World GDP Ranking 2024 List

By Mayashree Acharya

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Updated on: Jun 6th, 2024

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16 min read

GDP or “Gross Domestic Product” refers to the monetary value of all goods and services produced in a nation during a given year.higher GDP indicates that the country is financially strong and growing at a stable rate. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world. Other prominent countries like the United States of America, China, Japan, Germany, etc., have a significant presence in this GDP Ranking list. 

Each country has their own unique characteristics and regional strengths that contribute to its overall economic growth. To find more information about India’s contribution towards its economy, read on. 

Top 10 GDP Countries 2024:

With a GDP of more than 20 trillion dollars, the United States of America is the world’s largest economy. Since China continues to invest heavily in economic growth, China has come close to becoming the largest economy. Other notable nations like Germany, India, and the United Kingdom follow next. To know the top 10 GDP countries, look at the list below:

S. No. Country NameContinentGDP (USD Billion)*
1United StatesAmerica28,783
2ChinaAsia18,536
3GermanyEurope4,730
4JapanAsia4,112
5IndiaAsia3,942
6United KingdomEurope3,502
7FranceEurope3,132
8Brazil America2,333
9ItalyEurope2,332
10CanadaAmerica2,242

*This data is as of 30 April 2024

India GDP 2024 Rank

With strong macroeconomic fundamentals, robust domestic demand, fiscal discipline, high saving rates and demographic trends, India is now the fifth-largest economy in the world. Today, India’s leading economic contributors are traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing. 

With an estimated GDP of more than Rs.173.82 lakh crore generated by a population of over 1 billion, India is among the highest population-based economies in the world.

Additionally, as per the recent data, India will tend to grow 8.2% in 2023-24. This means India's economic growth next fiscal year will be the fastest among major economies. Therefore, in the upcoming years, rising consumption and investments, both domestic and foreign, will contribute to the nation’s growth and may also help India to rank higher in the World GDP Ranking list.

India GDP Per Capita 2024 / India Per Capita Income 2024

Knowing India's rank in the World GDP Ranking 2024 list, it is evident that the value of output per person is quite substantial. India's per capita income of the population for 2024 is 2.85%. As per the Union government, the rise in the per capita income of people has pushed many households into higher income brackets. 

In the financial year 2023, India's per capita income is nearly 2 lakh.  On the contrary, in the financial year 2012, India’s per capita income was 71,609. It has increased by 175% in the last 10 years. The drastic increase in population and demand for employment has significantly increased the nation's GDP per capita. 

India's GDP Growth Rate - Last 10 Years

The calculation of GDP involves calculating the value of goods and services produced for market sale and non-market production, such as government-provided education or defence services. GDP is significantly important as the size of an economy is measured by the total production of goods and services in the economy. 

In this regard, India's economy is expected to rise in the upcoming years. With 8.2% growth, India will be one of the fastest-growing trillion-dollar economies in the world in 2024. To keep an eye on India's GDP growth rate, here is the complete list of the GDP growth rate over the last 10 years:

YearGDP Growth (%)Annual Change
20136.39%0.93%
20147.41%1.02%
20158.00%0.59%
20168.26%0.26%
20176.80%-1.46%
20186.45%-0.34%
20193.74%-2.72%
2020-6.60%-10.33%
20218.68%15.28%
2022 7%1.68%
20238.2%1% -0.2%

From the above table it is evident that after recovering from a negative economic growth rate during the pandemic, the country now has a good GDP growth rate of 8.2%. Despite its lower GDP per capita, India continues to climb up the list. Different sectors, including agriculture, business and others, contribute the most to employment in every term, making it one of the largest growing economies. 

Calculating GDP

GDP is calculated using the following formula:
                    Y = C + I + G + (X − M)

  • C represents consumption, which includes spending on services, non-durable goods, and durable goods.
  • I represents investment, which consists of spending on housing and equipment.
  • G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses.
  • The difference between total exports and imports is referred to as net exports, denoted by (X-M).
  • In this context, Y represents the Gross Domestic Product.

Conclusion

Over time, the size of India's economy has increased, and therefore it has bagged fifth position in the World GDP Ranking 2024 list. Today, different government initiatives have ensured that all citizens lead a better quality of life, improving our position in the world ranking list.

Frequently Asked Questions

What is GDP per capita rank?

GDP per capita is calculated by dividing the country's GDP by its population. GDP per capita is used to determine how prosperous the countries are based on their economic growth. Countries with a higher GDP per capita rank tend to be industrial and developed countries.

What is the rank of India in world GDP?

India stands in the fifth place in the world GDP for 2024. The United States of America is in the first place in the world GDP rank.

Which state has the highest GDP in India?

Maharashtra is the wealthiest state in India and has the highest GDP. 

Where does Russia rank in the world by GDP?

Russia ranks 12th in the world by GDP for 2024.

Which country has the highest GDP per capita?

The United States of America has the highest GDP per capita in 2024, followed by China and Germany.

Which country has the fastest growing GDP in the world?

The United Arab Emirates has the fastest growing GDP in the world.

What are the main sectors contributing to India's GDP?

The main sectors contributing to India's GDP are agriculture, industry, and services. Agriculture includes farming and related activities, industry includes manufacturing and construction, and services include sectors like finance, healthcare, education, and tourism.

Why is GDP an important economic indicator?

GDP is an essential economic indicator as it provides a measure of the overall economic activity and growth of a country, helping policymakers and analysts understand the health of the economy.

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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