List of countries by GDP (nominal)
Gross home product GDP is a market value of all final goods together with services from the nation in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not gain into account differences in the cost of living in different countries, and the results can reshape greatly from one year to another based on fluctuations in the exchange rates of the country's currency. such(a) fluctuations may modify a country's ranking from one year to the next, even though they often make-up little or no difference in the standards of well of its population.
Comparisons of national wealth are also frequently made on the basis of purchasing power parity PPP, to reshape for differences in the cost of well in different countries. Other metrics, nominal GDP per capita and a corresponding GDP PPP per capita are used for comparing national standard of living. On the whole, PPP per capita figures are less spread than nominal GDP per capita figures.
The rankings of national economies have changed considerably over time, the United States surpassed the British Empire's output around 1916, which in turn had surpassed the Qing dynasty in aggregate output decades earlier. 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, toin 2016; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016. Among others, India has also professionals such as lawyers and surveyors an economic boom since the implementation of economic liberalisation in the early 1990s.
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, thelist shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities the world, continents, and some dependent territories and states with limited international recognition such(a) as Kosovo, Palestine, and Taiwan are referenced in the list where theyin the sources.