Top 10 largest economies in the world (2024)

The top 10 largest economies in the world are The US, China, Japan, Germany, India, The UK, France, Italy, Canada, and Brazil.

A nation’s economic strength is often measured by its gross domestic product (GDP), which measures the total market value of goods and services produced within its borders during a specific year. Fluctuations in currency exchange rates can affect the ranking list of these top 10 largest economies countries, but they still provide valuable insight into a country’s economic strength. Let’s take a look at the latest ranking list of the economies of the top 10 countries in the world.

largest economies
 Top 10 largest economies in the world (2024)

The United States is the world’s largest economy with a GDP of $26,854 billion. China and Japan are in second and third place respectively.

Here is the list of countries with the top 10 largest economies in the world by GDP in 2023

United States of America (USA)

The United States, by far the largest global economy, retained its position as the richest country, maintaining its top position from 1960 to 2023. The United States is the leader in the global economy, with its current real GDP estimated at $26.95 trillion. The dominance of the service sector, including technology, retail, finance, and healthcare, contributes significantly, accounting for about 80% of the country’s total output. And America’s per capita income is about $80,410.

  • GDP:  $26.95 trillion
  • GDP By Country Per Capita: $80,410
  • Annual GDP Growth Rate: 1.6%

China

China’s current economy has seen growth and has ranked second in the world this year with a real GDP of  $17.701 trillion, which was in fourth place in 1960. Over the past few decades, China’s rapid economic expansion has been a defining global phenomenon. The Chinese economy is mainly dependent on manufacturing, exports, and investment. It proudly boasts of a large workforce, strong government support, infrastructural progress, and a rapidly expanding consumer market. And China’s per capita income is $12,540.

  • GDP:   $17.701 trillion
  • GDP By Country Per Capita: $12,540
  • Annual GDP Growth Rate: 5.4%

Germany

Germany ranks third among the world’s largest economies with a real GDP of $4.43 trillion. But 2009 saw a slight decline in Germany’s GDP, and after 2009, Germany bounced back from the 4.0% economic expansion a decade earlier, and thereafter experienced steady growth. Germany is renowned for its precision in its engineering, automotive, chemical, and pharmaceutical sectors. The per capita income in Germany is $52,820.

  • GDP:  $4.43 trillion
  • GDP By Country Per Capita: $52,820
  • Annual GDP Growth Rate:  -0.5%

Japan

Japan currently ranks 4th with its real GDP of $4.23 trillion. While Japan experienced significant economic growth during the 1960s, 70s, and 80s, subsequent decades saw little progress. Nevertheless, Japan continues to work on its economic development. Japan’s economy is distinguished by its progressive technology, manufacturing skills, and service industry. Major sectors include automotive, electronic, machinery, and financial sectors. Furthermore, Japan is recognized for its unwavering work ethic, leading technological advancements, and exceptional exports of superior quality. And Japan’s per capita income is $52,120.

  • GDP:  $4.23 trillion
  • GDP By Country Per Capita:  $52,120
  • Annual GDP Growth Rate: 1.7%

India

India, with its real GDP of $3.74 trillion, has ranked 5th among the world’s top economies, overtaking France. India’s economy has been the fastest growing among the world’s major economies, driven by key sectors such as information technology, services, agriculture, and manufacturing. The nation benefits from its large domestic market, a young and technically skilled labor force, and an expanding middle class. Which shows its dynamic growth.

Recently, India has overtaken Britain to become the world’s fifth-largest economy. And India’s per capita income is $3,730.

  • GDP:  $3.74 trillion
  • GDP By Country Per Capita (Nominal): $3,730
  • Annual GDP Growth Rate: 6.0%

United Kingdom (UK)

The United Kingdom has a real GDP of $3.33 trillion, with which the UK holds an important position among the top economies of the world. Talking about its average annual GDP, the UK’s average annual GDP growth between 1999 and 2008 was 2.8%. The economy of the United Kingdom includes a mix of services, manufacturing, finance, and creative sectors. London serves as a worldwide financial center, attracting foreign investment. The UK’s economic expansion is driven by its trade alliances and globalization. The per capita income of the UK is $48,913.

  • GDP:  $3.33 trillion
  • GDP By Country Per Capita: $48,913
  • Annual GDP Growth Rate: 0.5%

France

The estimated GDP of France in 2023 is 3.052 trillion dollars. With this GDP, France is in seventh place. Over 70% of the country’s GDP comes from the services sector, with an emphasis on industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its strong social welfare system, well-developed infrastructure, and substantial investment in research and development. And France’s per capita income is $44,408.

  • GDP:  $3.052 trillion
  • GDP By Country Per Capita:  $44,408
  • Annual GDP Growth Rate: 1.0%

Italy

Italy is the eighth largest economy globally with a real GDP of $2.186 trillion. And is also known as the third largest economy in the European Union. Italy is recognized for its impressive trading economic sector, competitive agricultural sector, and highly developed market. The per capita income of this country is $35,810.

  • GDP:  $2.186 trillion
  • GDP By Country Per Capita:  $37,146
  • Annual GDP Growth Rate: 0.7%

Canada

Canada’s real GDP is valued at $2.117 trillion, ranking it ninth among the world’s largest economies. In this ranking of the world’s largest economy, it is just one step ahead of South Korea.

Canada’s economy relies heavily on its abundant natural resources, including oil, gas, minerals, and timber. Furthermore, the nation boasts a thriving services sector, a well-established manufacturing industry, and a steadfast dedication to promoting innovation and technological progress. And the per capita income of this country is 53,252 dollars.

  • GDP:  $2.117 trillion
  • GDP By Country Per Capita:  $53,252
  • Annual GDP Growth Rate: 1.3%

Brazil

Brazil occupies an important place on the world stage, with a real GDP of $2.126 trillion, ranking tenth among the world’s largest economies. The diverse economy of this country includes industries like agriculture, manufacturing, and services. The per capita income of this country is 9.67 dollars.

  • GDP:  $2.126 trillion
  • GDP By Country Per Capita: $10,412
  • Annual GDP Growth Rate: 3.1%

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Final World

December 2023:- Above we have given the ranking list of the top 10 largest economy countries, all of which are trillion-dollar economies. These ranking list reflect diverse economic scenarios around the world. Although the position of these countries may fluctuate over time due to various factors, they all make unique contributions to the world economy, shaping the global financial landscape we see today.

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