List of countries by past and projected GDP (nominal) facts for kids
The Gross Domestic Product (GDP) is like a country's economic report card. It measures the total value of all the goods and services a country makes in a certain period, usually a year. Think of it as adding up everything produced, from cars and computers to haircuts and concerts. When we talk about "nominal" GDP, it means we're looking at these values using current prices, without adjusting for inflation (which is when prices go up over time).
This list shows how different countries have ranked by their GDP in the past and how they are expected to rank in the future. The numbers are given in millions of United States dollars (USD). Most of this information comes from the International Monetary Fund (IMF), which is an organization that helps countries with their economies.
For older trends in GDP, you can check out List of regions by past GDP (PPP).
Contents
Understanding a Country's Economy
What is GDP?
GDP stands for Gross Domestic Product. It's a way to measure how much a country produces. Imagine a country as a giant factory and a huge service provider. GDP counts everything that factory makes and every service it offers.
- Goods are things you can touch, like phones, clothes, or food.
- Services are things people do for others, like teaching, healthcare, or entertainment.
When a country's GDP grows, it usually means its economy is getting stronger. This can lead to more jobs, better living standards, and more opportunities for people.
Why is GDP Important?
Knowing a country's GDP helps us understand its economic size and strength. It's used by:
- Governments to make decisions about taxes and spending.
- Businesses to decide where to invest and grow.
- Economists to study how well countries are doing and predict future trends.
It's important to remember that GDP is just one way to measure a country's success. It doesn't tell us everything about how happy or healthy people are, or how fair wealth is shared.
Looking Back: GDP in the Past (1970s-1990s)
In the 1970s, countries like the United States and Japan had some of the largest economies. The Soviet Union also had a very large economy during this time. The numbers show how much each country produced each year, measured in millions of US dollars.
For example, in 1970:
- The United States produced about 1,024,800 million USD (over 1 trillion USD!).
- Japan produced about 209,071 million USD.
- The Soviet Union produced about 433,412 million USD.
Over the years, you can see how these numbers changed. Some countries grew very quickly, while others faced challenges. For instance, countries like China started with smaller economies but began to show significant growth in later decades.
By 1990, the economic landscape had shifted. The United States was still the largest economy, followed by Japan and Germany. Countries like China and India were starting to become major players, though their economies were not yet as large as the top few.
Major Economic Milestones: Reaching Trillions
It's a big deal for a country's economy to reach a trillion dollars in GDP! Here's a look at when some countries hit these huge milestones:
| 1 trillion USD | 2 trillion USD | 3 trillion USD | 5 trillion USD | 10 trillion USD | 20 trillion USD | 30 trillion USD | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Country | Year | Country | Year | Country | Year | Country | Year | Country | Year | Country | Year | Country |
| 1969 |  United States |
1977 | United States |
1981 | United States |
1988 | United States |
2000 | United States |
2018 | United States |
2026 | United States* |
| 1979 |  Japan |
1985 |  Soviet Union |
1988 | Japan |
1995 | Japan |
2014 |  China |
2026 | China* |
||
| 1979 | Soviet Union |
1986 | Japan |
2007 | China |
2009 | China |
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| 1987 |  West Germany |
1992 | Germany |
2007 | Germany |
2027 |  India* |
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| 1988 |  France |
2003 |  United Kingdom |
2007 | United Kingdom |
2027 | Germany* |
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| 1989 | United Kingdom |
2004 | France |
2021 | India |
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| 1990 |  Italy |
2005 | China |
2023 | France |
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| 1998 | China |
2007 | Italy |
2029 |  Brazil* |
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| 2004 |  Spain |
2010 | Brazil |
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| 2004 |  Canada |
2011 |  Russia |
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| 2006 | Brazil |
2014 | India |
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| 2006 | Russia |
2021 | Canada |
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| 2006 |  South Korea |
2024 |  Mexico |
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| 2006 | Mexico |
2027 |  Australia* |
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| 2007 | India |
2027 | South Korea* |
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| 2008 | Australia |
2028 |  Indonesia* |
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| 2017 | Indonesia |
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| 2021 |  Netherlands |
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| 2022 |  Saudi Arabia |
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| 2023 |  Turkey |
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| 2026 |  Switzerland* |
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| 2028 |  Poland* |
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| 2029 |  Taiwan* |
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* Future predictions are marked with an asterisk.
The United States was the first country to reach 1 trillion, 2 trillion, 3 trillion, 5 trillion, 10 trillion, and 20 trillion USD in GDP. It is also expected to be the first to reach 30 trillion USD. China is projected to reach 10 trillion and 20 trillion USD in the near future.
Looking Ahead: Future Economic Predictions
Experts often make predictions about how countries' economies will grow in the future. These predictions help us understand which countries might become economic powerhouses.
For example, Goldman Sachs, a big financial company, made some long-term predictions about the largest economies:
This table shows that by 2050 and 2075, countries like China and India are expected to have some of the largest economies in the world, possibly even larger than the United States. Other countries like Indonesia, Nigeria, and Pakistan are also predicted to rise significantly in the rankings.
Another group, the Center for Business and Economic Research, also made predictions for the largest economies up to 2038:
These predictions show that while the United States and China are expected to remain at the top, countries like India, Indonesia, and Turkey are projected to climb significantly in the global economic rankings over the next decade and beyond.
See also
In Spanish: Anexo:Países por PIB (nominal) histórico para niños
- List of IMF ranked countries by GDP, IMF ranked GDP (nominal), GDP (nominal) per capita, GDP (PPP), GDP (PPP) per capita, Population, and PPP
- List of countries by GDP (nominal)
- List of countries by past and projected GDP (PPP)
