Who are the biggest contributors to the global economy? Here is the ranking of the 30 largest countries by GDP in 2021.
1. U.S. – $22.9 Trillion
2. China – $16.9 Trillion
3. Japan – $5.1 Trillion
4. Germany – $4.2 Trillion
5. UK – $3.1 Trillion
6. India – $2.9 Trillion
7. France – $2.9 Trillion
8. Italy – $2.1 Trillion
9. Canada – $2.0 Trillion
10. S/Korea – $1.8 Trillion
11. Russia – $1.6 Trillion
12. Brazil – $1.6 Trillion
13. Australia – $1.6 Trillion
14. Spain – $1.4 Trillion
15. Mexico – $1.3 Trillion
16. Indonesia – $1.2 Trillion
17. Iran – $1.1 Trillion
18. Netherlands – $1.0 Trillion
19. Saudi Arabia – $0.8 Trillion
20. Switzerland – $0.8 Trillion
21. Turkey – $0.8 Trillion
22. Taiwan – $0.8 Trillion
23. Poland – $0.7 Trillion
24. Sweden – $0.6 Trillion
25. Belgium – $0.6 Trillion
26. Thailand – $0.5 Trillion
27. Ireland – $0.5 Trillion
28. Austria – $0.5 Trillion
29. Nigeria – $0.5 Trillion
30. Israel – $0.5 Trillion
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 country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).
China’s 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.
The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of the country’s GDP.
Top 10 Poorest Countries:
On the other end of the spectrum are the world’s smallest economies by GDP, primarily developing and island nations.
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.
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 country’s GDP.
1. Tuvalu – $0.07 Billion
2. Nauru – $0.1 Billion
3. Palau – $0.2 Billion
4. Kiribati – $0.2 Billion
5. Marshall Islands – $0.2 Billion
6. Micronesia – $0.4 Billion
7. Cook Islands – $0.4 Billion
8. Tonga – $0.5 Billion
9. São Tomé – $0.5 Billion
10. Dominica – $0.6 Billion
Like Tuvalu, many of the world’s 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.
Olalekan Ajimoti – Blogger, Content Writer, and Digital Marketer helping brands and retailers build 8-figure e-commerce since 2016.
As a corporate trainer, brand communications expert, and brand consultant, I help people start, stay and grow in business leveraging digital skills and traditional expertise.
