic value is US $2.31 trillion and its per capita GDP is US $31984. Italy, an important member of the euro zone, has been facing profound political and economic chaos. Its unemployment rate continues to maintain double-digit growth, while its public debt is still about 132% of GDP. On the positive side, exports and business investment are driving the economic recovery. The economy rose by 0.9% in 2016 and 1.5% in 2017. It is expected to decrease to 1.2% in 2018 and 1.0% in 2019.
10. Canada
Nominal GDP: USD 1.65 trillion GDP (PPP): USD 1.76 trillion
Canada replaced Russia in 10th place in 2015 and has maintained its position since then. Canada's nominal GDP is currently US $1.65 trillion, which is expected to reach US $1.79 trillion by 2018 and US $2.43 trillion by 2023. Its per capita GDP was US $45077, ranking 20th in the world, while its GDP of US $1.76 trillion calculated by P / E ratio fell to 17th. The country has controlled the unemployment rate and is likely to shrink further. Although services are the main sector, manufacturing is the cornerstone of the economy, and 68 per cent of its exports constitute commodity exports. Canada attaches great importance to manufacturing, which is crucial to its future economic growth. Canada's growth rate was 3% in 2017 and 1.4% in 2016. It is expected to grow by 2% in 2018 and 2019.
11. Korea
Nominal GDP: USD 1.53 trillion GDP (PPP): USD 2.02 trillion
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