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Supply Chain Graphic of the Week: What Countries have What Share of the Global Economy?

 

USA Still by Far Largest Economy, though China is Rising Rapidly

 

Sept. 12, 2019

 

With trade wars and reduction in global trade perhaps leading to lower global economic growth, SCDigest thought it might be good to level set by publishing the graphic below showing the share of global GDP by various countries.

 

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As can be seen, in terms of nominal GDP, the US economy still remains solidly on top, with almost 24% of the global economy. China's share of course continues to grow, now at nearly 16% of the total, far ahead of once number 2 Japan, now with a smaller 5.7% share.

 

Another way to look at this is to use what is called "purchasing power parity," which in effect counts output regardless of price. Using nominal GDP, output is measured as the same if one country produces 10 widgets that sell for $10 each as in another that produces 100 widgets at juSt $1.00 each.

 

With the purchasing power parity method, China is measured as having a larger economy than the US. But even if China's does produce more widgets than America, it really is still nowhere near as wealthy as the USA.

 

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