Countries by Manufacturing, value added (current LCU)
Iran, Islamic Rep. ranks 1st in manufacturing value added measured in local currency units, recording 44,316,764,095,907,200 LCU, a figure driven heavily by currency scale rather than output volume alone. At the opposite end, Micronesia, Fed. Sts. records just 2,386,700 LCU, ranking 196th. The 1,856,821,724,285% spread between top and bottom reflects the fundamental problem of comparing this metric across countries with vastly different currencies and inflation histories.
Ranking 2024
| Rank | Country | Value |
|---|---|---|
| 1 | Iran | 44,316,764,095,907,200 |
| 2 | Indonesia | 4,202,866,900,000,000 |
| 3 | Vietnam | 2,812,398,342,003,900 |
| 4 | South Korea | 680,583,600,000,000 |
| 5 | Uzbekistan | 293,734,806,500,000 |
| 6 | Colombia | 172,275,000,000,000 |
| 7 | Japan | 121,821,800,000,000 |
| 8 | Argentina | 88,666,942,598,100 |
| 9 | Paraguay | 63937561637559.4 |
| 10 | Cambodia | 52,487,953,258,900 |
| 11 | India | 41,694,187,126,200 |
| 12 | Myanmar | 35030976048897.2 |
| 13 | China | 33,550,683,495,700 |
| 14 | Nigeria | 32,276,309,138,400 |
| 15 | Uganda | 30,778,596,125,500 |
| 16 | Laos | 30,132,436,000,000 |
| 17 | Chile | 28,079,404,120,800 |
| 18 | Russia | 26,660,009,508,200 |
| 19 | Guinea | 21,707,127,625,100 |
| 20 | Kazakhstan | 16,941,133,300,000 |
| 21 | Tanzania | 16,516,753,710,400 |
| 22 | DR Congo | 16,462,359,217,300 |
| 23 | Iraq | 14,857,844,400,000 |
| 24 | Pakistan | 13,836,554,000,000 |
| 25 | Hungary | 12,871,984,000,000 |
| 26 | Bangladesh | 10,952,289,914,100 |
| 27 | Madagascar | 9968830214947.25 |
| 28 | Angola | 7773244697075.53 |
| 29 | Türkiye | 7,509,594,590,100 |
| 30 | Côte d'Ivoire | 6,823,604,813,600 |
| 31 | Mexico | 6,728,736,721,000 |
| 32 | Costa Rica | 6,367,378,286,400 |
| 33 | Sri Lanka | 5259691977881.03 |
| 34 | Thailand | 4,521,214,000,000 |
| 35 | Mongolia | 4,495,483,470,000 |
| 36 | Cameroon | 4,162,400,000,000 |
| 37 | Philippines | 4,146,037,834,900 |
| 38 | Lebanon | 3,879,778,342,800 |
| 39 | Algeria | 3,413,452,000,000 |
| 40 | Senegal | 2,756,024,074,500 |
| 41 | United States | 2,497,131,582,000 |
| 42 | Gabon | 2465560076750.22 |
| 43 | Malawi | 2,157,296,443,900 |
| 44 | Egypt | 1,931,557,940,000 |
| 45 | Equatorial Guinea | 1920635999600.36 |
| 46 | Burundi | 1696376494278.66 |
| 47 | Rwanda | 1,679,587,978,900 |
| 48 | Czechia | 1,602,213,000,000 |
| 49 | Brazil | 1426562246925.7 |
| 50 | Burkina Faso | 1,331,850,365,300 |
| 51 | Benin | 1,325,300,000,000 |
| 52 | Mali | 1238780806204.21 |
| 53 | Serbia | 1,236,744,600,000 |
| 54 | Kenya | 1,176,393,000,000 |
| 55 | Armenia | 1,035,418,200,000 |
| 56 | South Africa | 940,915,088,800 |
| 57 | Dominican Republic | 922,690,237,600 |
| 58 | Haiti | 875,197,355,700 |
| 59 | Republic of Congo | 848,467,297,900 |
| 60 | Chad | 845662975544.24 |
| 61 | Sweden | 829,655,000,000 |
| 62 | Germany | 779,505,000,000 |
| 63 | Togo | 736,897,000,000 |
| 64 | Saudi Arabia | 730,955,000,000 |
| 65 | Niger | 673,300,000,000 |
| 66 | Ukraine | 644,193,000,000 |
| 67 | Poland | 587,362,000,000 |
| 68 | Denmark | 522,677,931,000 |
| 69 | Ethiopia | 517,803,502,800 |
| 70 | Malaysia | 434,771,753,000 |
| 71 | Iceland | 393,452,208,000 |
| 72 | Italy | 326,062,200,000 |
| 73 | Norway | 320,671,000,000 |
| 74 | Uruguay | 315,517,212,000 |
| 75 | France | 279,331,500,000 |
| 76 | Central African Republic | 278,259,301,400 |
| 77 | Jamaica | 266,360,000,000 |
| 78 | Nepal | 249252156868.6 |
| 79 | Morocco | 243,758,000,000 |
| 80 | Canada | 234,678,000,000 |
| 81 | Romania | 232,144,200,000 |
| 82 | United Kingdom | 230,289,000,000 |
| 83 | Israel | 222,497,854,000 |
| 84 | Kyrgyzstan | 192,149,600,000 |
| 85 | United Arab Emirates | 190,136,000,000 |
| 86 | Spain | 172,896,000,000 |
| 87 | Ireland | 166,390,093,000 |
| 88 | Albania | 163,808,687,200 |
| 89 | Switzerland | 145,879,598,000 |
| 90 | Australia | 144,087,000,000 |
| 91 | North Macedonia | 138,264,900,000 |
| 92 | Honduras | 136,757,500,000 |
| 93 | Peru | 131,523,000,000 |
| 94 | Zimbabwe | 128,086,648,600 |
| 95 | Singapore | 119,463,300,000 |
| 96 | Guatemala | 119,334,540,000 |
| 97 | Guinea-Bissau | 117,044,585,800 |
| 98 | Cuba | 115,821,000,000 |
| 99 | Ghana | 114973138765.91 |
| 100 | Netherlands | 113,012,000,000 |
| 101 | Afghanistan | 101,871,000,000 |
| 102 | Nicaragua | 97,413,446,500 |
| 103 | Mozambique | 93,671,169,900 |
| 104 | Guyana | 87,280,000,000 |
| 105 | Mauritius | 76,869,000,000 |
| 106 | Austria | 74,773,989,000 |
| 107 | Belgium | 70,943,600,000 |
| 108 | Qatar | 64,405,000,000 |
| 109 | Zambia | 59,910,120,400 |
| 110 | Puerto Rico | 55,634,800,000 |
| 111 | New Caledonia | 54,303,000,000 |
| 112 | Belarus | 50,086,100,000 |
| 113 | Bolivia | 49,550,757,300 |
| 114 | Turkmenistan | 43,174,300,000 |
| 115 | Finland | 39,277,000,000 |
| 116 | Djibouti | 38,994,242,300 |
| 117 | New Zealand | 35,023,000,000 |
| 118 | Portugal | 34,043,504,000 |
| 119 | Hong Kong | 29,668,000,000 |
| 120 | Suriname | 29059433149.24 |
| 121 | French Polynesia | 27,609,000,000 |
| 122 | Namibia | 26,078,431,500 |
| 123 | Eswatini | 25,919,257,500 |
| 124 | Moldova | 24,989,127,000 |
| 125 | Trinidad and Tobago | 24,879,870,800 |
| 126 | Tunisia | 23,636,400,000 |
| 127 | Mauritania | 21,655,100,000 |
| 128 | Greece | 21,462,184,000 |
| 129 | Slovakia | 21,260,160,000 |
| 130 | Bhutan | 19540278374.46 |
| 131 | Tajikistan | 19,402,900,000 |
| 132 | Ecuador | 16,053,574,200 |
| 133 | Botswana | 14,596,057,900 |
| 134 | Cabo Verde | 14,272,643,400 |
| 135 | Slovenia | 13,056,907,000 |
| 136 | Lithuania | 11,009,152,000 |
| 137 | Sierra Leone | 10955420690.93 |
| 138 | Croatia | 9,000,897,200 |
| 139 | Georgia | 7848018253.9 |
| 140 | Bosnia and Herzegovina | 6,804,343,100 |
| 141 | Jordan | 6,706,822,700 |
| 142 | Azerbaijan | 6,618,000,000 |
| 143 | Lesotho | 5,639,835,200 |
| 144 | Estonia | 4,317,189,000 |
| 145 | Panama | 4272264368.8 |
| 146 | El Salvador | 4,259,880,000 |
| 147 | Oman | 4120298107.91 |
| 148 | Latvia | 4,010,865,000 |
| 149 | Kuwait | 3,930,345,300 |
| 150 | Bahrain | 3,526,599,000 |
| 151 | Luxembourg | 3,415,279,000 |
| 152 | Vanuatu | 2,860,000,000 |
| 153 | Macao | 2,801,000,000 |
| 154 | Faroe Islands | 2,644,000,000 |
| 155 | Libya | 2,627,300,000 |
| 156 | Liechtenstein | 2,529,800,000 |
| 157 | Gambia | 2368616641.95 |
| 158 | Brunei | 2183895015.3 |
| 159 | Papua New Guinea | 1,836,772,500 |
| 160 | Palestine | 1,772,200,000 |
| 161 | Maldives | 1715124388.57 |
| 162 | Cyprus | 1,549,459,000 |
| 163 | Fiji | 1,535,500,000 |
| 164 | South Sudan | 1,528,308,800 |
| 165 | Solomon Islands | 1351458850.48 |
| 166 | Malta | 1327331412.22 |
| 167 | Seychelles | 1,311,719,100 |
| 168 | Kosovo | 1,306,469,000 |
| 169 | Barbados | 752,100,000 |
| 170 | Greenland | 624,100,000 |
| 171 | San Marino | 595588424.25 |
| 172 | Belize | 422,490,000 |
| 173 | Montenegro | 254,679,400 |
| 174 | Saint Lucia | 201,610,000 |
| 175 | Curaçao | 186117500.59 |
| 176 | Samoa | 168,966,100 |
| 177 | Aruba | 156519618.85 |
| 178 | Antigua and Barbuda | 141,510,000 |
| 179 | Grenada | 140,820,000 |
| 180 | Andorra | 118,930,000 |
| 181 | Saint Kitts and Nevis | 118,120,000 |
| 182 | Saint Vincent and the Grenadines | 117,570,000 |
| 183 | Sao Tome and Principe | 116,058,400 |
| 184 | Isle of Man | 111,866,000 |
| 185 | Bahamas | 99,700,000 |
| 186 | Dominica | 88,050,000 |
| 187 | Tonga | 69303985.22 |
| 188 | Cayman Islands | 58415977.98 |
| 189 | Timor-Leste | 35448776.81 |
| 190 | Bermuda | 28,404,000 |
| 191 | Sint Maarten (Dutch part) | 28,350,300 |
| 192 | Kiribati | 20492955.97 |
| 193 | Marshall Islands | 9040097.24 |
| 194 | Turks and Caicos Islands | 7,801,000 |
| 195 | Palau | 3153000.49 |
| 196 | Micronesia | 2,386,700 |
Analysis
This metric measures manufacturing value added expressed in each country's own local currency unit (LCU), sourced from the World Bank World Development Indicators under indicator code NV.IND.MANF.CN. 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 196 countries, with 193 of 196 (98.5%) reporting data from the last seven years and 100% of datapoints classified as official-quality. The primary reference year is 2024, with 163 of 196 countries (83.2%) reporting data for that latest year. Six extreme outliers were identified at the 3-sigma threshold.
Iran ranks 1st with 44,316,764,095,907,200 LCU, a value so large relative to others that it reflects the scale of Iran's rial rather than a comparable output superiority. Indonesia follows at rank 2 with 4,202,866,900,000,000 LCU, and Viet Nam ranks 3rd at 2,812,398,342,003,900 LCU. Korea, Rep. places 4th at 680,583,600,000,000 LCU, and Uzbekistan 5th at 293,734,806,500,000 LCU. These top positions are dominated by countries whose currencies carry large nominal values relative to the US dollar, which inflates LCU-denominated totals independent of actual manufacturing output size.
Notable anomalies appear throughout the mid-ranks. The United States, the world's second-largest manufacturer by most real-output measures, ranks only 41st here at 2,497,131,582,000 LCU because the US dollar is a relatively strong currency. Germany ranks 62nd at 779,505,000,000 LCU and Japan ranks 7th at 121,821,800,000,000 LCU, with the yen's weaker nominal value pushing Japan higher despite Germany's comparable industrial base. China ranks 13th at 33,550,683,495,700 LCU. Paraguay ranks 9th at 63,937,561,637,559 LCU, placing above India (rank 11, 41,694,187,126,200 LCU) and China, which illustrates how currency denomination distorts cross-country comparisons in this metric.
The central limitation of this metric is that values are in each country's own local currency, making direct cross-country comparison of manufacturing size or output meaningless without currency conversion. Countries with high inflation or weak currencies will show larger LCU totals regardless of real output. The six extreme outliers flagged at the 3-sigma threshold confirm this distortion. Additionally, 33 of 196 countries do not report 2024 data, relying on earlier years, which may reduce comparability. Informal manufacturing activity is not captured, and differences in national accounting methodologies across statistical offices can affect how value added is allocated to the manufacturing sector.
Methodology
Data source: World Bank World Development Indicators, indicator code NV.IND.MANF.CN. The metric is manufacturing value added expressed in current local currency units (LCU) for the reference year 2024. Per the source note, 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. Coverage: 196 countries with data, exceeding the 80-country threshold. Recency: 193 of 196 countries (98.5%) have data from the last seven years. Data quality: 100% of datapoints are classified as official. Latest-year consistency: 163 of 196 countries (83.2%) report 2024 data. Six extreme outliers were identified using a 3-sigma threshold. Average year-over-year change across the dataset is 14.0%, well within the 50% volatility threshold. The value range spans from 2,386,700 LCU (Micronesia, Fed. Sts.) to 44,316,764,095,907,200 LCU (Iran), a spread of over 1,856,821,724,285%, which reflects currency-scale differences rather than real output differences. Rankings on this indicator should not be interpreted as a measure of comparative manufacturing size across countries.