Top 10 GDP Countries 2022

Top 10 GDP Countries 2022

Here are the world’s largest ten economies in the world in 2022 ranked by gross domestic product.

Largest economies in the world 2022:

Rank/Country/GDP (Current prices, USD)
#1 🇺🇸 United States $25.3 trillion
#2 🇨🇳 China $19.9 trillion
#3 🇯🇵 Japan $4.9 trillion
#4 🇩🇪 Germany $4.3 trillion
#5 🇬🇧 United Kingdom $3.4 trillion
#6 🇮🇳 India $3.3 trillion
#7 🇫🇷 France $2.9 trillion
#8 🇨🇦 Canada $2.2 trillion
#9 🇮🇹 Italy $2.1 trillion
#10 🇧🇷 Brazil $1.8 trillion[1]

What is the GDP of all countries in 2022?

The world’s current total GDP is $104 trillion as of 2022 based on IMF projections for the end of the year.

How is GDP calculated?

GDP is usually calculated by adding up all of the money spent by consumers, businesses, and a national government over a year. It can also be calculated by simply adding up all of the money received in payments by all the people participating in an economy. This calculated number is just an estimation of the nominal GDP.

What is counted in GDP?

GDP are initials that are used in place of writing out Gross Domestic Product.

An annual gross domestic product for a country is the total sum of the financial value of all created and manufactured goods along with services produced in one nation that are sold on the home and world markets during a one year time period.

The term Gross is the total products that are created, produced, and sold no matter their final use whether consumed, for inventory, or replacements. All sales are added to the total gross.

The term Domestic designates that the geographical location where the products and services are created or produced are inside the country’s national borders. Regardless of where the owners of a factory or business are located in the world the location of the production is where the economic activity is credited to.

The term Product represents the final goods produced or services provided that are sold on the global markets to produce receipts.

Items that are not included in GDP numbers:

  1. Unpaid labor through family, friends, or volunteer work.
  2. Employees paid ‘under the table’ to avoid income taxes.
  3. Work done in exchange for things besides money.
  4. Goods and services created for friends, family, and donations.
  5. Goods and services that are exchanged through bartering,
  6. Illegal sales on the black market to avoid taxes.
  7. Illegal drug sales.
  8. Criminal services.
  9. Illegal prostitution.
  10. Wire transfers, money transfers, and crypto currency transfers.
  11. Sales of used items on the secondary market.
  12. Production of goods used in the supply chain before final receipts of sales.

The Nominal GDP is the current value of total output at today’s current monetary value with no adjustment for inflation.

The Real GDP is the value of today’s total output but adjusted based on inflation or deflation to determine if the quantity of production has really increased/decreased or if it is is just a result of changes in currency valuation. The Real GDP is the number commonly used to figure the rate of  GDP growth in a country.

GDP is the most common measure used for macro economic activity and the health of the economy.

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Top 10 GDP Countries 2022
Image created by Holly Burns