GDP is the total market value of all final goods and services produced in a country in a given year. Each country reports its data in its own currency. To compare the data, each country's statistics must be converted into a commoncurrency. Two methods are used for conversion, nominal and purchasing power parity (PPP). In the Nominal method, market exchange rates are used for conversion.
United States remains the largest economy globally with GDP (Nominal) over $25 trillion in 2022. It represents a quarter share of the global economy (25.4%). China follows, with close to $18 trillion, or 17.9% of the world economy. Tuvalu has the world's smallest national economy with a GDP (nominal)of approximately $59 million.
18 countries in 2022 have an economy above $1 trillion. Saudi Arabia is the latest entrant in trillion dollar economy. Sixty-eight have above $100 billion, and 150 have above $10 billion. The top five economies constitute about 55% of the global gdp; the top ten make up 67%,top 20 economies add up to 80.5%. Ninety-two smallest economies only contribute 1 %, and 157 lowest ranked constitute only 10 % of the total.
Top Gainers in 2022: At current prices, With $2.1 trillion, United States is the highest gainer, followed by Russia ($408 bn), Brazil ($270 bn), Saudi Arabia ($240 bn) and India ($239 bn). Among the top ten largest economies, gdp of five economies has increased where as five has declined.
Top Losers in 2022: Out of 195 economies estimated by IMF, the GDP of 52 economies has decreased in 2022 compared to 2021. These 52 economies account for almost 26.65% of the world economy. Japan has the highest decline of $774.3 bn, followed by Germany ($-195.7 bn), France ($-178.3 bn), Korea ($-144.5 bn) and Italy ($-103.7 bn),
Changes in rank: Venezuela (+17) is the highest gainer in World GDP (nominal) ranking, followed by Guyana (+16), Azerbaijan (+15), Armenia (+15) and Angola (+12). Macao SAR (-12), Lao P.D.R. (-12), Sri Lanka (-11), Afghanistan (-11) and C么te d'Ivoire (-10) are the biggest losers in the ranking.