The 25 Largest Economies in the World

Key Takeaways

• Gross domestic product is the total value of finished goods and services produced within a country’s borders during a specified period.
• There are different ways to measure GDP, such as nominal GDP, real GDP, GDP per capita, and purchasing power parity.
• The U.S. has the largest GDP in the world and China has the second largest.
• Countries routinely assess GDP to maintain a view of their economic performance and steps needed to improve it.

In 2025, the United States, China, Germany, Japan, and India possessed the largest economies in the world, based on gross domestic product (GDP). GDP is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. It is regularly used to quantify the size of a country’s economy and its impact on the global economy.

GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports.

Throughout most of the world, GDP figures fluctuate with different economic cycles, against a backdrop of longer-term economic growth over time. Despite these ups and downs, the largest economies don’t budge easily from the positions they hold.

Countries began to recover in 2021 from massive GDP drops in 2020 due to the COVID-19 pandemic, which had a major impact on economies around the world. Overall, countries have continued to experience growth, and global GDP rose to $117.17 trillion in 2025.

The 25 countries in the list below of the largest economies were ranked by nominal GDP. There have been some big movers within this list in the last 20-plus years. China was in 6th place in 2000 but has been sitting in second place since 2010. Further down the list, Indonesia vaulted forward from the 27th largest economy in 2000 to the 17th as of 2025.

Measuring GDP

There are several popular ways to measure GDP:

• Nominal GDP in current U.S. dollars: This is the most basic and common way of measuring and comparing GDP among countries; it uses local prices and currencies converted into U.S. dollars with currency market exchange rates.
• **Purchasing power parity (PPP) adjusted GDP in current international dollars: **This way of comparing nominal GDP adjusts currencies based on what basket of goods could be bought in different countries. It adjusts for the difference in the cost of living among countries.
• **GDP growth: **This is the annual percentage growth rate of nominal GDP in local prices and currencies; it’s a view of how fast a country’s economy is growing.
• **GDP per capita in current U.S. dollars: **This is nominal GDP divided by the number of people in a country. It measures how much a country’s economy produces per person, rather than in total. This can provide a rough measure of the income or standard of living for individuals living in a country.

Throughout this article, GDP refers to nominal GDP in current U.S. dollars, as reported by the International Monetary Fund (IMF) for 2025.

The 25 Largest Economies in the World

1. United States

• **Nominal GDP in Current U.S. Dollars: **$30.62 trillion
• **PPP Adjusted GDP in Current International Dollars: **$30.62 trillion
• **GDP Growth: **2.0%
• Nominal GDP Per Capita in Current U.S. Dollars: $89,600

The U.S. economy is the largest in the world as measured by nominal GDP. The biggest contributor to that GDP is the economy’s service sector, which includes finance, real estate, insurance, professional and business services, and healthcare.

The U.S. has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. It is the world’s dominant geopolitical power and can maintain a large external national debt as the producer of the world’s primary reserve currency.

Technology in many industries is at the forefront of the U.S. economy. However, the economy faces rising threats in the form of economic inequality, rising healthcare and social safety net costs, and deteriorating infrastructure.

2. China

• Nominal GDP in Current U.S. Dollars: $19.40 trillion

• PPP Adjusted GDP in Current International Dollars: $41.02 trillion

• GDP Growth: 4.8%

• **Nominal GDP Per Capita in Current U.S. Dollars: **$37,830

China has the world’s second-largest nominal GDP in current dollars and the largest in terms of PPP. Its economy has seen historic growth in the last two decades, causing some economists to speculate that China may overtake the U.S. as the world’s largest economy in the future.

China has opened its economy over the past four decades, and economic development and living standards have greatly improved. As the government has gradually phased out collectivized agriculture and industry, allowed greater flexibility for market prices, and increased the autonomy of businesses, foreign and domestic trade and investment have taken off.

Along with an industrial policy that encourages domestic manufacturing, this has made China the world’s number one exporter. Despite these advantages, China faces some significant challenges, such as a rapidly aging population and severe environmental degradation, which have slowed its growth.

3. Germany

• Nominal GDP in Current U.S. Dollars: $5.01 trillion
• **PPP Adjusted GDP in Current International Dollars: **$6.15 trillion
• GDP Growth: 0.2%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$59,930

Third among world economies is Germany. It is also Europe’s largest economy.

Germany is a top exporter of vehicles, machinery, chemicals, and other manufactured goods and has a highly skilled workforce. However, the country faces some demographic challenges to its economic growth. Its low fertility rate makes replacing its aging workforce difficult, and its high levels of net immigration strain its social welfare system.

4. Japan

• **Nominal GDP in Current U.S. Dollars: **$4.28 trillion
• PPP Adjusted GDP in Current International Dollars: $6.76 trillion
• GDP Growth: 1.1%
• Nominal GDP Per Capita in Current U.S. Dollars: $34,710

Japan is the fourth-largest economy in the world. Strong cooperation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.

After the Lost Decade of the 1990s and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of former Prime Minister Shinzo Abe; however, Japan is poor in natural resources and dependent on energy imports, especially after the general shutdown of its nuclear power industry following the 2011 Fukushima disaster. Japan has also struggled with a rapidly aging population.

5. India

• Nominal GDP in Current U.S. Dollars: $4.13 trillion
• PPP Adjusted GDP in Current International Dollars: $17.71 trillion
• GDP Growth: 6.6%
• Nominal GDP Per Capita in Current U.S. Dollars: $2,820

India is the fifth-largest economy in the world. Because of its large population, India has the lowest per-capita GDP on this list.

India’s economy is a mixture of traditional village farming and handicrafts alongside booming modern industry and mechanized agriculture. India is a major exporter of technology services and business outsourcing, and the service sector makes up a large share of its economic output.

Liberalization of India’s economy since the 1990s has boosted economic growth, but inflexible business regulation, geopolitical shifts, and persistent poverty pose challenges to ongoing expansion.

6. The United Kingdom

• Nominal GDP in Current U.S. Dollars: $3.96 trillion
• PPP Adjusted GDP in Current International Dollars: $4.45 trillion
• **GDP Growth: **1.3%
• Nominal GDP Per Capita in Current U.S. Dollars: $56,660

The United Kingdom has the sixth-largest economy in the world. The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services.

The nation’s extensive trading relationship with continental Europe has been greatly complicated by the resolution of Brexit after the 2016 vote to leave the European Union (EU). As of Jan. 31, 2020, the U.K. is officially not a member of the EU.

7. France

• **Nominal GDP in Current U.S. Dollars: **$3.36 trillion
• **PPP Adjusted GDP in Current International Dollars: **$4.53 trillion
• GDP Growth: 0.7%
• Nominal GDP Per Capita in Current U.S. Dollars: $48,980

France has the seventh-largest GDP in the world. France’s tourism industry is one of the largest in the world and since 1997, the country has received more visitors each year than any country.

France is a mixed economy that has many private and semi-private businesses across a diverse range of industries. However, there is still heavy government involvement in certain key sectors, such as defense and electrical power generation.

The French government’s commitment to economic intervention in favor of social equality also creates some challenges for the economy, such as a rigid labor market with high unemployment and a large public debt relative to other advanced economies.

8. Italy

• **Nominal GDP in Current U.S. Dollars: **$2.54 trillion
• **PPP Adjusted GDP in Current International Dollars: **$3.72 trillion
• GDP Growth: 0.5%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$43,160

The world’s eighth-largest economy belongs to Italy. It is also the eurozone’s third-largest economy.

Italy’s economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. Italy faces persistently sluggish economic growth due to a very high public debt, high inflation, uncertain investment developments, an inefficient labor market with chronically high youth unemployment, and a large underground economy.

9. Russia

• Nominal GDP in Current U.S. Dollars: $2.54 trillion
• PPP Adjusted GDP in Current International Dollars: $7.14 trillion
• **GDP Growth: **0.6%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$17,450

Russia is the world’s ninth-largest economy.

Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. As a leading exporter of oil and gas, as well as other minerals and metals, Russia’s economy is highly sensitive to swings in world commodity prices.

In 2022, Russia launched an invasion against its neighbor, Ukraine. As a result of its actions, the country was hit by many sanctions and other economic punishments. These sanctions, which continue in 2025, have greatly hurt its economy.

10. Canada

• Nominal GDP in Current U.S. Dollars: $2.28 trillion
• **PPP Adjusted GDP in Current International Dollars: **$2.72 trillion
• GDP Growth: 1.2%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$54,930

Canada is the world’s 10th-largest economy. Canada has a well-developed energy extraction sector, with the world’s fourth-largest proven oil reserves. Canada also has impressive manufacturing and service sectors, based mostly in urban areas near the U.S. border.

Canada’s free trade relationship with the U.S. means that 76% of Canadian exports headed to the U.S. market in 2024. Canada’s close ties to the U.S. mean that it has developed largely in parallel with the world’s largest economy.

Note

GDP is calculated by adding together the total consumption, government spending, investments, and net exports.

11. Brazil

• Nominal GDP in Current U.S. Dollars: $2.26 trillion
• PPP Adjusted GDP in Current International Dollars: $4.97 trillion
• GDP Growth: 2.4%
• Nominal GDP Per Capita in Current U.S. Dollars: $10,580

Brazil is the 11th-largest economy in the world and the largest in South America. Brazil’s diversified economy runs the gamut from heavy industries, such as aircraft and automotive production, to mineral and energy resource extraction. It also has a large agricultural sector that makes it a major exporter of coffee and soybeans.

Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way. In the wake of these events, Brazil instituted a series of major economic reforms intended to rein in public spending and debt, invest in energy infrastructure, lower barriers to foreign investment, and improve labor market conditions.

12. Spain

• Nominal GDP in Current U.S. Dollars: $1.89 trillion
• PPP Adjusted GDP in Current International Dollars: $2.83 trillion
• GDP Growth: 2.9%
• Nominal GDP Per Capita in Current U.S. Dollars: $38,040

Spain’s GDP makes it the 12th-largest economy in the world. Spain’s economy suffered severely during the Great Recession, with unemployment soaring above 25% and a rising national debt despite attempts at fiscal austerity.

It has recovered since then as moderating inflation and labor costs have encouraged foreign investment and increased the competitiveness of Spain’s exports, including manufactured machinery and foodstuffs; however, political instability has hindered the government’s ability to sustain further economic reforms.

13. Mexico

• Nominal GDP in Current U.S. Dollars: $1.86 trillion
• PPP Adjusted GDP in Current International Dollars: $3.44 trillion
• GDP Growth: 1%
• Nominal GDP Per Capita in Current U.S. Dollars: $13,970

Mexico is the 13th-largest economy in the world. Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade agreements with the United States, Canada, and 50 other countries.

Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products.

The international drug trade constitutes an ongoing challenge to Mexico’s development, contributing directly to violence and corruption in the country. Weak legal institutions have made it difficult to regulate and integrate the large informal economy of Mexico’s workforce.

14. South Korea

• Nominal GDP in Current U.S. Dollars: $1.86 trillion
• PPP Adjusted GDP in Current International Dollars: $3.36 trillion
• GDP Growth: 0.9%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$35,960

South Korea is the 14th-largest economy in the world by GDP. The nation is a 20th-century economic success story and today is firmly established as an advanced, industrial economy.

Known for its strategy of export-led growth and the dominance of its chaebols—a term for large business conglomerates—South Korea in recent decades has built a network of free trade agreements covering 59 countries that account for an estimated 88% of the world’s GDP (as of latest data) It is a major producer and exporter of electronics, telecommunications equipment, and motor vehicles.

With this progress, however, South Korea also now faces some of the same challenges that many other advanced economies are dealing with, including slower growth and an aging workforce.

15. Australia

• Nominal GDP in Current U.S.: $1.83 trillion
• PPP Adjusted GDP in Current International Dollars: $1.98 trillion
• **GDP Growth: **1.8%
• Nominal GDP Per Capita in Current U.S. Dollars: $65,950

Australia has the 15th-largest economy in the world. The country combines a relatively open domestic economy with an extensive network of free trade agreements with trading partners all around the Asia-Pacific Rim.

This works to the advantage of Australia’s abundant natural resources and agricultural export industries; however, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products).

16. Türkiye

• Nominal GDP in Current U.S. Dollars: $1.57 trillion
• PPP Adjusted GDP in Current International Dollars: $3.77 trillion
• GDP Growth: 3.5%
• Nominal GDP Per Capita in Current U.S. Dollars: $18,200

Türkiye is the 16th-largest economy in the world. It has a largely open economy, with large industrial and service sectors.

Major industries include electronics, petrochemicals, and automotive production. Political turmoil and involvement in regional armed conflicts have led to some financial and currency market instability and uncertainty about Türkiye’s economic future. However, according to the World Bank, “macroeconomic stabilization policies have reduced uncertainty and disinflation,” paving the way towards more stable economic growth.

17. Indonesia

• Nominal GDP in Current U.S. Dollars: $1.44 trillion
• PPP Adjusted GDP in Current International Dollars: $5.02 trillion
• GDP Growth: 4.9%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$5,070

Indonesia is the world’s 17th-largest economy and the largest economy in Southeast Asia. It is based largely on commodity export industries.

Major exports include coal and petroleum products, in addition to agricultural commodities suitable for industrial use, such as rubber and palm oil. Lack of industrial diversification and challenging geography influences regional inequality as well as labor and income disparities are concerns for Indonesia’s rising economy.

18. The Netherlands

• Nominal GDP in Current U.S. Dollars: $1.32 trillion
• PPP Adjusted GDP in Current International Dollars: $1.52 trillion
• GDP Growth: 1.4%
• Nominal GDP Per Capita in Current U.S. Dollars: $73,170

The Netherlands possesses the 18th-largest economy in the world and is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing. It has a highly developed agricultural sector and is one of the largest agricultural exporters in the world. The Netherlands has a large financial services sector, engaged in asset pooling and supported by the Dutch Ministry of Finance.

19. Saudi Arabia

• Nominal GDP in Current U.S. Dollars: $1.27 trillion
• PPP Adjusted GDP in Current International Dollars: $2.69 trillion
• GDP Growth: 4%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$35,230

Saudi Arabia has the 19th-largest economy in the world. The Saudi economy is heavily based on oil, as the country is the world’s largest oil exporter.

The Saudi government owns and operates much of the country’s major industry through its oil company, Aramco; however, with global environmental concerns driving increasing interest in developing non-fossil fuel energy sources, the Saudis are looking to diversify their economy by encouraging more private investment in healthcare and other service industries.

The Saudi government has partially privatized Aramco, listing the company on the Saudi Stock Exchange through an initial public offering (IPO) in December 2019.

20. Poland

• Nominal GDP in Current U.S. Dollars: $1.04 trillion
• PPP Adjusted GDP in Current International Dollars: $2.02 trillion
• **GDP Growth: **3.2%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$28,480

Poland is the 20th-largest economy in the world. Heavy industry, including iron and steel production, machinery manufacturing, shipbuilding, and coal mining, is an important part of Poland’s economy.

Poland’s healthy banking sector and sound macroeconomic policies allowed it to be the only EU country to avoid recession in the aftermath of the 2008 financial crisis. However, inefficient legal and regulatory structures and an aging population are challenges for Poland’s ongoing growth in the future.

Important

Real GDP is often considered to be more accurate than nominal GDP because it accounts for inflation.

21. Switzerland

• Nominal GDP in Current U.S. Dollars: $1.00 trillion
• PPP Adjusted GDP in Current International Dollars: $881.79 billion
• GDP Growth: 0.9%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$111,050

The Alpine nation of Switzerland is the 21st-largest economy in the world. It has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world.

22. Taiwan

• Nominal GDP in Current U.S. Dollars: $884.39 billion
• PPP Adjusted GDP in Current International Dollars: $1.99 trillion
• **GDP Growth: **3.7%
• Nominal GDP Per Capita in Current U.S. Dollars: $37,830

Taiwan is the 22nd-largest economy in the world. It’s known for being a technologically advanced hub for computer chip manufacturing. Other dominant industries include communications and IT products, petroleum refining, chemicals, and textiles. Taiwan’s top agricultural exports include rice, vegetables, pork, and chicken.

23. Belgium

• Nominal GDP in Current U.S. Dollars: $716.98 billion
• PPP Adjusted GDP in Current International Dollars: $900.50 billion
• **GDP Growth: **1.1%
• Nominal GDP Per Capita in Current U.S. Dollars: $60,420

As the 23rd-largest world economy, Belgium is a trade and transport hub with a diversified economy with a mix of service, manufacturing, and high-tech industries. Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth.

24. Ireland

• Nominal GDP in Current U.S. Dollars: $708.77 billion
• PPP Adjusted GDP in Current International Dollars: $811.67 billion
• **GDP Growth: **9.1%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$129,130

Ireland is the 24th-largest economy in the world. The country has a strong, export-based EU economy, a multinational business-friendly environment, and strong social equity and cohesion.

Over half of GDP comes from the services sector with a third coming from industry. The primary industries in Ireland are pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing, and medical devices.

Ireland’s biggest exports are vaccines, packaged medicine, nitrogen compounds, integrated circuits, and scented mixtures.

25. Argentina

• Nominal GDP in Current U.S. Dollars: $683.37 billion
• PPP Adjusted GDP in Current International Dollars: $1.49 trillion
• **GDP Growth: **4.5%
• **Nominal GDP Per Capita in Current U.S. Dollars: **$14,360

Argentina rounds out the top 25 global economies, according to the IMF’s October 2025 release. While more than half of Argentina’s GDP comes from the services sector, the country also has a strong base in agriculture, manufacturing, extraction, and construction.

Argentina’s top exports are soybean products, corn, cereals, beef, auto parts, crude petroleum, oils, and fuels.

What Country Has the Smallest GDP?

As of 2025, the country with the smallest GDP was the nation of Tuvalu, which comprises nine islands in the South Pacific. It has a GDP of $60 million.

Which Is the Fastest Growing Economy in the World?

The world’s fastest-growing economy is South Sudan. In 2025, it registered a real GDP growth rate of 24.3%.

What Country Has the Most Debt?

The U.S. has the highest national debt of any country, with $38.39 trillion as of Jan. 14, 2026.

The Bottom Line

Gross domestic product measures the total output of a nation and is used as a gauge of the health of an economy as well as its size. Countries consistently measure GDP growth to determine economic performance and the actions to take to improve and/or support steady growth.

The countries on this list have various populations, politics, trade agreements, and demographics, all of which play a factor in how their economies perform. As countries take measures to reduce corruption, open their markets, and make the most of their natural resources and new technologies, they should see their GDP grow.