3. Japan
The next country on the list is Japan. With a GDP of USD 5,081,769.54 million (i.e., USD 5.1 trillion), it is the world’s third most powerful economy. It ranks among the world’s largest and most technologically advanced producers of motor vehicles, machine tools, electronics, ships, chemicals, and processed foods. The most dominant sector in Japan is the service sector, which is responsible for 70.9% of the country’s total GDP. In the meantime, the manufacturing sector makes up 29.7%, and the agriculture sector accounts for the remaining 1%. Japan’s position as one of the world’s most influential industries is impressive, mainly because the country is scarce in critical natural resources.
4. Germany
Germany is the world’s 4th largest economy by GDP, with an official GDP of USD 3,845,630.03 million (i.e., USD 3.8 trillion). Germany is also the most powerful economy in the eurozone. It is among the world’s largest producers of iron, steel, coal, chemicals, machinery, automobiles, and machine tools. Nevertheless, the country’s strongest sector is the tertiary sector, which accounts for 69.3% of the total GDP. The secondary sector accounts for 30.1%, while the primary sector only adds the remaining 0.6%.
5. India
Number 5 on the list is India, with an official GDP of USD 2,875,142.31 million (i.e., USD 2.9 trillion) in 2019. The country has a diverse economy, with strong industries like textiles, chemicals, steel, mining, machinery, pharmaceuticals, and software. Due to its vast rural areas, India’s agricultural sector makes up about 16.8% of the total GDP. Meanwhile, the industry sector accounts for 28.9% and services for the remaining 46.6%. Over the past years, India has developed into an open-market economy, which has accelerated the country’s growth.
6. United Kingdom
The world’s 6th largest economy is the United Kingdom (UK), with a GDP of USD 2,827,113.18 million (i.e., USD 2.8 trillion). In addition to that, the UK is the 2nd largest economy in Europe. The most important economies in the UK include machine tools, electric power equipment, shipbuilding, aircraft, chemicals, food processing, clothing, and other consumer goods. The country has a strong service sector, which makes up 80.4% of the country’s GDP. Meanwhile, the manufacturing sector accounts for 19% and agriculture for 0.6%. The UK was hit particularly hard during the 2008 financial crisis. Although it has recovered quite well since then, it has seen another economic downturn in 2015 and 2016.
7. France
Next up is France with a GDP of USD 2,715,518.27 (i.e. USD 2.7 trillion) in 2019. It is also the 3rd largest economy in the eurozone. The country’s strongest industries include machinery, chemicals, automobiles, aircraft, electronics, and tourism. The service sector accounts for 78.9% of total GDP, followed by the industry sector (19.4%) and the agriculture sector (1.6%). France has committed to a form of capitalism that maintains social equity by means of the law. Therefore, the government still maintains a relatively strong presence in the economy.
8. Italy
With an official GDP of USD 2,001,244.39 million (i.e., 2.0 trillion), Italy is the world’s 8th largest economy. In addition to that, it is the 4th largest economy in the eurozone. The country’s major industries include tourism, machinery, iron and steel, chemicals, clothing, and food processing. As a result, the primary sector (73.9%) and the secondary sector (24%) together make up about 98% of the total GDP. Most of the remaining 2% originate from the country’s agricultural south.
9. Brazil
The next country on the list is Brazil, with an official GDP of USD 1,839,758.04 million (i.e., USD 1.8 trillion). The country is known for its textile and shoe industry as well as strong cement, lumber, iron ore, and tin industries. This results in a relatively strong agriculture sector, which makes up about 6% of total GDP. However, as in most modern industries, the service (72.8%) and manufacturing (21%) sectors still account for most of the country’s GDP. Brazil is still recovering from a significant recession in 2015 and 2016. Before the recession, the countries economic output was reported significantly higher at almost USD 2.5 trillion in 2013 and 2014.
10. Canada
Last but not least, Canada is the world’s 10th largest economy, according to Gross Domestic Product, with an official GDP of USD 1,736,425.63 million (i.e., USD 1.7 trillion) in 2019. The country has strong industries in the areas of transportation equipment, chemicals, food products, wood and paper products as well as fishing. If we look at the composition of GDP by sector of origin, the service sector is responsible for about 70.2% of the countries GDP, followed by manufacturing (28.1%) and agriculture (1.7%). Like most other countries, Canada has seen a massive increase in GDP over the last 50 years. In 1960, it was reported at only USD 41,093.45 million.
Summary
Gross Domestic Product (i.e., GDP) is one of the most common measures of economic output and strength. Virtually all countries around the world measure and report their GDP regularly. This allows us to compare the economic power of countries around the world. The world’s top 10 economies by GDP (1 to 10) are the United States, China, Japan, Germany, India, United Kingdom, France, Italy, Brazil, and Canada.
Update: We have added another list that shows the world’s most competitive economies by GDP per capita. To see how that impacts the top 10, make sure to check out our article on the world’s top 10 economies by per capita GDP.