Hello Guys,
I just stumbled on a massive data source, the world bank makes a lot of important data available here, I just came across this and you can be sure I am going to dig into that data and see what insights I can share so you can keep supporting me :)
In this post, I am going to look at the GDP(Gross Domestic Product)data. According to investopedia,the GDP is basically the sum total of goods and services manufactured in a counrty during a specific period. It is therefore a very strong indicator of the strength of an economy. As always I am just going to be focusing on the data, hopefully an economic expert finds this post and educates all of us better on economic strengths of countries :)
Top 10 Economies 2016
| Rank | Country | GDP |
|---|---|---|
| 1 | United States | $18,569,100,000,000.00 |
| 2 | China | $11,199,145,157,649.20 |
| 3 | Japan | $4,939,383,909,875.27 |
| 4 | Germany | $3,466,756,880,460.62 |
| 5 | United Kingdom | $2,618,885,692,029.18 |
| 6 | France | $2,465,453,975,282.24 |
| 7 | India | $2,263,522,518,124.03 |
| 8 | Italy | $1,849,970,464,191.78 |
| 9 | Brazil | $1,796,186,586,414.45 |
| 10 | Canada | $1,529,760,492,201.35 |
So there you have it,the countries above have the highest GDP's and by extension the strongest economies in the world. It is important to note here that GDP is different from GDP per capita, the latter is basically GDP divided by a country's population,therefore it gives an indication of the standard of living of residents of that country.I would probably look at the GDP per capita Data later. What is data without visualization :) See visualization of GDP of the top 10 economies in the world below:
From the visualization above it is clear that USA and China are currently setting the pace
Where were these top economies 20 years ago?
I bet you thought I was done after reading the last paragraph afterall I already did justice to the topic :), well I am still here, lets see where the top 10 countries were 10 years ago. The table below shows the countries with the highest GDP 20 years ago:
| Rank | Country | GDP |
|---|---|---|
| 1 | United States | $8,100,201,000,000.00 |
| 2 | Japan | $4,833,712,542,207.10 |
| 3 | Germany | $2,503,665,193,657.40 |
| 4 | France | $1,614,245,416,078.98 |
| 5 | United Kingdom | $1,392,979,719,188.77 |
| 6 | Italy | $1,308,929,305,684.53 |
| 7 | China | $863,746,361,646.34 |
| 8 | Brazil | $850,425,828,275.79 |
| 9 | Spain | $640,998,292,394.59 |
| 10 | Canada | $628,546,387,972.13 |
You can see from the table above, USA still had the largest GDP 20 years ago but where was China? 8th??, Hold on India wasnt even in the top 10 20 years ago. I think this shows just how much both of these countries have improved over 20 years.
| Country | GDP 1996 | GDP 2016 | % Increase |
|---|---|---|---|
| China | $863,746,361,646.34 | $11,199,145,157,649.20 | 1297% |
| India | $387,656,017,798.60 | $2,263,522,518,124.03 | 584% |
As you can see from the table both China and India have had massive GDP growth over the past 20 years.
Thanks for reading my post.Let me know your view on this post in the comments, I read and appreciate every comment.Each post I make takes considerable time and effort,please support me by upvoting and resteeming if you enjoyed it.Keep an eye on my blog for my next post. You can also follow me
