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GDP is calculated by adding together the total consumption, government spending, investments, and net exports. Because of its large population, India has the lowest per-capita GDP on this list. GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports. Of course, much of finance — including the international variety that relies so heavily on the U.S. dollar — is done via electronic communication between different banks and government agencies.

However, despite these ups and downs, the top economies as measured by GDP don’t budge easily from the positions they hold. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.

The United Kingdom, France, and Italy show Europe’s influence in the top 10 largest economies globally. The UK has a strong financial services industry, which accounts for around 10% of its GDP. Additionally, the UK has a long history of industrialization, a strong financial sector, and a huge services industry.

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Italy’s GDP is dominated by services, but also has manufacturing strengths in luxury goods, machinery and motor vehicles. Northern Italy, home to industrial hubs like Milan and brands like Fiat and Ferrari, drives much of this manufacturing activity. Italy is also Europe’s third-largest agricultural producer, famous for wine and olive oil. Brazil’s GDP ranking has fluctuated the most, with the nation often moving in and out of the top 10 economies. The most recent dip occurred in 2020 (attributed to the Covid-19 pandemic), before re-entering the top 10 ranks in 2023.

US Fiscal Deficit by Year (2001– : Key Insights and Trends

Brazil is the largest economy in South America and the world’s 8th largest economy. The country benefits from its abundance of natural resources and agricultural products such as coffee and soybeans. Brazil emerged from a severe recession in 2017 and suffered a series of high-level corruption scandals along the way.

These rankings are based on the total value of goods and services produced within each country’s borders in a given year. The rankings are based on the IMF’s latest report, released in October 2025. Please note that the world’s largest economies are ranked by nominal GDP, or GDP at current prices.

• Germany is the third-largest economy in the world, with a GDP of $5.013 trillion.
• China is the second-largest economy in the world, with a GDP of $19.398 trillion.
• This energy reliance has spurred significant economic growth but also makes Russia vulnerable to global price fluctuations and energy sanctions.
• Belgium faces a high public debt burden relative to its GDP, which can constitute an obstacle to growth.
• Key contributing factors of China’s economy include the agriculture, industry, and service sectors.

Italy’s economy and level of development vary notably by region, with a more developed, industrial economy in the north and underdeveloped southern regions. The country is a leading global exporter of luxury brands like Chanel, Hermès and LVMH. France’s agricultural sector is convert currencies the largest in the EU, and is known for dairy, grain and wine production.

Japan ($4.39 trillion)

According to our Consensus Forecast, of the top 10 largest economies next year, five will be in Europe, three in Asia and two in the Americas. Most of these economies—concretely the G7 members—are already wealthy in USD GDP per capita terms. However, there are also a few emerging markets on the list that are still poor in per-person terms and whose large economic size is linked instead to their huge domestic populations. Likewise, while most of the economies in the top 10 have potential growth rates below the global average due to already high physical and human capital stocks, two of the Asian economies listed buck that trend. It is calculated by adding up the value of consumption, investment, government spending, and net exports (exports minus imports). This calculation provides an overall picture of a country’s economic activity and helps economists and policymakers analyse economic growth and development.

Economies 6-10

Liberalization of India’s economy since the 1990s has boosted economic growth, but inflexible business regulation, geopolitical shifts, and persistent poverty pose challenges to ongoing expansion. Germany has the third-largest economy in the world and the largest economy in Europe. It’s therefore a major economic and political player, and it’s known for its high quality manufacturing.

• The country has a strong, export-based EU economy, a multinational business-friendly environment, and strong social equity and cohesion.
• The dominance of this industry has also led to motor parts being a major export product for the country.
• Coupled with an industrial policy that encourages domestic manufacturing, this has made China the world’s number one exporter.
• In fact, UAE’s non-oil GDP grew by 4.5 percent just last year, according to reports from the Ministry of Economy.
• The rankings are based on the World Economic Outlook report published by the IMF.

Japan

China was in 6th place in 2000 but has been sitting in second place since 2010. Further down the list, Indonesia vaulted forward from the 27th largest economy in 2000 to the 17th as of October 2025. Throughout most of the world, GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time.

The world’s largest economies are led by the United States and China, which together have a combined GDP of approximately $50 trillion. They are followed by other major economies such as Germany, Japan, India, the United Kingdom, France, Italy, Canada, and Brazil. These countries consistently rank among the largest economies globally by nominal GDP. Additionally, these nations play a major role in international trade, finance, and innovation. Switzerland has a large service sector, including financial services, and a high-tech manufacturing sector served by a highly skilled labor force. High-quality legal, political, and economic institutions and solid physical infrastructure set the stage for a productive economy with one of the highest per-capita GDPs in the world.

Canada’s fortunes as the ninth-largest economy in the world are thickly entwined with those of its southern neighbor, the United States. Many urban workers see themselves as the “highly skilled workforce” and demand higher pay, while agriculture and some manufacturing sectors have stagnated. The French economy has also seen slower growth relative to some other European states — and, like many societies, there are political and economic tensions between the urban and rural areas of the country. China is the most recent big success story on this list, having gained its status as the second-largest economy in the last quarter-century. GDP is determined by summing up consumption (expenditure by consumers), government expenditure, investment (expenditure by businesses), and net exports (the difference between exports and imports). The seventh-largest economy in the world has a GDP of $3.361 trillion and a GDP per capita of $48,981.

The Netherlands is a major commercial transportation hub, with some industrial manufacturing as well as petroleum extraction and processing. It has a highly developed agricultural sector and is one of the largest agricultural exporters in the world. The Netherlands has a large financial services sector, engaged in asset pooling and supported by the Dutch Ministry of Finance.

Top 20 largest economies in the world in 2025: GDP rankings and key insights

However, inefficient legal and regulatory structures and an aging population are challenges for Poland’s ongoing growth in the future. Canada’s free trade relationship with the United States means that 76% of Canadian exports headed to the U.S. market in 2024. Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy. Economy is driven by its large service sector, particularly in finance, insurance, and business services. Strong cooperation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.

Like those of many large countries, the Chinese economy faces challenges, including how to maintain its economic growth, having set such high expectations. It also has serious inequality and environmental issues, which are byproducts of its supercharged economy that contributed to global growth after the 2008 financial downturn. This article aims to provide insight into the ten largest economies in the world in 2025, arranged by their GDP.

Dependence on imported energy and raw materials is another weakness, as they make the economy vulnerable to global price shifts. Our panelists forecast Japan’s GDP growth to average below 1% for the remainder of this decade, and to record the joint-weakest performance in the G7 along with Italy. That said, the economy faces challenges, including the highest income inequality in the G7, aging infrastructure, high healthcare costs and mounting national debt.