Analyze the economic health of countries across the world by exploring our economic growth by country data and forecasts. This information is essential for all businesses operating on an international scale to understand current and future economic conditions affecting your business.
What is economic growth and why is it important?
In order to measure economic growth, you first need a measure of the size of the economy. GDP is the most commonly used measure of economic activity and serves as a good indicator to track the economic health of a country. Short for Gross Domestic Product, GDP is defined as the total market value of all final goods and services produced within a country in a given period. It includes private and public consumption, private and public investment, and exports less imports.
The economic growth rate (GDP growth), then, refers to the percent change in real GDP, which corrects the nominal GDP figure for inflation. Real GDP is therefore also referred to as inflation-adjusted GDP or GDP in constant prices.
In general, GDP growth is good for consumers in a given country as incomes increase, leading to a higher standard of living. That said, GDP growth as a measure of economic strength fails to encapsulate many aspects of well-being. For example, when GDP grows, inequality may also grow, with the economic gains concentrated among relatively few people. Additionally, the quality of the environment or public services like healthcare are not accounted for when calculating GDP.Â
Governments aim to affect—usually stimulate—economic growth through various measures such as Central Bank policy rates, changes to taxes, and government spending in targeted areas such as infrastructure to boost productive capacity.Â
Why our Economic Growth by Country forecast reports are essential for any international businessÂ
Data on economic growth by country is useful for your business for several reasons:
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Market Expansion and Investment Opportunities
Evaluate how your business strategy will fare over time. GDP growth forecasts provide insights into the overall economic performance of countries and regions. Businesses can identify emerging markets or areas with strong economic growth, presenting potential opportunities for expansion and investment.
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Anticipate Consumer Spending Patterns
GDP growth often correlates with increased consumer spending and spending on different products, as GDP per capita increases. Businesses can anticipate changes in consumer behaviour based on economic forecasts, adjusting their marketing and product strategies to maximize profits.
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Safeguard your business strategyÂ
Understanding GDP growth dynamics in the markets you work in or your target markets can help you anticipate the future health of your business, ensuring that investments in equipment, staff and other areas are future-proofed. Â
Looking for more in-depth information on Economic Growth by Country forecasts? Download our free report todayÂ
At FocusEconomics, our global panel of experts work to provide you with the economic data and forecasts that you and your business need. Simply download one of our free sample reports today to discover what we have to offer, or contact one of our helpful team members today to explore how we can work together.
Discover Existing Trends for Economic Growth
This chart displays Economic Growth (Real GDP, ann. var. %) for South Asia, Major Economies, Latin America, Euro Area, Middle East & North Africa from 2010 to 2023.
Economic Growth (GDP, annual variation in %) Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Afghanistan | 3.9 | -2.4 | -14.5 | -6.2 | 2.7 |
| Albania | 2.1 | -3.3 | 9.0 | 4.8 | 3.9 |
| Algeria | 0.9 | -5.1 | 3.9 | 3.6 | 4.1 |
| Andorra | 2.0 | -11.2 | 8.3 | 9.6 | 1.5 |
| Angola | -0.7 | -5.6 | 1.2 | 3.0 | 1.0 |
| Antigua and Barbuda | 4.3 | -17.4 | 6.4 | 9.1 | - |
| Argentina | -2.0 | -9.9 | 10.4 | 5.3 | -1.6 |
| Armenia | 7.7 | -7.2 | 5.8 | 12.6 | 8.4 |
| Aruba | -2.3 | -24.0 | 27.6 | 10.4 | 5.3 |
| Australia | 1.8 | -2.1 | 5.5 | 3.9 | 2.0 |
| Austria | 1.8 | -6.5 | 5.0 | 5.4 | -0.8 |
| Azerbaijan | 2.5 | -4.2 | 5.6 | 4.6 | 1.1 |
| Bahamas, The | -1.4 | -21.4 | 15.4 | 10.8 | 2.6 |
| Bahrain | 2.1 | -5.9 | 4.4 | 6.0 | 3.0 |
| Bangladesh | 7.9 | 3.4 | 6.9 | 7.1 | 5.8 |
| Barbados | 15.7 | -13.7 | -0.2 | 16.3 | 4.2 |
| Belarus | 1.4 | -0.7 | 2.4 | -4.7 | 3.9 |
| Belgium | 2.4 | -4.8 | 6.2 | 4.2 | 1.3 |
| Belize | 4.1 | -13.9 | 17.7 | 9.7 | 1.1 |
| Benin | 6.9 | 3.8 | 7.2 | 6.3 | 6.4 |
| Bhutan | 4.1 | - | - | - | - |
| Bolivia | 2.2 | -8.7 | 6.1 | 3.6 | 3.1 |
| Bosnia-Herz. | 2.3 | -2.9 | 7.3 | 3.7 | 1.9 |
| Botswana | 3.0 | -8.7 | 11.9 | 5.5 | 2.7 |
| Brazil | 1.2 | -3.3 | 4.8 | 3.0 | 2.9 |
| Brunei | 3.9 | 1.1 | -1.6 | -1.6 | 1.4 |
| Bulgaria | 3.8 | -3.2 | 7.8 | 4.0 | 1.9 |
| Burkina Faso | 5.5 | 1.9 | 6.9 | 1.8 | - |
| Burundi | 1.8 | 0.3 | 3.1 | 1.8 | 2.7 |
| Cabo Verde | 6.9 | -20.8 | 7.0 | 15.8 | 5.5 |
| Cambodia | 7.1 | -3.1 | 3.0 | 5.2 | 5.4 |
| Cameroon | 3.5 | 0.3 | 3.3 | 3.7 | 3.2 |
| Canada | 1.9 | -5.0 | 5.3 | 3.8 | 1.2 |
| CdI | 6.7 | 0.7 | 7.1 | 6.2 | 6.5 |
| Central African Republic | 3.0 | 1.0 | 1.0 | - | - |
| Chad | 6.6 | -2.1 | -0.9 | 3.6 | - |
| Chile | 0.6 | -6.1 | 11.3 | 2.1 | 0.2 |
| China | 6.0 | 2.2 | 8.4 | 3.0 | 5.2 |
| Colombia | 3.2 | -7.2 | 10.8 | 7.3 | 0.6 |
| Comoros | 1.8 | -0.2 | 2.0 | 2.6 | - |
| Congo | 4.5 | 1.7 | - | - | - |
| Costa Rica | 2.4 | -4.3 | 7.9 | 4.6 | 5.1 |
| Croatia | 3.1 | -8.3 | 12.6 | 7.3 | 3.3 |
| Cuba | -0.2 | -10.9 | 1.3 | 1.8 | - |
| Cyprus | 5.9 | -3.2 | 11.4 | 7.4 | 2.6 |
| Czech Republic | 3.5 | -5.3 | 4.0 | 2.9 | 0.0 |
| Denmark | 1.7 | -1.8 | 7.4 | 1.5 | 2.5 |
| Djibouti | 5.5 | 1.3 | 4.5 | - | - |
| Dominica | 5.5 | -16.6 | 6.9 | 5.6 | 4.7 |
| Dominican Republic | 5.1 | -6.7 | 12.3 | 4.9 | 2.4 |
| DR Congo | 4.4 | 1.7 | 6.2 | 8.9 | 8.6 |
| Ecuador | 0.2 | -9.2 | 9.8 | 6.2 | 2.4 |
| Egypt | 5.5 | 3.6 | 3.2 | 6.7 | 3.8 |
| El Salvador | 2.4 | -7.9 | 11.9 | 2.8 | 3.5 |
| Equatorial Guinea | -5.5 | -4.8 | 0.9 | 3.7 | -6.2 |
| Eritrea | 3.8 | -0.5 | 2.9 | 2.6 | - |
| Estonia | 3.6 | -2.6 | 7.2 | 0.0 | -3.1 |
| Ethiopia | 6.1 | 5.6 | 5.3 | 2.7 | - |
| Euro Area | 1.6 | -6.2 | 6.3 | 3.6 | 0.5 |
| Fiji | -0.6 | -17.0 | -4.9 | 19.8 | - |
| Finland | 1.3 | -2.5 | 2.7 | 1.5 | -1.2 |
| France | 2.1 | -7.6 | 6.8 | 2.6 | 1.1 |
| Gabon | 3.8 | -1.8 | 1.5 | 3.0 | - |
| Gambia, The | 6.2 | 0.6 | 5.3 | 5.5 | 4.8 |
| Georgia | 5.4 | -6.3 | 10.6 | 11.0 | 7.5 |
| Germany | 1.0 | -4.1 | 3.7 | 1.4 | -0.3 |
| Ghana | 6.5 | 0.5 | 5.1 | 3.8 | 2.9 |
| Greece | 1.8 | -9.0 | 8.1 | 5.7 | 2.0 |
| Grenada | 0.7 | -13.8 | 4.7 | 7.3 | - |
| Guatemala | 4.0 | -1.8 | 8.0 | 4.2 | 3.5 |
| Guinea | 5.6 | 4.7 | 5.6 | - | - |
| Guinea-Bissau | 5.6 | 2.1 | 5.2 | 5.6 | 4.4 |
| Guyana | 5.4 | 43.5 | 20.1 | 62.3 | 33.0 |
| Haiti | -1.7 | -3.3 | -1.8 | -1.7 | -1.9 |
| Honduras | 2.6 | -9.0 | 12.6 | 4.1 | 3.6 |
| Hong Kong | -1.7 | -6.5 | 6.5 | -3.7 | 3.3 |
| Hungary | 5.1 | -4.3 | 7.1 | 4.3 | -0.9 |
| Iceland | 1.9 | -6.9 | 5.3 | 9.0 | 5.0 |
| India | 3.9 | -5.8 | 9.7 | 7.0 | 8.2 |
| Indonesia | 5.0 | -2.1 | 3.7 | 5.3 | 5.0 |
| Iran | -3.1 | 3.3 | 4.7 | 3.8 | 5.0 |
| Iraq | 5.5 | -12.0 | 1.6 | 7.6 | -2.9 |
| Ireland | 5.0 | 7.2 | 16.3 | 8.6 | -5.5 |
| Israel | 3.8 | -1.4 | 9.4 | 6.2 | 1.9 |
| Italy | 0.4 | -9.0 | 8.8 | 4.8 | 0.8 |
| Jamaica | 1.0 | -9.9 | 4.6 | 5.2 | 2.6 |
| Japan | -0.4 | -4.2 | 2.7 | 1.2 | 1.7 |
| Jordan | 1.8 | -1.1 | 3.7 | 2.6 | 2.7 |
| Kazakhstan | 4.5 | -2.5 | 4.3 | 3.2 | 5.1 |
| Kenya | 5.1 | -0.3 | 7.6 | 4.9 | 5.6 |
| Kiribati | 3.3 | -0.6 | 8.7 | 3.9 | - |
| Korea | 2.3 | -0.7 | 4.6 | 2.7 | 1.4 |
| Kosovo | 4.8 | -5.3 | 10.7 | 4.3 | 4.1 |
| Kuwait | 2.6 | -4.8 | 2.3 | 5.9 | -3.6 |
| Kyrgyzstan | 4.6 | -8.4 | 3.6 | 7.0 | 6.2 |
| Laos | 5.5 | 0.5 | 2.5 | 2.7 | 3.7 |
| Latvia | 0.7 | -3.5 | 6.9 | 1.8 | 1.7 |
| Lebanon | -6.9 | -21.4 | -7.0 | -0.6 | -0.2 |
| Lesotho | -2.9 | -5.3 | 1.7 | 1.6 | 2.2 |
| Liberia | -2.5 | -3.0 | 5.0 | 4.8 | 4.6 |
| Libya | -11.2 | -29.5 | 28.3 | -8.3 | - |
| Lithuania | 4.7 | 0.0 | 6.4 | 2.5 | 0.4 |
| Luxembourg | 2.3 | -0.8 | 7.7 | 1.4 | -1.1 |
| Macao | -2.6 | -54.3 | 23.5 | -21.4 | 80.5 |
| Madagascar | 4.4 | -7.1 | 5.7 | 4.0 | - |
| Malawi | 5.4 | 1.0 | 4.6 | 0.9 | - |
| Malaysia | 4.4 | -5.5 | 3.3 | 8.9 | 3.6 |
| Maldives | 7.3 | -32.9 | 37.7 | 13.9 | - |
| Mali | 4.8 | -1.2 | 3.1 | 3.5 | - |
| Malta | 4.1 | -3.5 | 13.5 | 4.1 | 7.5 |
| Marshall Islands | 10.2 | -2.6 | 1.4 | -1.3 | - |
| Mauritania | 3.1 | -0.4 | 0.7 | 6.8 | 6.5 |
| Mauritius | 2.9 | -14.5 | 3.4 | 8.9 | 7.0 |
| Mexico | -0.4 | -8.4 | 6.0 | 3.7 | 3.2 |
| Micronesia, Federated States of | 2.7 | -3.3 | -2.5 | 0.0 | 3.8 |
| Moldova | 3.6 | -8.3 | 13.9 | -4.6 | 0.7 |
| Mongolia | 5.6 | -4.6 | 1.6 | 5.0 | 7.4 |
| Montenegro | 4.1 | -15.3 | 13.0 | 6.4 | 6.3 |
| Morocco | 2.9 | -7.2 | 8.0 | 1.4 | 3.6 |
| Mozambique | 2.3 | -1.2 | 2.4 | 4.2 | 5.0 |
| Myanmar | 4.9 | -1.4 | 2.3 | 3.5 | 2.6 |
| Namibia | -0.8 | -8.1 | 3.6 | 5.3 | 4.2 |
| Nauru | 5.7 | 1.0 | 0.7 | 1.5 | - |
| Nepal | 6.7 | -2.4 | 4.8 | 5.6 | 2.0 |
| Netherlands | 2.3 | -3.9 | 6.3 | 5.0 | 0.1 |
| New Zealand | 3.1 | -1.4 | 5.7 | 2.4 | 0.7 |
| Nicaragua | -2.9 | -1.8 | 10.3 | 3.8 | 4.6 |
| Niger | 6.1 | 3.5 | 1.4 | 11.9 | 2.4 |
| Nigeria | 2.3 | -1.9 | 3.4 | 3.1 | 2.7 |
| North Macedonia | 3.9 | -4.7 | 4.5 | 2.2 | 1.0 |
| Norway | 1.1 | -1.8 | 4.0 | 3.0 | 0.7 |
| Oman | -1.1 | -3.4 | 2.6 | 8.0 | 1.2 |
| Pakistan | 3.1 | -0.9 | 5.8 | 6.2 | -0.2 |
| Palau | 0.9 | -7.6 | -14.2 | -0.4 | 0.4 |
| Panama | 3.1 | -17.8 | 16.5 | 10.8 | 7.4 |
| Papua New Guinea | 4.5 | -3.2 | -0.8 | 5.2 | - |
| Paraguay | -0.4 | -0.8 | 4.0 | 0.2 | 4.7 |
| Peru | 2.2 | -10.9 | 13.4 | 2.7 | -0.6 |
| Philippines | 6.1 | -9.5 | 5.7 | 7.6 | 5.5 |
| Poland | 4.6 | -2.0 | 7.0 | 5.5 | 0.1 |
| Portugal | 2.7 | -8.2 | 5.6 | 7.0 | 2.5 |
| Puerto Rico | 1.7 | -4.2 | 0.4 | 3.6 | 0.6 |
| Qatar | 0.7 | -3.6 | 1.6 | 4.7 | 0.6 |
| Romania | 3.9 | -3.7 | 5.5 | 4.0 | 2.4 |
| Russia | 2.2 | -2.7 | 5.9 | -1.2 | 3.6 |
| Rwanda | 9.5 | -3.4 | 10.9 | 8.2 | 8.2 |
| Saint Kitts and Nevis | 4.1 | -14.6 | -1.7 | 10.5 | - |
| Saint Lucia | -0.7 | -24.4 | 11.6 | 20.4 | - |
| Saint Vincent and the Grenadines | 0.7 | -3.7 | 0.8 | 5.5 | - |
| Samoa | 4.5 | -3.1 | -7.1 | -5.3 | 8.0 |
| San Marino | 2.0 | -6.8 | 14.2 | 7.9 | - |
| Sao Tome and Principe | 2.0 | 2.6 | 1.9 | 0.2 | 0.4 |
| Saudi Arabia | 1.1 | -3.6 | 5.1 | 7.5 | -0.8 |
| Senegal | 4.6 | 1.3 | 6.5 | 3.8 | 4.3 |
| Serbia | 4.3 | -0.9 | 7.7 | 2.5 | 2.5 |
| Seychelles | 5.5 | -11.7 | 0.6 | 15.0 | - |
| Sierra Leone | 5.5 | -1.3 | 5.9 | 5.3 | 5.7 |
| Singapore | 1.3 | -3.9 | 9.7 | 3.8 | 1.1 |
| Slovakia | 2.3 | -2.6 | 5.7 | 0.4 | 1.4 |
| Slovenia | 3.5 | -4.1 | 8.4 | 2.7 | 2.1 |
| Solomon Islands | 1.7 | -3.4 | 2.6 | 2.4 | 3.0 |
| Somalia | 2.8 | -2.8 | 3.5 | 2.7 | - |
| South Africa | 0.3 | -6.2 | 5.0 | 1.9 | 0.7 |
| South Sudan | 0.9 | -6.5 | 5.3 | -5.2 | 2.5 |
| Spain | 2.0 | -10.9 | 6.7 | 6.2 | 2.7 |
| Sri Lanka | -0.2 | -4.6 | 4.2 | -7.3 | -2.3 |
| Sudan | -1.4 | -1.6 | -1.9 | - | - |
| Suriname | 1.2 | -16.0 | -2.4 | 2.4 | 2.5 |
| Swaziland | 3 | -2 | 11 | 0 | 5 |
| Sweden | 2.6 | -2.2 | 5.7 | 1.6 | -0.1 |
| Switzerland | 1.2 | -2.3 | 5.6 | 3.1 | 0.7 |
| Taiwan | 3.1 | 3.4 | 6.6 | 2.6 | 1.3 |
| Tajikistan | 7.4 | 4.4 | 9.4 | 8.0 | 8.3 |
| Tanzania | 6.9 | 4.5 | 4.8 | 4.7 | 5.1 |
| Thailand | 2.1 | -6.1 | 1.6 | 2.5 | 1.9 |
| Timor-Leste | 24.2 | 31.7 | 5.4 | -20.6 | -18.1 |
| Togo | 4.9 | 2.0 | 6.0 | 5.8 | 5.6 |
| Tonga | -0.3 | 1.3 | -1.2 | 0.0 | 2.0 |
| Trinidad and Tobago | 0.5 | -8.9 | -0.9 | 1.1 | 1.4 |
| Tunisia | 1.6 | -9.0 | 4.7 | 2.7 | 0.0 |
| Turkey | 0.8 | 1.9 | 11.4 | 5.5 | 5.1 |
| Turkmenistan | -3.7 | -2.1 | -0.3 | 5.3 | - |
| Tuvalu | 13.8 | -3.0 | 0.0 | - | - |
| UAE | 1.1 | -5.0 | 4.4 | 7.5 | 3.6 |
| Uganda | 7.6 | -1.2 | 5.5 | 6.2 | 4.9 |
| Ukraine | 3.2 | -3.8 | 3.5 | -28.8 | 5.3 |
| United Kingdom | 1.6 | -10.3 | 8.6 | 4.8 | 0.3 |
| United States | 2.6 | -2.2 | 6.1 | 2.5 | 2.9 |
| Uruguay | 0.9 | -7.4 | 5.6 | 4.7 | 0.4 |
| Uzbekistan | 6.8 | 1.6 | 8.0 | 6.0 | 6.3 |
| Vanuatu | 3.2 | -5.0 | -1.6 | 1.9 | - |
| Venezuela | -27.7 | -30.0 | 1.0 | 8.0 | - |
| Vietnam | 7.4 | 2.9 | 2.6 | 8.1 | 5.0 |
| West Bank and Gaza | 1.4 | -11.3 | 7.0 | 4.1 | -5.2 |
| Yemen | 1.4 | 1.2 | -1.0 | 1.5 | - |
| Zambia | 1.4 | -2.8 | 6.2 | 5.2 | 5.4 |
| Zimbabwe | -6.3 | -7.8 | 8.5 | 6.5 | 5.0 |
FAQs
As our data reveals, the top 10 countries by GDP are: the United States of America, China, Japan, Germany, India, the United Kingdom, France, Italy, Canada and Brazil.
To learn more about countries by GDP, download our sample report today.
Gross Domestic Product (GDP) is calculated through three approaches: production (output), income, and expenditure. The production approach sums the value of all goods and services produced. The income approach totals incomes generated, including wages and profits. The expenditure approach adds up consumption, investment, government spending, and net exports. These approaches provide different perspectives on economic activity, aiming to ensure consistency in GDP measurements.
At the end of 2023, the world’s fastest-growing economy is forecast to have been Macao. In 2024, the world’s fastest-growing economy is forecast to be Guyana according to our expert global panel of forecasters.Â
The United States of America had the highest global GDP in 2023 compared to other countries.
You can discover the future of the USA’s GDP through our valuable economic forecasts.
As it stands, China is currently predicted to have the highest GDP by 2050. Curious to learn more about the top 10 countries by GDP in the next few, 5 or up to 10 years? Contact our experts today to learn more about our invaluable forecast reports.