Sunday, August 10, 2008

The Importance of Economic Growth – from a Geographical Perspective

Would you want to trade places with the average resident of most African countries?
Why not? Your answer probably has something to do with standard of living.
One measure of standard of living is gross domestic product (GDP). GDP is the total value of all final goods and services produced in a country during a given period. The following table ranks the countries of the world by GDP using the data available from the U.S. Central Intelligence Agency (CIA) in May 2009.

GROSS DOMESTIC PRODUCT in 2008

(Purchasing Power Parity)
RANKCOUNTRYGDP (PPP)
1World$69,490,000,000,000
2European Union$14,820,000,000,000
3United States$14,290,000,000,000
4China$7,800,000,000,000
5Japan$4,348,000,000,000
6India$3,267,000,000,000
7Germany$2,863,000,000,000
8United Kingdom$2,231,000,000,000
9Russia$2,225,000,000,000
10France$2,097,000,000,000
11Brazil$1,990,000,000,000
12Italy$1,821,000,000,000
13Mexico$1,559,000,000,000
14Spain$1,378,000,000,000
15Canada$1,307,000,000,000
16 Korea, South$1,278,000,000,000
17Indonesia$915,900,000,000
18Turkey$906,500,000,000
19Iran$842,000,000,000
20Australia$800,500,000,000
21Taiwan$738,800,000,000
22Netherlands$670,200,000,000
23Poland$667,400,000,000
24 Saudi Arabia$582,800,000,000
25Argentina$575,600,000,000
26 Thailand$553,400,000,000
27 South Africa$489,700,000,000
28Pakistan$452,700,000,000
29Egypt$442,600,000,000
30Colombia$399,400,000,000
31Belgium$390,500,000,000
32Malaysia$386,600,000,000
33Venezuela$357,900,000,000
34Sweden$348,600,000,000
35Greece$343,600,000,000
36Nigeria$338,100,000,000
37Ukraine$337,000,000,000
38Austria$325,000,000,000
39Philippines$320,600,000,000
40Switzerland$309,900,000,000
41 Hong Kong$307,600,000,000
42Romania$271,200,000,000
43 Czech Republic$266,300,000,000
44Norway$256,500,000,000
45Chile$245,300,000,000
46Vietnam$241,800,000,000
47Singapore$240,000,000,000
48Peru$238,900,000,000
49Portugal$237,300,000,000
50Algeria$235,500,000,000
51Bangladesh$224,000,000,000
52Hungary$205,700,000,000
53Denmark$204,900,000,000
54Israel$200,700,000,000
55Finland$195,200,000,000
56Ireland$191,900,000,000
57 United Arab Emirates$184,600,000,000
58Kazakhstan$176,900,000,000
59Kuwait$149,100,000,000
60Morocco$137,300,000,000
61Slovakia$119,500,000,000
62 New Zealand$116,600,000,000
63Belarus$114,100,000,000
64Iraq$112,800,000,000
65Angola$110,300,000,000
66Cuba$108,200,000,000
67Ecuador$107,100,000,000
68Syria$95,360,000,000
69Bulgaria$93,780,000,000
70Sri Lanka$91,900,000,000
71Libya$88,860,000,000
72Sudan$87,270,000,000
73Qatar$85,350,000,000
74Tunisia$81,880,000,000
75Serbia$80,740,000,000
76Dominican Republic$77,430,000,000
77Azerbaijan$73,650,000,000
78Croatia$73,360,000,000
79Uzbekistan$71,630,000,000
80Puerto Rico$70,590,000,000
81Guatemala$68,020,000,000
82Oman$67,000,000,000
83Ethiopia$66,290,000,000
84Lithuania$63,250,000,000
85Kenya$61,830,000,000
86Slovenia$59,140,000,000
87Yemen$55,290,000,000
88Burma$55,040,000,000
89Tanzania$54,260,000,000
90Costa Rica$48,480,000,000
91Lebanon$44,070,000,000
92El Salvador$43,940,000,000
93Bolivia$43,080,000,000
94Cameroon$42,760,000,000
95Uruguay$42,460,000,000
96Korea, North$40,000,000,000
97Luxembourg$39,420,000,000
98Latvia$38,980,000,000
99Panama$38,490,000,000
100Uganda$35,880,000,000
101Ghana$34,040,000,000
102 Cote d'Ivoire$34,000,000,000
103Honduras$33,630,000,000
104Nepal$31,090,000,000
105Jordan$30,760,000,000
106Bosnia and Herzegovina$29,900,000,000
107Turkmenistan$29,650,000,000
108Paraguay$28,710,000,000
109Cambodia$27,950,000,000
110Estonia$27,720,000,000
111Bahrain$26,700,000,000
112Botswana$26,040,000,000
113Trinidad and Tobago$24,190,000,000
114Afghanistan$23,030,000,000
115Cyprus$22,690,000,000
116Senegal$21,900,000,000
117Albania$21,820,000,000
118Georgia$21,600,000,000
119Gabon$21,440,000,000
120Congo, Democratic Republic of the $21,050,000,000
121Jamaica$20,880,000,000
122Madagascar$20,760,000,000
123Brunei$20,250,000,000
124Equatorial Guinea$19,370,000,000
125Mozambique$18,950,000,000
126Armenia$18,920,000,000
127Macedonia$18,520,000,000
128Macau$18,140,000,000
129Burkina Faso$17,820,000,000
130Zambia$17,390,000,000
131Nicaragua$16,830,000,000
132Chad$16,260,000,000
133Congo, Republic of the$15,600,000,000
134Tajikistan$15,400,000,000
135Mauritius$15,360,000,000
136Mali$14,480,000,000
137Laos$13,990,000,000
138Papua New Guinea$13,290,000,000
139Benin$12,840,000,000
140Iceland$12,150,000,000
141Gaza Strip$11,950,000,000
142West Bank$11,950,000,000
143Haiti$11,590,000,000
144Malawi$11,560,000,000
145Kyrgyzstan$11,410,000,000
146Namibia$11,230,000,000
147Moldova$10,630,000,000
148Guinea$10,440,000,000
149Malta$9,801,000,000
150Niger$9,784,000,000
151Mongolia$9,557,000,000
152Rwanda$9,061,000,000
153Bahamas, The$8,779,000,000
154Montenegro$6,600,000,000
155Mauritania$6,310,000,000
156Swaziland$5,703,000,000
157Somalia$5,524,000,000
158Barbados$5,466,000,000
159Togo$5,105,000,000
160Jersey$5,100,000,000
161Kosovo$5,000,000,000
162French Polynesia$4,718,000,000
163Bermuda$4,500,000,000
164Sierra Leone$4,307,000,000
165Suriname$4,256,000,000
166Liechtenstein$4,160,000,000
167Eritrea$3,946,000,000
168Bhutan$3,789,000,000
169Andorra$3,660,000,000
170Fiji$3,616,000,000
171Lesotho$3,370,000,000
172Central African Republic$3,239,000,000
173New Caledonia$3,158,000,000
174Burundi$3,103,000,000
175Guyana$3,010,000,000
176Netherlands Antilles$2,800,000,000
177Guernsey$2,742,000,000
178Isle of Man$2,719,000,000
179Timor-Leste$2,713,000,000
180Belize$2,577,000,000
181Guam$2,500,000,000
182Gambia, The$2,264,000,000
183Aruba$2,258,000,000
184Zimbabwe$1,959,000,000
185Cayman Islands$1,939,000,000
186Djibouti$1,889,000,000
187Saint Lucia$1,801,000,000
188Maldives$1,738,000,000
189San Marino$1,662,000,000
190Cape Verde$1,635,000,000
191Antigua and Barbuda$1,610,000,000
192Virgin Islands$1,577,000,000
193Liberia$1,532,000,000
194Seychelles$1,473,000,000
195Grenada$1,211,000,000
196Saint Vincent and the Grenadines$1,103,000,000
197Greenland$1,100,000,000
198Solomon Islands$1,078,000,000
199Gibraltar$1,066,000,000
200Samoa$1,057,000,000
201Faroe Islands$1,000,000,000
202Vanuatu$983,200,000
203Monaco$976,300,000
204Mayotte$953,600,000
205Northern Mariana Islands$900,000,000
206Western Sahara$900,000,000
207Guinea-Bissau$857,000,000
208British Virgin Islands$853,400,000
209Saint Kitts and Nevis$784,900,000
210Comoros$741,400,000
211Dominica$719,800,000
212American Samoa$575,300,000
213Tonga$549,100,000
214Kiribati$357,400,000
215Sao Tome and Principe$276,600,000
216Micronesia, Federated States of$238,100,000
217Turks and Caicos Islands$216,000,000
218Cook Islands$183,200,000
219Palau$164,000,000
220Marshall Islands$133,500,000
221Anguilla$108,900,000
222Falkland Islands (Islas Malvinas)$105,100,000
223Nauru$60,000,000
224Wallis and Futuna $60,000,000
225Saint Pierre and Miquelon$48,300,000
226Montserrat$29,000,000
227Saint Helena$18,000,000
228Tuvalu$14,940,000
229Niue$10,010,000
230Tokelau$1,500,000

Source: CIA World Factbook, 2008. These calculations were made using the purchasing power parity (PPP) technique. This is designed to make the numbers more comparable by adjusting for differences in the cost of products in different countries.

A note in The World Factbook provides a more detailed explanation:
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The differences between the OER- and PPP-denominated GDP values for most of the wealthy industrialized countries are generally much smaller.

Economic Growth - Topics

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