Connect with us

Markets

Ranked: The Top 6 Economies by Share of Global GDP (1980-2024)

Published

on

See this visualization first on the Voronoi app.

Chart showing the top 6 economies' share of global GDP

Top 6 Economies by Share of Global GDP (1980-2024)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Over time, the distribution of global GDP among the world’s largest economies has shifted dynamically, reflecting changes in economic policies, technological advancements, and demographic trends.

To see how this has played out in recent decades, we visualized the world’s top six economies by their share of global GDP from 1980 to 2024.

All figures were sourced from the IMF’s World Economic Outlook (April 2024 edition) and are based on using current prices.

Data and Highlights

The data we used to create this graphic can be found in the table below.

Share of Global
GDP (%)
U.S.EUChinaJapanUKIndia
198025.4%28.6%2.7%10.1%5.4%1.7%
198127.8%24.7%2.5%10.8%5.1%1.7%
198229.6%24.4%2.5%10.2%4.9%1.8%
198331.3%23.2%2.6%10.9%4.6%1.9%
198433.6%21.6%2.6%11.2%4.2%1.8%
198534.6%21.3%2.5%11.4%4.3%1.9%
198631.0%24.7%2.0%14.3%4.4%1.7%
198728.5%26.3%1.9%15.2%4.8%1.6%
198827.3%25.9%2.1%16.3%5.2%1.5%
198928.0%25.0%2.3%15.4%5.0%1.5%
199026.3%27.4%1.8%14.1%5.3%1.4%
199126.0%28.0%1.7%15.4%5.3%1.1%
199225.7%28.8%1.9%15.7%5.1%1.1%
199326.3%25.6%2.4%17.4%4.4%1.1%
199426.0%25.3%2.0%17.8%4.4%1.2%
199524.5%26.5%2.3%17.8%4.3%1.2%
199625.1%26.2%2.7%15.3%4.4%1.2%
199726.8%24.1%3.0%14.0%4.9%1.3%
199828.4%25.0%3.2%12.9%5.2%1.3%
199929.2%24.0%3.3%14.0%5.1%1.4%
200030.1%21.3%3.5%14.6%4.9%1.4%
200131.3%21.8%3.9%12.9%4.9%1.4%
200231.3%23.1%4.2%12.0%5.1%1.5%
200329.2%25.3%4.2%11.5%5.2%1.5%
200427.7%25.8%4.4%11.1%5.5%1.6%
200527.2%24.9%4.8%10.1%5.3%1.7%
200626.7%24.5%5.3%8.9%5.2%1.8%
200724.7%25.2%6.1%7.8%5.3%2.1%
200823.0%25.4%7.1%8.0%4.6%1.9%
200923.8%24.3%8.4%8.7%4.0%2.2%
201022.6%21.9%9.1%8.7%3.7%2.5%
201121.1%21.3%10.1%8.4%3.6%2.5%
201221.6%19.5%11.3%8.3%3.6%2.4%
201321.8%19.7%12.4%6.7%3.6%2.4%
201422.1%19.7%13.2%6.2%3.9%2.6%
201524.4%18.0%14.8%5.9%3.9%2.8%
201624.6%18.2%14.7%6.5%3.5%3.0%
201724.1%18.2%15.1%6.1%3.3%3.3%
201824.0%18.5%16.0%5.8%3.3%3.1%
201924.6%17.9%16.4%5.8%3.3%3.2%
202025.0%18.0%17.4%5.9%3.2%3.1%
202124.3%17.9%18.3%5.2%3.2%3.3%
202225.6%16.7%17.7%4.2%3.1%3.3%
202326.1%17.5%16.9%4.0%3.2%3.4%
2024E26.3%17.3%16.9%3.8%3.2%3.6%

U.S. Resilience

Starting with the U.S., we can see that America’s share of global GDP has fluctuated quite significantly over time.

After bottoming out at 21.1% in 2011, the U.S. economy grew its relative size by several percentage points, and is estimated by the IMF to make up 26.3% of global GDP in 2024.

This chart also suggests that the U.S. has managed a stronger recovery from the COVID-19 pandemic, evidenced by its rising share of global GDP since 2020. China, the EU, and Japan have seen relative declines over the same period.

China’s Incredible Rise

This chart also provides perspective on China’s period of rapid economic growth, which began in the early 2000s.

It’s interesting to note that China joined the World Trade Organization (WTO) in 2001, which facilitated China’s integration into the global economy.

Japan Falls From the #2 Spot

Japan was once the second largest country economy after the U.S., accounting for 17.8% of the global economy in 1994 and 1995. Since then, economic stagnation and an aging population have resulted in a relative decline of the country’s economic might.

See More Global Economic Insights From Visual Capitalist

If you enjoyed this post, be sure to check out Ranked: The Top Economies in the World (1980-2075), which shows how China and India could eventually surpass the U.S. as the world’s biggest economies.

Click for Comments

Maps

Mapped: The 10 U.S. States With the Lowest Real GDP Growth

In this graphic, we show where real GDP lagged the most across America in 2023 as high interest rates weighed on state economies.

Published

on

The Top 10 U.S. States, by Lowest Real GDP Growth

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

While the U.S. economy defied expectations in 2023, posting 2.5% in real GDP growth, several states lagged behind.

Last year, oil-producing states led the pack in terms of real GDP growth across America, while the lowest growth was seen in states that were more sensitive to the impact of high interest rates, particularly due to slowdowns in the manufacturing and finance sectors.

This graphic shows the 10 states with the least robust real GDP growth in 2023, based on data from the Bureau of Economic Analysis.

Weakest State Economies in 2023

Below, we show the states with the slowest economic activity in inflation-adjusted terms, using chained 2017 dollars:

RankStateReal GDP Growth 2023 YoYReal GDP 2023
1Delaware-1.2%$74B
2Wisconsin+0.2%$337B
3New York+0.7%$1.8T
4Missississippi+0.7%$115B
5Georgia+0.8%$661B
6Minnesota+1.2%$384B
7New Hampshire+1.2%$91B
8Ohio+1.2%$698B
9Iowa+1.3%$200B
10Illinois+1.3%$876B
U.S.+2.5%$22.4T

Delaware witnessed the slowest growth in the country, with real GDP growth of -1.2% over the year as a sluggish finance and insurance sector dampened the state’s economy.

Like Delaware, the Midwestern state of Wisconsin also experienced declines across the finance and insurance sector, in addition to steep drops in the agriculture and manufacturing industries.

America’s third-biggest economy, New York, grew just 0.7% in 2023, falling far below the U.S. average. High interest rates took a toll on key sectors, with notable slowdowns in the construction and manufacturing sectors. In addition, falling home prices and a weaker job market contributed to slower economic growth.

Meanwhile, Georgia experienced the fifth-lowest real GDP growth rate. In March 2024, Rivian paused plans to build a $5 billion EV factory in Georgia, which was set to be one of the biggest economic development initiatives in the state in history.

These delays are likely to exacerbate setbacks for the state, however, both Kia and Hyundai have made significant investments in the EV industry, which could help boost Georgia’s manufacturing sector looking ahead.

Continue Reading
Appian-Capital

Subscribe

Popular