Countries by Manufacturing, value added (constant LCU)
Iran, Islamic Rep. ranks 1st in manufacturing value added measured in constant local currency units, recording a value of 19,707,326,935,107,100 LCU — a figure that dwarfs every other country in the dataset. At the opposite end, Micronesia, Fed. Sts. ranks 185th with just 1,411,900 LCU, a spread of nearly 1.4 quadrillion percent. That gap reflects the fundamental incomparability of local currency units across countries, not differences in real manufacturing scale.
Ranking 2024
| Rank | Country | Value |
|---|---|---|
| 1 | Iran | 19,707,326,935,107,100 |
| 2 | Indonesia | 2,618,854,500,000,000 |
| 3 | Vietnam | 1,481,680,424,307,900 |
| 4 | South Korea | 610,925,500,000,000 |
| 5 | Japan | 119,988,281,163,000 |
| 6 | Colombia | 110,282,000,000,000 |
| 7 | Cambodia | 46,667,190,682,900 |
| 8 | Paraguay | 45883763507969.7 |
| 9 | India | 29,536,466,699,700 |
| 10 | Uganda | 22,019,426,140,600 |
| 11 | Uzbekistan | 21,557,105,318,600 |
| 12 | Chile | 19,061,676,924,000 |
| 13 | Nigeria | 17,578,904,759,200 |
| 14 | Myanmar | 17,345,152,400,400 |
| 15 | Laos | 13784010535156.8 |
| 16 | Russia | 13,445,137,150,900 |
| 17 | Tanzania | 12,524,332,164,100 |
| 18 | Hungary | 8,603,299,362,000 |
| 19 | Bangladesh | 7,969,073,110,700 |
| 20 | Guinea | 7,608,832,706,600 |
| 21 | Costa Rica | 6,164,773,172,200 |
| 22 | Côte d'Ivoire | 5,938,922,656,400 |
| 23 | Iraq | 5,929,382,600,000 |
| 24 | Mexico | 5,232,830,781,000 |
| 25 | Pakistan | 4,748,114,000,000 |
| 26 | Philippines | 3,920,747,812,300 |
| 27 | Cameroon | 3,539,600,000,000 |
| 28 | Thailand | 2,802,807,000,000 |
| 29 | Senegal | 2,514,747,886,000 |
| 30 | Lebanon | 2,488,576,410,900 |
| 31 | Mongolia | 2,359,262,810,000 |
| 32 | Sri Lanka | 2045300848482.12 |
| 33 | Madagascar | 1982069891281.26 |
| 34 | Kazakhstan | 1972579411739.21 |
| 35 | DR Congo | 1,592,343,209,200 |
| 36 | Czechia | 1,334,568,000,000 |
| 37 | Equatorial Guinea | 1304048484659.09 |
| 38 | Egypt | 1144979374620.78 |
| 39 | Benin | 1,113,400,000,000 |
| 40 | Rwanda | 1,108,691,200,300 |
| 41 | Angola | 1107850626521.84 |
| 42 | Mali | 1040636149667.49 |
| 43 | Algeria | 1033067804761.35 |
| 44 | Burkina Faso | 1,030,182,809,300 |
| 45 | Serbia | 1,015,245,430,800 |
| 46 | Malawi | 909,878,167,900 |
| 47 | Kenya | 873,831,000,000 |
| 48 | Gabon | 872289503266.6 |
| 49 | Chad | 787416701621.61 |
| 50 | Saudi Arabia | 752,889,000,000 |
| 51 | Armenia | 740018092717.72 |
| 52 | Sweden | 706,539,000,000 |
| 53 | Germany | 670,275,670,000 |
| 54 | Togo | 669660289230.97 |
| 55 | Dominican Republic | 627,563,426,900 |
| 56 | Niger | 576,248,693,000 |
| 57 | South Africa | 523,150,754,100 |
| 58 | Denmark | 518,901,252,000 |
| 59 | Brazil | 440085611695.25 |
| 60 | Poland | 428741218644.36 |
| 61 | Malaysia | 382,033,634,000 |
| 62 | Türkiye | 373,962,964,100 |
| 63 | Republic of Congo | 311,647,318,300 |
| 64 | Iceland | 294,575,049,000 |
| 65 | Italy | 283,456,700,000 |
| 66 | Norway | 248,492,085,000 |
| 67 | France | 235,752,000,000 |
| 68 | Burundi | 231457548074.87 |
| 69 | Canada | 212,882,690,000 |
| 70 | Ukraine | 210,204,334,200 |
| 71 | United Kingdom | 202,853,534,000 |
| 72 | Uruguay | 197,518,266,000 |
| 73 | Israel | 197,229,371,000 |
| 74 | Morocco | 190898142163.35 |
| 75 | United Arab Emirates | 181,150,000,000 |
| 76 | Ethiopia | 175,745,939,600 |
| 77 | Jamaica | 160,759,000,000 |
| 78 | Spain | 153,558,000,000 |
| 79 | Switzerland | 153,141,545,000 |
| 80 | Ireland | 145,310,797,000 |
| 81 | Australia | 144,087,000,000 |
| 82 | Central African Republic | 136,535,681,900 |
| 83 | Albania | 130,897,593,300 |
| 84 | Nepal | 126374446220.74 |
| 85 | Singapore | 115,566,600,000 |
| 86 | Kyrgyzstan | 113,295,789,100 |
| 87 | Guinea-Bissau | 108,931,980,200 |
| 88 | Argentina | 108,319,076,100 |
| 89 | Haiti | 102,168,048,000 |
| 90 | Netherlands | 97,246,612,000 |
| 91 | Romania | 87711536800.25 |
| 92 | Guyana | 84,660,000,000 |
| 93 | Guatemala | 84,520,361,100 |
| 94 | Afghanistan | 82,785,000,000 |
| 95 | Mozambique | 76,757,517,600 |
| 96 | Peru | 71,915,000,000 |
| 97 | Austria | 69,025,384,000 |
| 98 | Belgium | 59,064,500,000 |
| 99 | Mauritius | 57727886194.6 |
| 100 | Belarus | 53,299,800,000 |
| 101 | Qatar | 52,706,000,000 |
| 102 | North Macedonia | 52,643,100,000 |
| 103 | Honduras | 42,027,500,000 |
| 104 | Bolivia | 41097239682.56 |
| 105 | Nicaragua | 33,268,650,900 |
| 106 | Finland | 32,410,850,000 |
| 107 | New Zealand | 28,969,265,000 |
| 108 | Hong Kong | 28,435,000,000 |
| 109 | Djibouti | 27,936,907,800 |
| 110 | Portugal | 26,493,104,000 |
| 111 | Trinidad and Tobago | 26,157,652,400 |
| 112 | Eswatini | 21,376,194,800 |
| 113 | Ghana | 21278475051.43 |
| 114 | Mauritania | 21,080,438,400 |
| 115 | Greece | 19,536,354,000 |
| 116 | Namibia | 16,291,843,500 |
| 117 | Slovakia | 15,988,910,000 |
| 118 | Moldova | 15,428,900,500 |
| 119 | Ecuador | 15,032,661,200 |
| 120 | Zambia | 14,776,828,400 |
| 121 | Tunisia | 13,028,900,000 |
| 122 | Cabo Verde | 11,483,857,000 |
| 123 | Slovenia | 10,952,074,000 |
| 124 | Botswana | 10,681,990,900 |
| 125 | Zimbabwe | 10,495,247,100 |
| 126 | Bhutan | 9,815,000,000 |
| 127 | Lithuania | 9,111,293,000 |
| 128 | Croatia | 7,001,951,600 |
| 129 | Jordan | 6,094,102,900 |
| 130 | Bosnia and Herzegovina | 5,526,698,800 |
| 131 | Georgia | 5369124287.58 |
| 132 | Sierra Leone | 4110199430.68 |
| 133 | Luxembourg | 3,827,721,000 |
| 134 | Panama | 3810602266.45 |
| 135 | Oman | 3620142270.97 |
| 136 | Cuba | 3,532,000,000 |
| 137 | El Salvador | 3,503,964,000 |
| 138 | Latvia | 3,347,800,000 |
| 139 | Kuwait | 3,225,800,000 |
| 140 | Estonia | 2,997,490,000 |
| 141 | Libya | 2,674,300,000 |
| 142 | Lesotho | 2,355,810,700 |
| 143 | Bahrain | 2,287,579,000 |
| 144 | Azerbaijan | 2,083,256,400 |
| 145 | Suriname | 2077541568.43 |
| 146 | Brunei | 1652896155.26 |
| 147 | Vanuatu | 1,563,000,000 |
| 148 | Maldives | 1536122285.69 |
| 149 | Gambia | 1408297022.09 |
| 150 | Cyprus | 1,276,168,000 |
| 151 | Seychelles | 1,255,727,500 |
| 152 | Malta | 1161707516.92 |
| 153 | Fiji | 1,136,500,000 |
| 154 | Papua New Guinea | 1,101,860,800 |
| 155 | Palestine | 1,087,200,000 |
| 156 | Kosovo | 985681572.62 |
| 157 | Solomon Islands | 834122749.89 |
| 158 | Barbados | 747,200,000 |
| 159 | South Sudan | 565,010,500 |
| 160 | Greenland | 524,900,000 |
| 161 | San Marino | 449962976.29 |
| 162 | Belize | 366,689,800 |
| 163 | Saint Lucia | 179,860,000 |
| 164 | Montenegro | 178,058,700 |
| 165 | Aruba | 172682315.16 |
| 166 | Antigua and Barbuda | 109,040,000 |
| 167 | Grenada | 100,450,000 |
| 168 | Andorra | 98,220,000 |
| 169 | Saint Vincent and the Grenadines | 96,440,000 |
| 170 | Samoa | 93,014,700 |
| 171 | Isle of Man | 87818027.99 |
| 172 | Dominica | 75,410,000 |
| 173 | Sao Tome and Principe | 62,816,700 |
| 174 | Saint Kitts and Nevis | 62,220,000 |
| 175 | Tonga | 52423266 |
| 176 | Cayman Islands | 39905187.28 |
| 177 | Bahamas | 36,900,000 |
| 178 | Sint Maarten (Dutch part) | 33,085,300 |
| 179 | Bermuda | 30,868,000 |
| 180 | Timor-Leste | 29001502.3 |
| 181 | Kiribati | 16470508.61 |
| 182 | Turks and Caicos Islands | 7,010,000 |
| 183 | Marshall Islands | 3333488.46 |
| 184 | Palau | 2546005.69 |
| 185 | Micronesia | 1,411,900 |
Analysis
This metric tracks manufacturing value added expressed in constant local currency units (LCU), sourced from the World Bank World Development Indicators under indicator code NV.IND.MANF.KN. Per the source definition, manufacturing includes industries classified in ISIC (Rev. 3) major division C and is defined as the physical or chemical transformation of materials or components into new products; value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption. The dataset covers 185 countries, with 183 of 185 (98.9%) reporting data from the last seven years and 100% of datapoints classified as official-quality. The reference year is 2024, though 86.5% of countries have data for the latest year specifically. Ten extreme outliers were identified at the 3-sigma threshold, and the year-over-year volatility averages 6.3%.
Iran leads all 185 countries with a value of 19,707,326,935,107,100 LCU, followed by Indonesia at rank 2 with 2,618,854,500,000,000 LCU and Viet Nam at rank 3 with 1,481,680,424,307,900 LCU. Korea, Rep. ranks 4th at 610,925,500,000,000 LCU and Japan ranks 5th at 119,988,281,163,000 LCU. High absolute LCU values at the top of the ranking are driven heavily by currency denomination and inflation history rather than manufacturing output alone, since each country's figures are expressed in its own non-comparable local unit. Countries with historically high inflation or large-denomination currencies will mechanically produce larger LCU values.
Notable counterintuitive placements appear throughout the mid-ranking. Germany, one of the world's largest manufacturers by any common measure, ranks 53rd at 670,275,670,000 LCU, while Colombia ranks 6th at 110,282,000,000,000 LCU and Cambodia ranks 7th at 46,667,190,682,900 LCU. Similarly, the United States does not appear in this dataset at all, and major economies such as France (rank 67, 235,752,000,000 LCU), the United Kingdom (rank 71, 202,853,534,000 LCU), and Australia (rank 81, 144,087,000,000 LCU) fall well below smaller economies by this measure. Paraguay ranks 8th at 45,883,763,507,969.7 LCU, ahead of India at rank 9 with 29,536,466,699,700 LCU.
The primary limitation of this metric is that constant LCU values are not comparable across countries. Each country's series is deflated using its own base year and price index, and the denomination of each currency differs radically. A ranking by this indicator does not reflect relative manufacturing strength in any internationally comparable sense. Countries with high past inflation, large-denomination currencies, or different base years will rank artificially high or low. Additionally, 25 of 185 countries lack data for the specific latest year (2024), meaning some values reflect earlier observations. Reporting methodology and ISIC classification adherence may vary across national statistical offices, introducing further inconsistency.
Methodology
Data source: World Bank World Development Indicators, indicator code NV.IND.MANF.KN, data year 2024. The metric measures manufacturing value added in constant local currency units. Per the source definition, manufacturing includes industries classified in ISIC (Rev. 3) major division C and is defined as the physical or chemical transformation of materials or components into new products; value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption. The dataset covers 185 countries, exceeding the 80-country coverage threshold. 183 of 185 countries (98.9%) have data from within the last seven years. 100% of datapoints are classified as official quality, well above the 70% threshold. Data for the latest year (2024) is available for 160 of 185 countries (86.5%). Ten extreme outliers were identified using a 3-sigma threshold. Average year-over-year change is 6.3%, within the 50% volatility threshold. The value range runs from 1,411,900 (Micronesia, Fed. Sts.) to 19,707,326,935,107,100 (Iran), a spread of approximately 1,395,801,893,455% that reflects currency denomination differences rather than real output differences. Rankings in this metric are not internationally comparable and should be interpreted with caution.