Gross domestic product


Map 1. Gross domestic product per capita, 2021
(United States dollars)

Trends in global economy

After a sharp contraction of 3.4 per cent in 2020, the world’s real GDP expanded by 5.7 per cent in 2021, the fastest annual growth since 1973. In 2022, GDP growth is nowcast to slow down to 3.3 per cent.

Large differences in GDP per capita persist throughout the world. In 2021, most developed economies produced an output per person greater than US$30 000, with economies in Eastern and Northern Europe as the main exceptions. By contrast, almost half of the developing economies in Africa – all of them least developed countries (LDCs) – recorded a per capita output of less than US$1 300. Most developing economies in the Americas, Asia and Oceania reached an output higher than US$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. 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, 2021
(Percentage)
Note: In constant 2015 United States dollars.

Growth was unevenly distributed across regions in 2021. Developed regions bounced back from the COVID-19 pandemic with a growth rate of 5.0 per cent. After a strong contraction of 2.7 per cent in 2020, developing Africa’s GDP expanded by 5.0 per cent in 2021. Developing Asia’s GDP growth rebounded from -0.4 per cent to 7.0 per cent in 2021. Developing America’s GDP increased by 6.2 per cent in 2021, following a 7.4 per cent drop in 2020.

LDCs’ GDP grew by 2.0 per cent in 2021 remaining below the 7 per cent target set by the 2030 Agenda for Sustainable Development. At the same time, their GDP per capita declined by 0.4 per cent.

Global economic inequality

Over the last 10 years, the global distribution of nominal GDP across economies has trended towards more equal. For example, in 2011, the poorest economies, accounting for 85 per cent of the world’s population, contributed 36 per cent to world GDP. By 2021, their share in GDP was 40 per cent. The last five years, however, did not show any clear reduction in inequality.

The highest GDP per capita, in nominal terms, was recorded for Luxembourg (US$132 918), Bermuda (US$126 972), Cayman Islands (US$99 007), Ireland (US$97 753) and Switzerland, Liechtenstein (US$93 217).

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

GDP 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 GDP figures presented in this section are usually calculated from the expenditure side.

Summary tables

Table 1. Gross domestic product and gross domestic product per capita
    Table 2. Nominal gross domestic product by type of expenditure, 2020
    (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 2021.

          References

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