Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.[2] 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 take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.[3] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.[4]
Comparisons of national wealth are also frequently made based on purchasing power parity (PPP), to adjust for differences in the cost of living 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.[5]
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF's 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 as Kosovo and Taiwan) are included in the list where they appear in the sources.
^Based on the best available GDP figure for each country at the time of creation (16 June 2024). Best available GDP figure was defined as the latest available figure from the International Monetary Fund (including forecasts for the current year), otherwise the latest available figure from the World Bank, otherwise the latest available figure from the United Nations Statistics Division; however, countries that didn't have any figure for a year more recent than 2019 were not included at all. For almost all countries, the latest IMF forecast figure for 2024 was used.
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