Countries by Gross national expenditure (constant LCU)

Iran, Islamic Rep. ranks 1st in gross national expenditure expressed in constant local currency units, recording a value of 76,584,019,223,905,700. At the opposite end, Marshall Islands ranks 166th with just 326,934,412. The gap between them spans more than 23 quadrillion percent, a figure that reflects differences in currency denomination and scale rather than economic size alone.

Economy category

Ranking 2024

Countries by Gross national expenditure (constant LCU)
Rank	Country	Value
1	Iran	76,584,019,223,905,700
2	Indonesia	12,184,514,910,000,000
3	Vietnam	6,238,463,000,000,000
4	South Korea	2,158,542,400,000,000
5	Colombia	1,091,245,000,000,000
6	Japan	561,220,890,453,000
7	Somalia	504,800,198,760,000
8	Paraguay	235,071,449,504,742
9	Chile	212,145,597,191,700
10	India	192,503,777,511,200
11	Uganda	162,260,097,370,800
12	Iraq	156,303,693,256,700
13	Cambodia	155,888,053,704,200
14	Tanzania	154,866,666,087,600
15	Laos	124,614,851,399,000
16	China	123,121,188,732,300
17	Guinea	105,771,999,366,930
18	Russia	105,645,713,338,600
19	Lebanon	53,525,203,000,000
20	Hungary	49,149,117,248,000
21	Pakistan	47744781291474.1
22	Mongolia	45,358,762,800,000
23	Côte d'Ivoire	44,726,842,069,300
24	Costa Rica	39127241504196.7
25	Bangladesh	34,815,059,995,500
26	Mexico	27,197,118,527,000
27	Madagascar	26,952,712,168,900
28	Cameroon	26,813,200,000,000
29	United States	25,541,608,637,000
30	Philippines	24,614,125,697,100
31	Angola	21,767,083,736,304
32	Kazakhstan	21084204540353.1
33	Senegal	20,765,947,437,200
34	DR Congo	16,299,820,351,200
35	Mali	15055075628311.3
36	Rwanda	13,639,683,939,900
37	Sri Lanka	12616512112972.5
38	Burkina Faso	12,017,042,188,000
39	Benin	11,606,200,000,000
40	Kenya	11,523,413,000,000
41	Algeria	11250704465286.1
42	Niger	10,535,356,065,300
43	Chad	9,140,439,961,700
44	Egypt	8,760,650,000,000
45	Malawi	8,602,939,000,000
46	Serbia	7,789,368,678,000
47	Gabon	7643644697642.99
48	Armenia	7254187891517.65
49	Czechia	5,907,182,000,000
50	Dominican Republic	5,602,807,326,000
51	Togo	5,531,476,000,000
52	Sweden	5,173,221,000,000
53	South Africa	4,676,425,875,500
54	Brazil	4629948821361.2
55	Saudi Arabia	4,404,667,000,000
56	Equatorial Guinea	3,939,603,296,600
57	Republic of Congo	3,819,687,949,500
58	Norway	3,768,397,137,000
59	Iceland	3,616,861,219,000
60	Germany	3,458,607,340,000
61	Nepal	3309279461508.63
62	Hong Kong	2,972,643,229,000
63	Ukraine	2,962,939,259,700
64	Ethiopia	2,918,910,026,500
65	Australia	2,623,806,000,000
66	Canada	2,612,775,716,000
67	France	2,579,544,400,000
68	United Kingdom	2,468,148,065,000
69	Poland	2,363,289,600,000
70	Denmark	2,289,170,155,000
71	Albania	2285392874011.81
72	Italy	1,875,365,600,000
73	Uruguay	1,801,870,780,000
74	Israel	1,656,924,642,000
75	Malaysia	1,580,363,920,000
76	United Arab Emirates	1,572,739,499,100
77	Morocco	1456017152830.61
78	Afghanistan	1,432,831,839,300
79	Kyrgyzstan	1,331,303,024,500
80	Mozambique	1,302,793,637,700
81	Spain	1,302,673,000,000
82	Guinea-Bissau	1,200,952,110,100
83	Central African Republic	931,865,480,000
84	Netherlands	816,617,755,000
85	Haiti	748,446,742,700
86	Argentina	731,745,658,100
87	Guatemala	727,480,641,600
88	Switzerland	696,204,996,000
89	Romania	633,582,700,000
90	North Macedonia	613,041,000,000
91	Djibouti	605,244,951,300
92	Peru	597,143,000,000
93	Comoros	578,745,994,500
94	Mauritius	543,655,319,900
95	Belgium	511,852,700,000
96	Qatar	510,925,043,000
97	Mauritania	473,212,500,700
98	Singapore	398,503,266,300
99	Austria	393,826,001,000
100	New Zealand	355,676,675,000
101	Bolivia	348875900028.17
102	Honduras	301,106,100,000
103	Yemen	294,922,588,700
104	Nicaragua	278,475,693,300
105	Cabo Verde	269,458,081,400
106	Ireland	266,564,290,000
107	Portugal	238,778,438,000
108	Finland	238,468,772,000
109	Namibia	230,484,700,400
110	Macao	229,252,000,000
111	Tunisia	226,208,479,300
112	Bhutan	224389634660.02
113	Moldova	223,049,765,600
114	Greece	217,612,245,000
115	Botswana	213,126,465,800
116	Belarus	211,130,100,000
117	Ghana	197164835411.63
118	Bulgaria	137,527,607,700
119	Ecuador	111,141,896,600
120	Puerto Rico	104,230,800,000
121	Vanuatu	102,773,000,000
122	Slovakia	100,202,915,000
123	Gambia	98279390220.78
124	Maldives	86,654,178,600
125	Panama	78120715971.3
126	Georgia	74050327070.27
127	Zimbabwe	72,755,945,600
128	Croatia	70,621,881,800
129	Eswatini	69,598,978,300
130	Sierra Leone	64621012843.14
131	Libya	58,151,100,000
132	Bosnia and Herzegovina	51,235,909,800
133	Cuba	51,047,000,000
134	Lithuania	51,031,253,000
135	Slovenia	50,527,732,000
136	Luxembourg	49,148,877,000
137	Lesotho	36,126,619,900
138	El Salvador	33,397,476,600
139	Latvia	31,934,404,000
140	Seychelles	31,914,279,800
141	Oman	31,881,000,000
142	Kuwait	30,662,800,000
143	Estonia	29,253,971,000
144	Cyprus	28809773932.61
145	Greenland	20,629,200,000
146	South Sudan	18,790,098,000
147	Venezuela	18757627374.1
148	Brunei	16094655218.86
149	Malta	15966917417.86
150	Palestine	15,128,800,000
151	Bahamas	14,675,400,000
152	Solomon Islands	14593603403.86
153	Bahrain	12,900,000,000
154	Sudan	12,717,774,400
155	Kosovo	9010643629.41
156	Montenegro	6,465,610,100
157	Belize	5,422,157,700
158	Bermuda	4,972,500,000
159	Tajikistan	4,855,826,600
160	Samoa	3,120,398,900
161	Timor-Leste	2755837340.38
162	Tonga	1592466919.95
163	San Marino	977322874.97
164	Kiribati	706839112.28
165	Palau	360040965.38
166	Marshall Islands	326934412

Analysis

Gross national expenditure is the sum of household final consumption expenditure, general government final consumption expenditure, and gross capital formation. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units. Because values are not converted to a common currency, rankings reflect the scale of each country's local currency as much as the underlying level of economic activity. The dataset covers 166 countries, with 163 of 166 (98.2%) reporting data from the last seven years, 100% of datapoints classified as official quality, and 88.6% of countries reporting for the latest year, 2024. Ten extreme outliers were identified using a 3-sigma threshold.

Iran (rank 1) records 76,584,019,223,905,700 in constant LCU, a value that dwarfs all others due to the scale of the Iranian rial. Indonesia (rank 2) follows at 12,184,514,910,000,000, and Viet Nam (rank 3) posts 6,238,463,000,000,000, both reflecting similarly large-denomination currencies. Korea, Rep. (rank 4) stands at 2,158,542,400,000,000, and Colombia (rank 5) at 1,091,245,000,000,000. Japan (rank 6) at 561,220,890,453,000 and Somalia (rank 7) at 504,800,198,760,000 follow. High ranks in this metric are driven primarily by the nominal scale of local currencies rather than by the size of underlying economies.

Notable anomalies appear throughout the middle of the ranking. The United States (rank 29) records 25,541,608,637,000, falling well below countries such as Indonesia, Viet Nam, and Korea in absolute LCU terms despite having one of the largest economies in the world. China (rank 16) posts 123,121,188,732,300, ranking below Uganda (rank 11) at 162,260,097,370,800 and Cambodia (rank 13) at 155,888,053,704,200. India (rank 10) at 192,503,777,511,200 ranks above China, while Germany (rank 60) at 3,458,607,340,000 and the United Kingdom (rank 68) at 2,468,148,065,000 place far lower than their economic size would suggest. Marshall Islands (rank 166) records the lowest value at 326,934,412.

The primary limitation of this metric is that values are expressed in each country's own local currency unit, making cross-country comparisons of absolute economic size impossible. A country with a high-denomination currency will rank far above a country with a low-denomination currency regardless of actual spending levels. The reference year for constant-price adjustment also varies by country, introducing inconsistencies in comparability across time and nations. Countries with recent currency redenominations or high historical inflation may show distorted trends. Data gaps exist for some countries, and the 2024 coverage rate of 88.6% means not all values reflect the same reference period.

Methodology

This ranking uses World Bank World Development Indicators indicator code NE.DAB.TOTL.KN, gross national expenditure in constant local currency units. As defined in the source: gross national expenditure is the sum of household final consumption expenditure, general government final consumption expenditure, and gross capital formation. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units. Data covers 166 countries for the reference year 2024. Of these, 163 of 166 (98.2%) have data from the last seven years, and 100% of datapoints are classified as official quality. The latest-year consistency rate is 88.6% (147 of 166 countries). Ten extreme outliers were flagged using a 3-sigma threshold. The value range spans from 326,934,412 (Marshall Islands) to 76,584,019,223,905,700 (Iran), a spread of over 23 quadrillion percent. Because values are in local currency units and not converted to a common standard, this metric cannot be used to compare absolute economic activity across countries.

Sources

World Bank