Top 10 Largest Economies In The World 2023

The Biggest Economies in the World

With the help of this article, you will be able to know the top 10 largest economies of the world by 2023 and the countries by GDP. The United States is the world’s largest economy with a GDP of approximately $25.03 trillion. GDP is used to estimate the size of a country’s economy.

The country’s GDP is typically measured using the expenditure method, which calculates GDP by adding spending on new consumer goods, new investment spending, government spending, and the value of net exports.

10. Economy of Italy – $1.99 trillion

• GDP (nominal) – $1.99 trillion (2023)
• GDP per capita – $33,740
• Population – 60.4 million
• GDP (PPP) – $3.02 trillion (12th)

Italy’s economy is the third largest national economy in the European Union. Also, it ranks tenth among the top 10 largest economies in the world in 2023 by nominal GDP and the 12th largest by purchasing power parity (PPP). 

Additionally, Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. It is the world’s tenth largest exporter with $632 billion exported in 2019.

It has close trade relations with other European Union countries. With these he handles about 59% of his total business.

Italy owns the world’s third-largest gold reserves, and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country’s personal wealth is the largest in the world.

09. Economy of Russia – $2.13 trillion

• GDP (nominal) – $2.13 trillion (2023)
• GDP per capita – $14,665
• Population – 145.9 million
• GDP (PPP) – $4.64 trillion (6th)

Russia’s economy is set to grow to be the 9th largest economy in the world in 2023. It has gradually transformed from a planned economy to a mixed market-oriented economy. Russia has vast natural resources, especially oil and natural gas.

Russia’s foreign exchange reserves are the fifth largest in the world. It has a labor force of about 70 million people, the sixth largest in the world.

Russia is widely described as an energy superpower; Because it has the largest natural gas reserves in the world, the second largest coal reserves, the eighth largest oil reserves and the largest oil shale reserves in Europe.

It is the world’s leading natural gas exporter, the second largest natural gas producer, and the second largest oil exporter and producer.

Russia is the world’s second largest exporter of arms. Russia also has the fifth largest number of billionaires in the world. It is ranked 62nd by GDP per capita.

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08. Economy of Canada – $2.2 trillion

• GDP (nominal) – $2.2 trillion (2023)
• GDP per capita – $56,794
• Population – 37.4 million
• GDP (PPP) – $2.24 trillion (15th)

The Canadian economy is a highly developed mixed economy. Also, it ranks 8th among the top 10 largest economies in the world in 2023 by nominal GDP and the 15th largest by PPP.

Like other developed nations, the country’s economy dominates the service industry which employs about three quarters of Canada’s people. 

Canada has the third largest petroleum reserves in the world and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas.

Canada is considered an energy superpower due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.

In addition, the Toronto Stock Exchange is the eighth largest stock exchange in the world by market capitalisation. It lists more than 1,500 companies, with a market capitalisation of over US$3 trillion.

07. Economy of France – $2.77 trillion

• GDP – $2.77 trillion (2023)
• GDP per capita – $42,330
• Population – 65.2 million
• GDP (PPP) – $3.68 trillion (10th)

France’s economy is highly developed and free-market-oriented. It ranks seventh among the top 10 largest economies in the world in 2023 by nominal GDP and the ninth largest by purchasing power parity (PPP).

France is the third largest economy in Europe by Jan 2023, after the economies of Germany and the United Kingdom. 

Moreover, France has a diversified economy, which dominates the services sector.  While the industrial sector accounts for 19.5% of the GDP and the rest of the primary sector is 1.7%.

According to the IMF, in 2020, France was the 20th country in the world with a per capita GDP of $ 39,257.

06. Economy of United Kingdom – $3.19 trillion

• GDP (nominal) – $3.19 trillion (2023)
• GDP per capita – $47,318
• Population – 67.8 million
• GDP (PPP) – $3.77 trillion (9th)

The United Kingdom economy is a highly developed social market and market-oriented economy. Also, it is the six largest economy in the world in 2023 by nominal GDP and the ninth largest by purchasing power parity (PPP).

The Economy of the UK has the twenty first largest per capita GDP. It is making 3.3% of world GDP.

Moreover, the UK is one of the most global economies. This includes England, Scotland, Wales and Northern Ireland. In 2019, the UK was the world’s fifth largest exporter and fifth largest importer.

In 2020, the UK’s trade with 27 EU member states accounted for 49% of the country’s exports and 52% of its imports.

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05. Economy of India – $3.46 trillion

• GDP (nominal) – $3.46 trillion (2023)
• GDP per capita – $2,466
• Population – 1.38 trillion
• GDP (PPP) – $11.66 trillion (3rd)

India’s economy is known as a middle income developing market economy. It ranks fifth among the top 10 economies in the world in 2023 by nominal GDP and the third largest by purchasing power parity (PPP).

According to the International Monetary Fund (IMF), on a per capita income basis, India ranks 139nd from GDP (nominal) and 122th from GDP purchasing power parity PPP in 2021.

Since the beginning of the 21st century, annual average GDP growth has increased from 6% to 7% from 2014 to 2018.

India was the fastest growing major economy in the world, overtaking China. Historically, India was the biggest economy in the world from the first century to the 19th century.

04. Economy of Germany – $4.03 trillion

• GDP (nominal) – $4.03 trillion (2023)
• GDP per capita – $48,398
• Population – 83.78 million
• GDP (PPP) – $5.31 trillion (5th)

Germany’s economy is a highly developed social market economy. It has the largest national economy in Europe. It is the fourth largest economies in the world 2023 by nominal GDP and the fifth largest by purchasing power parity (PPP). 

Moreover, according to the International Monetary Fund (IMF) in 2017, the country accounted for 28% of the euro area economy. Germany is a founding member of the European Union and the Eurozone.

Also, it is one of the largest exporters globally with goods and services worth $ 1810.93 billion exported in 2019.

03. Economy of Japan – $4.3 trillion

• GDP (nominal) – $4.3 trillion (2023)
• GDP per capita – $34,358
• Population – 126.4 million
• GDP (PPP) – $6.1 trillion (4th)

Japan’s economy is a highly developed free market economy. Also, it is the third among the top 10 biggest economies in the world 2023 by nominal GDP, and the fourth largest by purchasing power parity (PPP). The Economy of Japan is the world’s second largest developed economy. 

Moreover, Japan is the world’s third largest automobile manufacturing country. It ranks first in the world in the Economic Complexity Index. And It is also the world’s third largest consumer market.

Japan is a member of the G7 and G20. According to the International Monetary Fund, the country’s per capita gross domestic product (PPP) is $34,358.

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02. Economy of China – $18.32 trillion

• GDP (nominal) – $18.32 trillion (2023)
• GDP per capita – $12,970
• Population – 1.43 trillion
• GDP (PPP) – $30.07 trillion (1st)

The economy of the People’s Republic of China is a market-oriented economy. Incorporates economic planning through industrial policies and strategic five-year plans.

It is the second largest economy in the world in 2023 by nominal GDP and net wealth and the largest by purchasing power parity (PPP).

China has the world’s fifty six per capita gross domestic product nominal and the seventy per capita gross domestic product PPP in 2023.

In addition, an official forecast states that China will become the world’s largest economy by 2028 at nominal GDP. Historically, China was one of the world’s largest economic powers for 1 to two millennia until the 19th century.

01. Economy of the United States – $25.03 trillion

• GDP (nominal)  – $25.03 trillion (2023)
• GDP per capita – $75,180
• Population – 331 million
• GDP (PPP) – $25.03 trillion (2nd)

The United States has the biggest economy in the world in 2023 by nominal GDP, and net wealth and the second largest by purchasing power parity (PPP). It economy is a highly developed mixed economy.

The US  has the world’s fifth-highest per capita gross domestic product (nominal) and the seventh highest per capita gross domestic product PPP in 2023. 

Moreover, the United States has the most technically powerful economy in the world and its companies are technically at the forefront or close. Advances, particularly artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. 

The US dollar is the most commonly used currency in international transactions and is the world’s largest reserve currency.

The largest US trading partners are China, Canada, Mexico, India, Japan, Germany, South Korea, United Kingdom, France and Taiwan. Also, America is the world’s largest importer and the second largest exporter.