Here is the new update for the list of the the richest countries in the world by 2017 GDP.
GDP, or gross domestic product, is one of the parameters that gives insight into a country’s economy, i.e. how successful a certain economy of a country is compared to others. It is a monetary figure showing (within the borders) a country’s products and services in a specific time span. It is usually counted on an annual basis, divided by quarters. GDP per capita, on other hand is a figure that shows the GDP divided by the number of people. If you are interested on the topic of GDP by country, per capita we might recommend you to take a look at our list of the 20 Richest Countries in the World by GDP per Capita.
By comparing and analyzing GDP, economy specialists can project the future of global economic status on the basis of current and past trends. So, based on those, China will remain as one of the largest economies in the world by 2050, while the U.S. economy could fall down to 3rd place for example. So, that means at least the top 5 world economies will remain more or less at the top, and there will be some fluctuations in between them. The forecast is pretty much the same for some much closer future, say, the top 10 economies in the world by 2020 will remain USA, China, Brazil, Germany and others that you will find later down on our list of the richest countries in the world by GDP.
Although GDP represents economic wealth of a country, there are always those individuals around the world that stand out, basically the billionaires. The era of billionaires started with John D. Rockefeller around a century ago, and today there around 2,043 of them. In 2017 China seems to have the most billionaires in the world – totaling 609, compared to USA where there are 552. But on that topic you might get better information from our lists of Top 10 Countries With the Most Billionaires Per Capita or Richest Cities in the World With Most Billionaires Per Capita.
For our research in order to find out which were those richest countries by 2017 GDP we have consulted the International Monetary Fund. There we have made inquiry which has led us to making and exporting the wanted database from the main database – the World Economic Outlook. The main criteria of our inquiry consisted of GDP, current prices, currency – US dollar, and the scale in billions. The data we gathered was from the updated form for April 2017. So, in short, the figures you will see further down on the list represent the state of current GDP growth by country expressed in billions of U.S. dollars. For additional data and individual GDP for countries on our list we have gathered the information provided by The World Bank.
Being familiar with GDP by country for 2016, let’s see now what the GDP ranking for 2017 is, and get the insight at the richest countries in the world by 2017 GDP:
GDP in billions: $462,715
The Belgian economy has been steady in recent years. From a GDP of 1.2 percent in 2016, it is expected for it to rise up to 1.5 in 2017 and 1.8 in 2018.
GDP in billions: $482,92o
Poland’s economy is on the rise, as can be seen in rising the forecast for 2017 GDP from 3.2 to 4.3 percent. In the first quarter of 2017, their GDP grew 4.0 percent.
GDP in billions: $507,046
Being known as the one of the richest countries in the world by GDP, Sweden is rightly defending that position this year as well. Sweden’s GDP for 2017 has grown 4 percent more than last year, with as high as 1.7 percent growth in the second quarter.
22. Taiwan Province of China
GDP in billions: $566,757
Taiwan’s economy is on the rise, mainly because of good export policies. In 2017 GDP grew more than 2 percent up until now, but the predictions are that it will decline by the end of the year.
GDP in billions: $628,935
The economy of Argentina has been fluctuating during last several years with recent drops of GDP in 2016. This year has shown a somewhat better situation, with GDP growing from 2.5 to 3 percent in the second quarter of 2017.
GDP in billions: $659,368
We are continuing our list of the richest countries in the world by 2017 GDP with Switzerland that has always been known as being one of the richest countries in the world with a steady economy. Concerning the GDP in 2017, it grew 0.3 percent in the first quarter.
19. Saudi Arabia
GDP in billions: $707,379
GDP of Saudi Arabia seems to be declining in 2017, for the first time since the global financial crisis in 2007/2008. The reason for this in 2017 are the issues in oil sector.
GDP in billions: $762,694
The economy of Netherlands seems to be on a rather small but stable growth trend, which is a trend convenient for one of therichest countries in the world by 2017 GDP. It has reached the projected 2.1 percent GDP growth. Projections for the next year are 1.7 percent.
GDP in billions: $793,698
From the GDP fall in 2016 to 2.5 percent (from 6.1 percent in 2015), Turkey seems to have its economy on the rise again, with a GDP of 3.0 for 2017, and it seems it is going to exceed the projected values.
GDP in billions: $987,303
Mexico is going through a slight decrease in economic status now, with 1.7 percent GDP in 2017, comparing to 2015 and 2016 with GDP values of 2.6 percent and 2.0 percent respectively.
GDP in billions: $1,020.52
Indonesia is showing a slight increase in GDP values. From the first quarter in 2015, when GDP was 4.71 percent, and in 2016 (first quarter) when it was 4.92 percent, 2017 seems to beat those numbers with 5.01 percent of GDP growth.
GDP in billions: $1,232.44
The last quarter seems to have been favorable to Spain’s economy. The GDP growth showed a figure of 0.9 percent which was even higher than the GDP of same quarter for UK and France, that are also one of the richest countries in the world by 2017 GDP.
GDP in billions: $1,359.72
Australia’s economic power has shown slight decrease this year, to 1.7 percent compared to last year’s 2.4 percent. The main pull down of GDP is exports, which have lowered overall GDP by 0.4 percent.
12. Republic of Korea
GDP in billions: $1,498.07
Korea’s GDP in the second quarter of 2017 has shown a slight decrease, being 0.6 percent, compared to the first quarter when it reached 1.1 percent. Nevertheless, this figure matches the projected values for the second quarter.
GDP in billions: $1,560.71
Russia seems that it is beginning to recover from the sanctions and oil prices in 2014, when gross GDP in 2015 was -3.7 percent. This year the GDP growth has risen up to 1.4 percent.
GDP in billions: $1,600.27
This year seems very bright for Canada’s economic status, since the GDP growth was 4.6 percent in the last 12 months until May this year. Since 2000, this has been the biggest GDP growth for Canada.
GDP in billions: $1,807.43
Since 2012 when Italy’s GDP significantly dropped, the economic situation had started to recover (until 2016), when it had risen to 1.0 percent. And although by the 2017 GDP Italy is among the richest countries in the world, there are still problems like high debts and monetary and labor issues that don’t make things look that bright.
GDP in billions: $2,140.94
After the great economic fall in 2015, which was seen as the worst economic drop of the century, Brazil’s economic power is on the rise again. Projected GDP for the last quarter this year was 0.1 percent, and the actual rise was 0.2 percent until now.
GDP in billions: $2,420.44
The GDP rate for France for this year is 0.5 percent, which has also been the case for the last 9 months. Concerning the annual basis, GDP growth for France is 1.8 percent.
GDP in billions: $2,454.46
India had the fastest growing economy in 2015 with a GDP rate of 9.2 percent. The figure has started to decrease since then, but India’s GDP is growing at a relatively constant rate now, being 7 percent in 2017, compared to 7 percent from the last year.
GDP in billions: $2,496.76
The second quarter in the U.K.’s economy was marked by the raise of 0.3 percent of GDP of current prices (data released on August 24) by the Office for National Statistics. Overall, annual GDP for U.K. has been slowly decreasing in the past few years, according to The World Bank data.
GDP in billions: $3,423.29
Being the wealthiest European country, as well as one of the richest countries in the world by 2017 GDP, Germany is the country with the strongest economic power in Europe. Germany’s fast GDP growth of 0.6 percent in the first quarter of 2017 exceeded growing percentage of the leading countries on this issue.
GDP in billions: $4,841.22
Among the richest countries in the world by 2017 GDP Japan finds its place because it has had a relatively constant GDP fluctuation after the huge economic upraise in the 80s. Current GDP is 0.9 percent, compared to the last upraise in 2010 (when it was 4.2 percent).
GDP in billions: $11,795.30
China’s rapid GDP growth this year was 6.9 percent in second the quarter, which exceeded the expected rate of 6.8 percent. Although China’s economic power has risen almost exponentially since 2000, with the highest peak in 2007 (of 14.2 GDP growth), it has started decreasing slowly since then, according to the World Bank data.
GDP in billions: $19,417.14
Among the 25 richest countries in the world by 2017 GDP, the USA stands out at the top of the list. The objective for 2017 for the U.S. economy is to reach 3.0 percent GDP growth, until last month in July, the growth established was (only) 2.8 percent.