Countries by Gross value added at basic prices (GVA) (constant LCU)
Iran, Islamic Rep. ranks first in gross value added at basic prices (constant local currency units) with a value of 78,443,754,770,566,700, a figure so large it exceeds the second-ranked country, Indonesia, by more than six times. At the opposite end, Palau records a GVA of just 211,053,234 constant LCU, placing 190th. The gap between first and last spans a range of over 37 trillion percent, reflecting the profound effect of different national currencies and price-level reference years rather than simple differences in economic size.
Ranking 2024
| Rank | Country | Value |
|---|---|---|
| 1 | Iran | 78,443,754,770,566,700 |
| 2 | Indonesia | 12,364,589,200,000,000 |
| 3 | Vietnam | 5,714,638,506,703,500 |
| 4 | South Korea | 2,124,455,100,000,000 |
| 5 | Colombia | 894,166,000,000,000 |
| 6 | Japan | 572,921,296,490,000 |
| 7 | Paraguay | 216,798,871,144,819 |
| 8 | Nigeria | 213,291,090,832,200 |
| 9 | Iraq | 211,906,304,000,000 |
| 10 | Chile | 189,262,055,024,600 |
| 11 | India | 171,874,462,109,000 |
| 12 | Uzbekistan | 163,952,206,179,300 |
| 13 | Cambodia | 142,294,465,450,000 |
| 14 | Uganda | 141,914,054,901,600 |
| 15 | Tanzania | 136,549,329,200,500 |
| 16 | Laos | 134,078,252,783,825 |
| 17 | Russia | 92,672,353,849,600 |
| 18 | Guinea | 82,356,911,082,980 |
| 19 | Myanmar | 77,015,447,652,800 |
| 20 | Hungary | 46,335,344,139,000 |
| 21 | Lebanon | 42,106,223,000,000 |
| 22 | Côte d'Ivoire | 41,568,586,978,900 |
| 23 | Pakistan | 39,761,128,000,000 |
| 24 | Costa Rica | 39,531,407,205,400 |
| 25 | Bangladesh | 32,367,076,739,800 |
| 26 | Mongolia | 27,765,336,470,000 |
| 27 | Mexico | 24,034,988,065,000 |
| 28 | Cameroon | 23,761,600,000,000 |
| 29 | Philippines | 22,244,356,637,000 |
| 30 | Madagascar | 21,315,210,072,400 |
| 31 | Angola | 16366876040335.3 |
| 32 | DR Congo | 16,333,638,480,600 |
| 33 | Kazakhstan | 16,199,014,831,221 |
| 34 | Senegal | 14,687,466,157,800 |
| 35 | Mali | 12010002122002.8 |
| 36 | Sri Lanka | 11651170482107.6 |
| 37 | Rwanda | 11,322,662,985,600 |
| 38 | Thailand | 11,179,501,000,000 |
| 39 | Benin | 10,258,100,000,000 |
| 40 | Kenya | 9,990,769,000,000 |
| 41 | Burkina Faso | 9,476,329,291,100 |
| 42 | Chad | 9,342,489,889,500 |
| 43 | Niger | 8,997,916,967,700 |
| 44 | Algeria | 8370400511379.83 |
| 45 | Egypt | 7906547369376.22 |
| 46 | Malawi | 7,453,750,968,700 |
| 47 | Armenia | 6668507250333.11 |
| 48 | Serbia | 6,149,072,787,800 |
| 49 | Gabon | 5772003046493.74 |
| 50 | Czechia | 5,750,393,000,000 |
| 51 | Guyana | 5,524,036,000,000 |
| 52 | Equatorial Guinea | 4,809,299,688,800 |
| 53 | Sweden | 4,807,278,000,000 |
| 54 | Dominican Republic | 4,798,002,698,600 |
| 55 | Togo | 4740527050589.27 |
| 56 | Republic of Congo | 4,439,234,641,800 |
| 57 | Saudi Arabia | 4,416,505,000,000 |
| 58 | South Africa | 4,209,259,867,000 |
| 59 | Brazil | 3923036791148.29 |
| 60 | Norway | 3,374,740,110,000 |
| 61 | Germany | 3,259,441,990,000 |
| 62 | Iceland | 3,207,887,958,000 |
| 63 | Hong Kong | 2,977,889,018,000 |
| 64 | Ethiopia | 2,603,952,940,700 |
| 65 | Australia | 2,511,352,000,000 |
| 66 | Nepal | 2393477142859.41 |
| 67 | Canada | 2,376,397,736,000 |
| 68 | France | 2,336,657,100,000 |
| 69 | Denmark | 2,304,647,589,000 |
| 70 | United Kingdom | 2,217,357,049,000 |
| 71 | Poland | 2194172881710.79 |
| 72 | Burundi | 2127125335785.25 |
| 73 | Türkiye | 2,078,082,703,500 |
| 74 | Albania | 1,774,827,320,300 |
| 75 | Ukraine | 1,771,801,870,500 |
| 76 | Italy | 1,739,217,500,000 |
| 77 | Jamaica | 1,717,181,000,000 |
| 78 | Uruguay | 1,683,891,016,300 |
| 79 | Malaysia | 1,630,613,009,000 |
| 80 | Israel | 1,533,933,629,000 |
| 81 | Spain | 1,249,211,000,000 |
| 82 | Morocco | 1149155004884.63 |
| 83 | Afghanistan | 1,001,384,000,000 |
| 84 | Mozambique | 983,100,947,200 |
| 85 | Guinea-Bissau | 979,007,663,700 |
| 86 | Netherlands | 823,060,775,000 |
| 87 | Switzerland | 752,621,965,000 |
| 88 | Central African Republic | 711,505,161,800 |
| 89 | Qatar | 709,219,000,000 |
| 90 | Kyrgyzstan | 697,481,015,000 |
| 91 | Syria | 696,817,000,000 |
| 92 | Djibouti | 623,837,171,200 |
| 93 | Argentina | 587,215,053,400 |
| 94 | Guatemala | 569,747,205,800 |
| 95 | Singapore | 532,783,500,000 |
| 96 | Peru | 531,404,000,000 |
| 97 | Haiti | 524,908,089,200 |
| 98 | Mauritius | 488689961135.1 |
| 99 | Belgium | 473,418,300,000 |
| 100 | Ireland | 456,646,068,000 |
| 101 | Comoros | 443,461,446,800 |
| 102 | North Macedonia | 437,107,800,000 |
| 103 | Romania | 436141142027.35 |
| 104 | Austria | 371,390,926,000 |
| 105 | Mauritania | 354,419,775,400 |
| 106 | Macao | 343,907,000,000 |
| 107 | New Zealand | 330,837,499,000 |
| 108 | Bolivia | 302828939369.76 |
| 109 | Honduras | 229,178,200,000 |
| 110 | Yemen | 218,480,362,700 |
| 111 | Finland | 212,765,262,000 |
| 112 | Portugal | 207,268,164,000 |
| 113 | Botswana | 190,261,950,400 |
| 114 | Cabo Verde | 189,431,662,700 |
| 115 | Nicaragua | 188,942,317,000 |
| 116 | Ghana | 188757973104.61 |
| 117 | Belarus | 187,370,527,500 |
| 118 | Bhutan | 185460114773.48 |
| 119 | Greece | 173,893,417,000 |
| 120 | Zambia | 160,943,991,200 |
| 121 | Moldova | 154,258,844,200 |
| 122 | Trinidad and Tobago | 146,175,707,500 |
| 123 | Namibia | 143,498,691,400 |
| 124 | Bulgaria | 124,484,864,000 |
| 125 | Ecuador | 107,567,067,200 |
| 126 | Slovakia | 94,083,067,000 |
| 127 | Libya | 90,580,600,000 |
| 128 | Maldives | 89675799051.88 |
| 129 | Tunisia | 89,246,800,000 |
| 130 | Panama | 77667548038.73 |
| 131 | Gambia | 71737501477.2 |
| 132 | Eswatini | 67,602,363,100 |
| 133 | Papua New Guinea | 65,984,353,500 |
| 134 | Zimbabwe | 64,769,000,000 |
| 135 | Sierra Leone | 62617539704.05 |
| 136 | Vanuatu | 62,363,000,000 |
| 137 | Luxembourg | 61,860,791,000 |
| 138 | Georgia | 60844346810.33 |
| 139 | Croatia | 55,669,242,300 |
| 140 | Lithuania | 50,512,456,000 |
| 141 | Cuba | 50,405,000,000 |
| 142 | Slovenia | 47,576,601,000 |
| 143 | Kuwait | 44,493,400,000 |
| 144 | Oman | 38783892090.64 |
| 145 | Bosnia and Herzegovina | 35,739,193,800 |
| 146 | Azerbaijan | 30,618,864,800 |
| 147 | Jordan | 29,594,312,100 |
| 148 | Latvia | 27,499,728,000 |
| 149 | Cyprus | 25,857,922,000 |
| 150 | El Salvador | 25,378,927,800 |
| 151 | Estonia | 25,152,244,000 |
| 152 | Seychelles | 22,451,278,800 |
| 153 | Brunei | 20047206207.74 |
| 154 | Lesotho | 19,303,420,900 |
| 155 | Malta | 17680266837.35 |
| 156 | Greenland | 16,311,900,000 |
| 157 | Suriname | 14476582793.43 |
| 158 | Bahrain | 14,432,905,700 |
| 159 | Barbados | 13,248,700,000 |
| 160 | Bahamas | 12,206,500,000 |
| 161 | Sudan | 11,841,949,100 |
| 162 | Solomon Islands | 10405609015.85 |
| 163 | Fiji | 10,358,800,000 |
| 164 | Tajikistan | 9,144,837,900 |
| 165 | Palestine | 8,720,200,000 |
| 166 | Bermuda | 6,726,908,000 |
| 167 | Kosovo | 5615728650.51 |
| 168 | Saint Lucia | 5,114,610,000 |
| 169 | Cayman Islands | 4781479778.99 |
| 170 | Isle of Man | 4717921040.89 |
| 171 | Aruba | 4670371494.95 |
| 172 | Belize | 4,568,988,300 |
| 173 | Antigua and Barbuda | 4,003,470,000 |
| 174 | Montenegro | 3,856,055,500 |
| 175 | Sao Tome and Principe | 3,798,781,300 |
| 176 | Andorra | 2,712,800,000 |
| 177 | Saint Vincent and the Grenadines | 2,230,070,000 |
| 178 | Grenada | 2,176,650,000 |
| 179 | Sint Maarten (Dutch part) | 2,115,540,300 |
| 180 | Samoa | 2,102,962,300 |
| 181 | Saint Kitts and Nevis | 2,012,310,000 |
| 182 | Timor-Leste | 1619785755.28 |
| 183 | Dominica | 1,457,220,000 |
| 184 | Turks and Caicos Islands | 1,388,170,000 |
| 185 | San Marino | 1312713825.89 |
| 186 | Tonga | 866745305.29 |
| 187 | Kiribati | 353702326.31 |
| 188 | Micronesia | 237,363,600 |
| 189 | Marshall Islands | 211172180.18 |
| 190 | Palau | 211053234.38 |
Analysis
Gross value added at basic prices measures the value of goods and services produced in an economy, net of intermediate consumption. According to the World Bank World Development Indicators (indicator code NY.GDP.FCST.KN), the metric reflects 'the price of products receivable by the producer exclusive of taxes payable on products and inclusive of subsidies receivable on products, less intermediate consumption valued at purchasers' prices.' Values are expressed in constant local currency units, meaning each country's series has been adjusted to account for price changes over time, but no conversion to a common currency is applied. This dataset covers 190 countries, with 189 of 190 (99.5%) reporting data from within the last seven years and 100% of datapoints classified as official. The 2024 data year achieves coverage for 168 of 190 countries (88.4%). Ten extreme outliers were identified at the 3-sigma threshold.
Iran ranks first with a GVA of 78,443,754,770,566,700 constant LCU, followed distantly by Indonesia at rank 2 with 12,364,589,200,000,000 and Viet Nam at rank 3 with 5,714,638,506,703,500. Korea, Rep. places 4th at 2,124,455,100,000,000, and Colombia ranks 5th at 894,166,000,000,000. Japan, the world's third-largest economy by many conventional measures, ranks only 6th here at 572,921,296,490,000. These placements are driven entirely by the scale of each country's local currency unit and the specific reference year chosen for constant-price adjustment, not by cross-country economic comparisons.
Several counterintuitive placements emerge in the middle ranks. Paraguay (rank 7, 216,798,871,144,819) sits just above Nigeria (rank 8, 213,291,090,832,200) and Iraq (rank 9, 211,906,304,000,000), while large economies such as Germany (rank 61, 3,259,441,990,000), Brazil (rank 59, 3,923,036,791,148), and the United States are absent from the top positions entirely. India ranks only 11th at 171,874,462,109,000, well below smaller economies measured in currencies with higher nominal scales. At the lower end, Marshall Islands ranks 189th at 211,172,180 constant LCU and Palau places last at 211,053,234, with both values notably close to each other.
The most significant limitation of this metric is that values are expressed in each country's own constant local currency units without any conversion to a common denominator. This makes direct cross-country comparisons of economic size invalid. A high rank may reflect a currency with large nominal units or a reference year that inflates absolute values, rather than a larger economy. The 37,167,757,600% spread between the highest and lowest values underscores this distortion. Additionally, 22 of 190 countries lack 2024 data specifically, relying on earlier observations. Countries with significant informal economies, conflict-affected reporting environments, or structural data gaps may show values that do not fully reflect actual productive activity.
Methodology
Data are sourced from the World Bank World Development Indicators, indicator code NY.GDP.FCST.KN, for the reference year 2024. Gross value added at basic prices is defined in the source note as reflecting 'the price of products receivable by the producer exclusive of taxes payable on products and inclusive of subsidies receivable on products, less intermediate consumption valued at purchasers' prices.' The series is expressed in constant local currency units, meaning each country's data has been adjusted to account for price changes over time, with the reference year for this adjustment varying by country. No cross-country currency conversion is applied. The dataset covers 190 countries, with 189 of 190 (99.5%) reporting data from within the last seven years and 100% of datapoints classified as official quality. The 2024 data year achieves 88.4% coverage (168 of 190 countries). Ten extreme outliers were identified using a 3-sigma threshold. Average year-over-year change across the dataset is 4.7%. The absolute value range runs from 211,053,234 (Palau, rank 190) to 78,443,754,770,566,700 (Iran, rank 1), a spread of over 37 trillion percent, which reflects differences in currency denomination and deflator reference years rather than true differences in economic scale.