Countries by Gross value added at basic prices (GVA) (current US$)

Ranking 2024

Analysis

Gross value added (GVA) at basic prices measures the value of goods and services produced in an economy, net of intermediate consumption. According to the source definition, it 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 current US dollars with no adjustment for price changes over time. The dataset covers 199 countries, with 197 of 199 (99.0%) having data from the last seven years and 100% of datapoints classified as official-quality. The 2024 reference year has data for 170 of 199 countries (85.4%). The viability check identified 14 extreme outliers at the 3-sigma threshold, and the value range spans from $27.1 million to $22.49 trillion, a spread of over 83 million percent.

The top of the ranking is dominated by large, high-income economies. The United States (rank 1) at $22.49 trillion stands well ahead of Germany (rank 2, $4.24 trillion) and Japan (rank 3, $4.18 trillion), which are close to each other. India (rank 4, $3.55 trillion) and the United Kingdom (rank 5, $3.33 trillion) round out the top five. The next tier includes France (rank 6, $2.83 trillion), Italy (rank 7, $2.13 trillion), Canada (rank 8, $2.09 trillion), the Russian Federation (rank 9, $1.98 trillion), and Brazil (rank 10, $1.88 trillion). Korea (rank 11, $1.74 trillion) and Mexico (rank 12, $1.74 trillion) are virtually tied. High GVA figures reflect a combination of large population, broad industrial bases, and high output per worker, though the metric itself does not decompose these factors.

The middle of the ranking contains several notable placements. Ireland ranks 22nd with $580.0 billion, ahead of Sweden (rank 23, $540.5 billion) and Singapore (rank 26, $516.9 billion), which are smaller countries by population but generate substantial value added. Nigeria, Africa's most populous country, ranks only 50th at $246.7 billion, while Ethiopia ranks 57th at $144.8 billion. Puerto Rico (rank 60, $125.6 billion) appears as a distinct entry separate from the United States. Guyana ranks 113th at $24.0 billion, placing it between Zambia (rank 112, $24.1 billion) and the Syrian Arab Republic (rank 114, $23.6 billion). At the lower end, Pacific island states such as Marshall Islands (rank 197, $278.1 million), Palau (rank 198, $238.5 million), and Tuvalu (rank 199, $27.1 million) register the smallest values in the dataset.

Because values are in current US dollars with no price adjustment, exchange rate movements and inflation can significantly affect a country's ranking from year to year, independent of any change in real output. Countries that use managed exchange rates or experience high inflation may appear to shift positions for reasons unrelated to productive capacity. The metric covers GVA at basic prices, which excludes net taxes on products; this differs from GDP at market prices, so direct comparisons with standard GDP figures require caution. Some entries in the dataset represent non-sovereign territories, such as Puerto Rico, Hong Kong SAR, Macao SAR, and New Caledonia, which are counted separately from their associated sovereign states. Cuba (rank 66, $106.6 billion) and several other countries rely on estimates rather than fully verified national accounts. The 14 extreme outliers flagged in the viability check, including the United States itself, reflect genuine scale differences rather than data errors, but users should note that the distribution is highly skewed.

Methodology

This ranking is based on the World Bank World Development Indicators indicator NY.GDP.FCST.CD, Gross value added at basic prices, expressed in current US dollars for the reference year 2024. The source definition states: gross value added at basic prices 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. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in Unit. The dataset covers 199 countries. Of these, 197 of 199 (99.0%) have data from the last seven years, and 100% of datapoints are classified as official quality. The 2024 data year has coverage for 170 of 199 countries (85.4%). The viability check identified 14 extreme outliers using a 3-sigma threshold. Average year-over-year change across the dataset is 9.2%. Values range from $27,054,594 (Tuvalu) to $22,485,863,476,000 (United States), a spread of over 83 million percent. Higher values indicate greater gross value added.

Sources

• World Bank