Gross domestic product

by Sonia Blachier · June 7, 2021

Map 1. Gross domestic product per capita, 2022

(United States dollars)

Trends in global economy

In 2022, the global economy grew by 3.1 per cent. It is around half of the 5.9 per cent growth in 2021. In 2023, GDPgross domestic product growth is nowcast to slow down to 2.2 per cent.

Large differences in GDPgross domestic product per capita persist throughout the world. In 2022, the majority of developed economies produced an output per person greater than $30 000, with economies in Eastern and Southern Europe as the main exception. By contrast, two out of five developing economies in Africa recorded a per capita output of less than $1 000. Most developing economies in the Americas, Asia and Oceania reached an output higher than $3 000 per person.

Figure 1. World real gross domestic product, annual growth rate

(Percentage)

Note: In constant 2015 United States dollars. The dotted line indicates UNCTAD nowcasts (as of October 2023). For the weekly update of the nowcast and its methodology, see -—
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Regional trends

Figure 2. Growth of real gross domestic product by group of economies, 2022

(Percentage)

Note: In constant 2015 United States dollars.

Growth of GDPgross domestic product in developed economies fell from 5.2 in 2021 to 2.5 per cent in 2022. In developing economies, after a strong recovery of 6.9 per cent in 2021, growth decelerated to 3.8 per cent in 2022. In 2022, GDPgross domestic product grew by 2.9 per cent in developing Africa and by 3.9 per cent in developing America. In developing Asia GDPgross domestic product grew by 3.9 per cent which is below pre-pandemic rates. Developing Oceania picked up from -0.2 in 2021 to 3.5 per cent in 2022.

LDCs’ GDPgross domestic product grew by 4.3 per cent in 2022 remaining below the 7 per cent target set by the 2030 Agenda for Sustainable Development. Their growth rate of GDPgross domestic product per capita was 1.9 per cent.

Global economic inequality

Over the last 10 years, the global distribution of nominal GDPgross domestic product across economies has trended towards more equal. For example, in 2012, the poorest economies, accounting for 85 per cent of the world’s population, contributed 37 per cent to world GDPgross domestic product. By 2022, their share in GDPgross domestic product was 40 per cent. The last five years, however, did not show any significant reduction in inequality among economies.

The highest GDPgross domestic product per capita, in nominal terms, was recorded for Liechtenstein ($172 409), Luxembourg ($128 481), Bermuda ($119 204), Ireland ($101 803), Cayman Islands ($96 643), and Switzerland ($93 947).

Figure 3. Distribution of world gross domestic product

(Percentage)

Note: Lorenz curves, as in this graph, reveal the structure of inequality. Inequality is greater the further the curve runs below the diagonal line (see Calculation methods page). Inequality within economies is not considered.

Concepts and definitions

GDPgross domestic product is an aggregate measure of production, income and expenditure of an economy. As a production measure, it represents the gross value added, i.e., the output net of intermediate consumption, achieved by all resident units engaged in production, plus any taxes less subsidies on products not included in the value of output. As an income measure, it represents the sum of primary incomes (gross wages and entrepreneurial income) distributed by resident producers, plus taxes less subsidies on production and imports. As an expenditure measure, it depicts the sum of expenditure on final consumption, gross capital formation (i.e., investment, changes in inventories, and acquisitions less disposals of valuables) and exports after deduction of imports -—
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The GDPgross domestic product figures presented in this section are usually calculated from the expenditure side. All GDPgross domestic product growth is expressed in real terms.

Summary tables

Table 1. Gross domestic product and gross domestic product per capita

Table 2. Nominal gross domestic product by type of expenditure, 2021

(Percentage)

Table 3. Nominal gross value added by economic activity

(Percentage)

Table 4. Economies with highest gross domestic product per capita

Note: Economies are ranked by the nominal value in 2022.

References

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