A list of 10 largest economies in the world based on their GDP – Gross Domestic Product. Find out where India ranks in this list of most powerful and biggest economies of 2017.
When we speak about top 10 economies all across the world, the order may shuffle a bit, but the players mostly remain the same. The USA has topped the list since last many years closely followed by China.
Top 10 Largest Economies In The World 2017
1. United States
The economy of the United States has remained as one of the largest with relating to nominal GDP. The country is an economic superpower and also highly advanced in the field of infrastructure and technology and possess an abundant quantity of natural resources. The economy of US contributes to 24.5% of the world’s total gross product and is equal to 18 Trillion USD.
The economy of China has overtaken economies of many countries in the last couple of decades. It is estimated to pull ahead of the United States in the coming years. China posse’s $11.3 trillion economies as of 2017.
Japan stands 3rd in this ranking but comes in 4th place when compared to purchasing power parity. Since Japan started showing the symptoms of a recession in 2008, the economy of the country is facing hard times.
Germany is the strongest and largest economy of the entire European continent. The nominal GDP of the country is $3.49 trillion, and GDP regarding purchasing power parity is $3.97 trillion.
5. United Kingdom
The nominal GDP is $2.65 trillion and PPP per capita is about $42,513. Agriculture and manufacturing contribute most to the GDP of the country. Even though agriculture is not the major contributor, yet 60% of the UK’s food requirements and 2% of the labor force are employed in this sector.
France stands on 6th position with nominal GDP of $2.48 trillion, and PPP is about $2.73 trillion. The country has better living standards compared to most of the European nations and has a lower poverty rate.
Though India ranks third regarding PPP of $8.7 trillion and when it comes to nominal GDP India stands in 7th place with $2.25 trillion economies. India is still dependent on Agriculture more when compared to Western countries economies. India is the fastest growing and one of the largest economies in the world as of 2017.
The government of Italy is working for various sectors to improve the economy of the country. The GDP measured with relations to purchasing power parity of the economy is about $2.22 trillion; whereas per capita GDP is about $36,313 USD.
Brazil stands in the 9th place having an economy of $1.77 trillion by nominal GDP. It is projected to continue as one of the fastest growing economies in the entire world.
The country poses a service oriented economy and has seen great growth in oil and petroleum sector and manufacturing industries as well. The GDP in terms of purchasing power parity is about $1.7 trillion and GDP per capita is about $46,239.
Important points you can take away from this list is that America is still the richest country in the world, India is the fastest growing country, and China is the only country who can dethrone USA from top position in this list of largest economies in the world as of 2017.