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GDP stands for Gross Domestic Product. A nation's Gross Domestic Product refers to the value of all final goods and services produced within a nation in a given year. To prevent distortions, a system called purchasing power parity (PPP) is used to calculate the GDP estimates. The PPP method involves the use of standardized international dollar price weights to determine the value goods and services produced in a given economy. The amounts listed below are in billions of U.S. dollars.
|country||GDP in billions of US dollars|
Yes, I agree with Lemmings. There are some factors that we need to mention when we calculate it. Some countries are bigger compare with other countries. Ex. US and Taiwan. If we calculate the size and population of between these two countries, we can see that's not accurate. With Taiwan's population and country size, Taiwan would be richer than the US.
It's hard to get an accurate picture of how rich a country actually is from this, because some countries are so much bigger than others. It's easier to see when it's broken down into average per person.
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