Gross domestic product is the market value of all final goods and services from a nation in a given year. The United States is the world’s largest economy with a GDP of approximately USD 20. 513 trillion. Since China’s transition to a market-based economy through controlled privatisation and deregulation, the country has seen its ranking increase from ninth in 1978 to second in 2016.
About List of countries by GDP (nominal) in brief
Gross domestic product is the market value of all final goods and services from a nation in a given year. Nominal GDP does not take into account differences in the cost of living in different countries. The United States is the world’s largest economy with a GDP of approximately USD 20. 513 trillion. Since China’s transition to a market-based economy through controlled privatisation and deregulation, the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016.
When supranational entities are included, the European Union is the second largest economy in the world. Non-sovereign entities and states with limited international recognition are included in the list in cases in which they appear in the sources.
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This page is based on the article List of countries by GDP (nominal) published in Wikipedia (as of Dec. 14, 2020) and was automatically summarized using artificial intelligence.
