By IMF’s world economic database 2016.
- United States:
According to nominal GDP the U.S remains the largest economy of the world. The U.S economy which is 18.5$ contributes almost 24.5% of the world GP. United States has a number of natural resources and also it is advanced in technology and infrastructure that’s why is a superpower. The china’s GDP is 21.3$ trillion while U.S. GDP is $18.5 trillion moreover GDP based on PPP U.S has loses its number one economy spot to china.
From 1972s china has transferred itself into an exporting and manufacturing hub. As by nominal GDP based on PPP china has overtook U.S but in form of nominal GDP china has $11.3 trillion economy. China’s agriculture sector contribute only 10%. In recent year the china’s economy growth rate is 7%.
Japan’s economy stands at third in ranks in terms of nominal GDP but if we compare the GDP with purchasing parity it slips to the fourth position. From 2008 it is facing the hard time but now its growth once again is positive just 0.5% in 2016. The nominal GDP is 4.73$ trillion.
In terms of nominal GDP Germany is the fourth economy in rank. The nominal GDP of Germany is $3.49 trillion while in terms of purchasing power parity is $3.97 trillion and per capita GDP is $48189.
- United Kingdom:
The United Kingdom is the world’s fifth largest economy with $2.65 trillion GDP. The service sector is more prominent in U.K economy as it contribute more than 75% of the GDP.
The most visiting country of the world is France and also is the sixth largest economy of the world with nominal GDP $2.48 trillion and $2.73 in terms of purchasing power parity. The specialty of the country is export and import which almost fully contribute in the economy.
India in terms of purchasing power parity with 8.7$ trillion is at third in rank while with $2.25 nominal GDP it stands at seventh in rank. Its per capita is low because of high population and its GDP and economy is depending on agriculture.
In terms of nominal GDP Italy is 8th in rank with $1.8 trillion, in Eurozone Italy is the prominent country. From 2011 to 2015 country faces downfalls because of public debt. Its per capita GDP is $36,313 and purchasing parity is $2.22 trillion.
Brazil is the ninth largest economy of the world with nominal GDP $1.77 trillion. Services, manufacturing and agriculture is the prominent sector in the economy. In 2015 recession Brazil go from 7th to 9th position in rank. By IMF there is no positive growth in the economy up to 2017. In terms of purchasing power GDP is $3.1 trillion.
Canada is at 10th position in rank with nominal GDP 1.53$ trillion. Service sector and manufacturing sector is prominent to contribute in the economy. The GDP in terms of purchasing parity is $ 1.7 trillion and GDP per capita is $46,239.
The top 10 economies contribute 66% of the world’s economy with their GDP and the remaining 172 countries contribute the remaining GDP in total economy.