The gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. Moreover, Italy had a negative GDP growth rate in 2012 and 2013 following the euro crisis. In 2023, Germany experienced an economic recession.

The United States has, by far, the largest gross domestic product (GDP) of the G7 countries. Moreover, while the GDP of the other six countries fluctuated between 2000 and 2024, the U.S.' grew almost constantly, reaching an estimated 29.2 trillion U.S. dollars in 2024. The United States is also the world's largest economy ahead of China. Germany had the second largest economy of the G7 countries at around 4.7 trillion U.S. dollars.

The United States has had the highest economic growth in the G7 since the start of the COVID-19 pandemic, with its economy 5.4 percent larger in the first quarter of 2023, when compared with the fourth quarter of 2019. By contrast, the United Kingdom and Germany have both seen their economies shrink by 0.5 percent in the same time period.

The combined gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. In 2024, the combined GDP of the seven countries was estimated to grow 1.7 percent compared to the previous year.

Germany was forecast to experience an economic stagnation in 2024, with a gross domestic product (GDP) growth rate of zero percent. However, it is estimated to grow slightly in 2024 and 2025. The United States is forecast to have the highest GDP growth rate of the G7 in 2024.

The GDP per capita overall increased in all seven G7 countries since 2000 except Italy. There, it fluctuated over the period, being only slightly higher in 2024 than in 2000. The United States had the highest GDP per capita of the countries at over 76,000 dollars in terms of purchasing-power-parity (PPP). Germany had the second highest GDP per capita.

The average for 2023 based on 7 countries was 57647 U.S. dollars. The highest value was in the USA: 74578 U.S. dollars and the lowest value was in Japan: 46158 U.S. dollars. The indicator is available from 1990 to 2023. Below is a chart for all countries where data are available.

From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

In 2023, the G7 countries of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States held 30 percent of the global gross domestic product (GDP). In 2029, that figure is projected to drop to 27 percent. Considering the other G20 countries, excluding the G7 countries, the GDP is expected to account for around 46 percent of the global GDP in 2029.

The BRICS countries overtook the G7 countries share of the world's total gross domestic product (GDP) in terms of purchasing power parity (PPP) in 2018. By 2024, the difference had increased even further, the BRICS now holding a total 35 percent of the world's GDP compared to 30 percent held by the G7 countries.

The gross domestic product (GDP) of all G7 countries is forecast to grow over the next six years, although at different paces. Moreover, Canada is forecast to overtake Italy's GDP during the coming years. The total GDP of the United States, who has the highest GDP of the countries, is forecast to reach over 34 trillion dollars by 2029.

Key information about Canada Government Debt: % of GDP

• Canada Government debt accounted for 69.4 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 66.9 % in the previous year.
• Canada government debt to GDP ratio data is updated yearly, available from Mar 1962 to Mar 2024.
• The data reached an all-time high of 83.6 % in Mar 1996 and a record low of 33.1 % in Mar 1977.

CEIC calculates Government Debt as % of Nominal GDP from annual Government Debt and quarterly Nominal GDP. The Department of Finance Canada provides Government Debt in local currency. Statistics Canada provides Nominal GDP in local currency based on CSNA 2012/SNA 2008. Government Debt as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about Canada Government Debt: % of GDP

• In the latest reports, Canada National Government Debt reached 1,519.8 USD bn in Mar 2024.
• The country's Nominal GDP reached 520.3 USD bn in Mar 2023.

The G7 is a forum designed for frank and open discussion between leaders, ministers and policy-makers. As a member of the G7, Canada plays a leading role on the international stage and is able to advance domestic and international priorities. The G7 provides global leadership and serves as a powerful catalyst on issues that are later taken up by other fora with broader global and regional membership. The G7 brings together the world’s advanced economies to influence global trends and tackle pervasive and crosscutting issues, as well as emergent global crises. The G7 has strengthened international economic and security policies, advanced discussion of global issues including climate change and gender equality, brought donors together and supported disarmament programs. Most recently, the G7 has worked to tackle the COVID-19 pandemic and respond to Russia’s illegal invasion of Ukraine. At the G7, Canada has advanced its domestic and international priorities, including gender equality, peace and security, climate change and building a sustainable global economy. Transparent and inclusive engagement with Canadian and international stakeholders has helped Canada to deliver on priorities that are important to Canadians.

The G7 countries' share of the world's gross domestic product (GDP) declined since 2000. While holding over 40 percent of the world's total GDP in 2000, this had dropped below 30 percent by 2024, a development that must be seen in relation with China's economic development over the past decades. Of the G7 countries, the United States held the largest share of the world's GDP at 15 percent in terms of purchasing-power-parity (PPP).

The G7 is a forum designed for frank and open discussion between leaders, ministers and policy-makers. As a member of the G7, Canada plays a leading role on the international stage and is able to advance domestic and international priorities. The G7 provides global leadership and serves as a powerful catalyst on issues that are later taken up by other fora with broader global and regional membership. The G7 brings together the world’s advanced economies to influence global trends and tackle pervasive and crosscutting issues, as well as emergent global crises. The G7 has strengthened international economic and security policies, advanced discussion of global issues including climate change and gender equality, brought donors together and supported disarmament programs. Most recently, the G7 has worked to tackle the COVID-19 pandemic and respond to Russia’s illegal invasion of Ukraine. At the G7, Canada has advanced its domestic and international priorities, including gender equality, peace and security, climate change and building a sustainable global economy. Transparent and inclusive engagement with Canadian and international stakeholders has helped Canada to deliver on priorities that are important to Canadians.

Since the beginning of the 21st century, the BRICS countries have been considered the five foremost developing economies in the world. Originally, the term BRIC was used by economists when talking about the emerging economies of Brazil, Russia, India, and China, however these countries have held annual summits since 2009, and the group has expanded to include South Africa since 2010. China has the largest GDP of the BRICS country, at 16.86 trillion U.S. dollars in 2021, while the others are all below three trillion. Combined, the BRICS bloc has a GDP over 25.85 trillion U.S. dollars in 2022, which is slightly more than the United States. BRICS economic development China has consistently been the largest economy of this bloc, and its rapid growth has seen it become the second largest economy in the world, behind the U.S.. China's growth has also been much faster than the other BRICS countries; for example, when compared with the second largest BRICS economy, its GDP was less than double the size of Brazil's in 2000, but is almost six times larger than India's in 2021. Since 2000, the country with the second largest GDP has fluctuated between Brazil, Russia, and India, due to a variety of factors, although India has held this position since 2015 (when the other two experienced recession), and it's growth rate is on track to surpass China's in the coming decade. South Africa has consistently had the smallest economy of the BRICS bloc, and it has just the third largest economy in Africa; its inclusion in this group is due to the fact that it is the most advanced and stable major economy in Africa, and it holds strategic importance due to the financial potential of the continent in the coming decades. Future developments It is predicted that China's GDP will overtake that of the U.S. by the end of the 2020s, to become the largest economy in the world, while some also estimate that India will also overtake the U.S. around the middle of the century. Additionally, the BRICS group is more than just an economic or trading bloc, and its New Development Bank was established in 2014 to invest in sustainable infrastructure and renewable energy across the globe. While relations between its members were often strained or of less significance in the 20th century, their current initiatives have given them a much greater international influence. The traditional great powers represented in the Group of Seven (G7) have seen their international power wane in recent decades, while BRICS countries have seen theirs grow, especially on a regional level. Today, the original BRIC countries combine with the Group of Seven (G7), to make up 11 of the world's 12 largest economies, but it is predicted that they will move further up on this list in the coming decades.

This statistic shows the gross domestic product (GDP) in Russia from 1997 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. In 2023, the GDP in Russia was around 2.01 trillion U.S. dollars. Russian economy The Russian economy is primarily directed by both the private sector and the state. As a member of the BRIC, Russia is currently experiencing an accelerated growth within the economy with a chance of earning a place in the G7 economies. As of the 1990s, a large amount of the country’s industrial and agricultural sectors were privatized, however energy and military production remained with the state for the most part. As a result, the majority of Russian exports consisted of energy products as well as high-tech military equipment. The effects of the global financial crisis of 2008 took a similar toll on the Russian economy, however only had short term effects. Russia recovered after 2 years and has since experienced exponential economical growth and productivity due to aggressive and prompt actions from the government, providing Russia with one of the most profitable economies in the world. Additionally, unemployment reached an all-decade low from the recent Russian economic boom, which furthermore implies that there is a slight growth in wages, however is also accompanied by a large worker shortage.

In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars. China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Italy's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

Of the G7 countries, Japan had the highest net debt in terms of share of gross domestic product (GDP) between 2010 and 2024. That year, Japan's government's net debt reached an estimated 156 percent of its total GDP. Italy had the second highest debt rate at 127 percent of its GDP, whereas Canada had the lowest at only 14 percent.

Between 2010 and 2024, France constantly had the highest total government expenditure of the G7 countries in terms of share of gross domestic product (GDP). In 2024, its total expenditure was estimated to amount to 57 percent of its GDP. On the other hand, the United States had the lowest government expenditure that year at 38 percent of its GDP. Government spending increased in all G7 countries in 2020 to stem the effects of the COVID-19 pandemic.