Gross domestic product (GDP)

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While calculating the power of the particular country, quite often we refer to its GDP. Gross Domestic Product is one of the most basic methods thanks to which we can measure the effects of work of the entire community. It includes all the products and services the given nation has got to offer. 

For Most of the time these values were used to measure the size of the economy in order to indicate whether we are dealing with an increase, decrease, or a stagnation. Not every major power was taken into account at the beginning, but at this moment it is possible to verify Gross Domestic Product for each and every nation there is, including yours.

How to calculate the GDP value?

There are three different approaches we can use in order to calculate the value. We mean here expenditure approach, income approach, and production approach. The first method calculates the value based on all the expenditures, including consumption, investments, government expenditures, and the change in stocks.

The second option assumes that the value of GDP has to be equal to the sum of all incomes, namely labor income, capital income, and state income, taking into account depreciation. The third approach is simply a value of all final goods and services that were produced without the values of all goods and services used in this production.

What are currently the top 3 countries in terms of GDP?

According to data collected in 2019, at this moment there are two countries that top all the other, and we mean here United States and China. The highest GDP currently available is in the States and it is estimated at around $21 trillion. Interestingly, this is almost a quarter of the entire GDP of the world.

China has a guaranteed second place with an incredibly large amount of $14.3 trillion. After that, there is a large drop, since Japan has "only" $5 trillion. Fourth place belongs to Germany with $3.8 trillion, and we finish the top 5 with India, which has GDP at around $2.8 trillion.

Which country has achieved the highest GDP growth?

According to World Bank Data, the largest growths occurred at Timor-Leste, a very tiny island nation that is located in Southeast Asia. It had the GDP growth of around 18%. Nonetheless, it needs to be determined whether such a gigantic increase was due to dynamic growth of the economy or whether the correction of previous estimations.

Surprisingly, the biggest growths one can notice regard some of the African countries such as Rwanda, Ethiopia, Eritrea, as well as nations from Asia like Nepal, Vietnam, Cambodia, Bangladesh, and Armenia. All of them had the GDP growth of around 7-10%.

Most of us are interested in the biggest nations around the globe. In terms of that, very high growths were recorded in China (6.1%), Ireland (5.5%), Estonia (5%), and in Hungary and Poland (4.5%). India had 4.2% of GDP growth in the last year, whereas the United states had 2.2%. Other nations from the top 5 recorded insignificant growths at the level of 0.6% (Germany) and 0.7% (Japan), as the 2019 data inform us.