In most years since 1980, global GDP growth has been relatively consistent, generally fluctuating between two and five percent growth from year to year. The most notable exceptions to this were during the Great Recession in 2009, and again in 2020 during the Covid-19 pandemic, where the global economy actually shrank in both of these years. As the world economy continues to deal with the economic impact of the pandemic, as well as the fallout from Russia's invasion of Ukraine in 2022, the future remains uncertain, however current estimates suggest that annual growth will return to steady figures of around 3 percent in 2029.

The database provides daily updates of high-frequency indicators on global economic developments, encompassing both advanced economies and emerging market and developing economies. Data are provided at monthly and/or quarterly frequencies, as well as annual series. It includes data on consumer prices, exchange rates, foreign reserves, GDP, industrial production, merchandise trade, retail sales, stock markets, terms of trade, and unemployment.

Japan recorded the lowest growth rate in average wages of the three advanced major economies included here over recent years. However, wages growth started increasing more in June and July 2024. The wage growth in both Japan, the United Kingdom, and the United States stood at around four percent in July that year.

The average for 2024 based on 184 countries was 3.25 percent. The highest value was in Guyana: 43.81 percent and the lowest value was in Sudan: -20.27 percent. The indicator is available from 1980 to 2028. Below is a chart for all countries where data are available.

Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The coronavirus (COVID-19) pandemic, has had a significant impact on the global economy. In 2020, global Gross Domestic Product (GDP) decreased by 3.4 percent, while the forecast initially was 2.9 percent GDP growth. As the world's governments are working towards a fast economic recovery, the GDP increased again in 2021 by 5.8 percent. Global GDP increased by over three percent in 2022, but it is still not clear to what extent Russia's war in Ukraine will impact the global economy. Global GDP growth is expected to slow somewhat in 2023.

The statistic shows global gross domestic product (GDP) from 1985 to 2022, with projections up until 2029. In 2020, global GDP amounted to about 85.52 trillion U.S. dollars, two and a half trillion lower than in 2019. Gross domestic product Gross domestic product, also known as GDP, is the accumulated value of all finished goods and services produced in a country, often measured annually. GDP is significant in determining the economic health, growth and productivity in the country, and is a stat often used when comparing several countries at a time, most likely in order to determine which country has seen the most progress. Until 2020, Global GDP had experienced a growth every year since 2010. However, a strong growth rate does not necessarily lead to all positive outcomes and often has a negative effect on inflation rates. A severe growth in GDP leads to lower unemployment, however lower unemployment often leads to higher inflation rates due to demand increasing at a much higher rate than supply and as a result prices rise accordingly. In terms of unemployment, growth had been fairly stagnant since the economic downturn of 2007-2009, but it remains to be seen what the total impact of the coronavirus pandemic will be on total employment.

Key information about US Nominal GDP Growth

• United States Nominal GDP Growth was reported at 5.028 % in Dec 2024.
• This records a decrease from the previous number of 5.032 % for Sep 2024.
• US Nominal GDP Growth data is updated quarterly, averaging 6.138 % from Mar 1948 to Dec 2024, with 308 observations.
• The data reached an all-time high of 19.646 % in Mar 1951 and a record low of -6.835 % in Jun 2020.
• US Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The Bureau of Economic Analysis provides Nominal GDP in USD.

Key information about Laos Nominal GDP Growth

• Laos Nominal GDP Growth was reported at 23.128 % in Dec 2023.
• This records an increase from the previous number of 16.557 % for Dec 2022.
• Laos Nominal GDP Growth data is updated yearly, averaging 16.219 % from Dec 1985 to 2023, with 39 observations.
• The data reached an all-time high of 144.631 % in 1999 and a record low of 6.309 % in 2020.
• Laos Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Annual.

CEIC calculates annual Nominal GDP Growth from annual Nominal GDP. Lao Statistics Bureau provides Nominal GDP in local currency based on SNA 2008. Nominal GDP Growth prior to 2013 is calculated from Nominal GDP based on SNA 1993, and prior to 2003 is calculated from Nominal GDP sourced from the World Bank.

In September 2024, the global PMI amounted to 47.5 for new export orders and 48.8 for manufacturing. The manufacturing PMI was at its lowest point in August 2020. It decreased over the last months of 2022 after the effects of the Russia-Ukraine war and rising inflation hit the world economy, and remained around 50 since.

Timor-Leste TL: GDP: Growth data was reported at -8.000 % in 2017. This records a decrease from the previous number of 0.825 % for 2016. Timor-Leste TL: GDP: Growth data is updated yearly, averaging 4.965 % from Dec 2001 (Median) to 2017, with 17 observations. The data reached an all-time high of 64.070 % in 2004 and a record low of -26.050 % in 2014. Timor-Leste TL: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Timor-Leste – Table TL.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

Turkey TR: GDP: Growth:(GDP) Gross Domestic Productper Capita data was reported at 5.779 % in 2017. This records an increase from the previous number of 1.573 % for 2016. Turkey TR: GDP: Growth:(GDP) Gross Domestic Productper Capita data is updated yearly, averaging 3.159 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 9.475 % in 2011 and a record low of -7.356 % in 2001. Turkey TR: GDP: Growth:(GDP) Gross Domestic Productper Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Turkey – Table TR.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Japan JP: GDP: Growth data was reported at 1.713 % in 2017. This records an increase from the previous number of 0.938 % for 2016. Japan JP: GDP: Growth data is updated yearly, averaging 3.100 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 12.882 % in 1968 and a record low of -5.416 % in 2009. Japan JP: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Key information about Georgia Nominal GDP Growth

• Georgia Nominal GDP Growth was reported at 15.756 % in Sep 2024.
• This records an increase from the previous number of 13.835 % for Jun 2024.
• Georgia Nominal GDP Growth data is updated quarterly, averaging 11.986 % from Mar 1997 to Sep 2024, with 111 observations.
• The data reached an all-time high of 39.566 % in Jun 2021 and a record low of -13.539 % in Jun 2009.
• Georgia Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The National Statistics Office of Georgia provides Nominal GDP in local currency based on SNA 2008. Nominal GDP Growth prior to Q1 2011 is calculated from Nominal GDP based on SNA 1993.

The GDP of the Middle East and Central Asia is forecast to grow faster between 2024 and 2025 than other regions in the world. According to an economic outlook forecast, the GDP in the advanced economies will grow by 1.68 percent in 2029.

China Contribution to(GDP) Gross Domestic ProductGrowth: Net Export of Goods and Service data was reported at 1.515 % in 2024. This records an increase from the previous number of -0.600 % for 2023. China Contribution to(GDP) Gross Domestic ProductGrowth: Net Export of Goods and Service data is updated yearly, averaging 0.100 % from Dec 1953 (Median) to 2024, with 72 observations. The data reached an all-time high of 4.000 % in 1994 and a record low of -6.900 % in 1985. China Contribution to(GDP) Gross Domestic ProductGrowth: Net Export of Goods and Service data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.AA: Gross Domestic Product: Contribution and Share to Growth.

Brazil GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data was reported at 3.022 % in 30 Jan 2022. This records an increase from the previous number of 0.780 % for 23 Jan 2022. Brazil GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data is updated weekly, averaging 1.240 % from May 2020 (Median) to 30 Jan 2022, with 91 observations. The data reached an all-time high of 8.095 % in 01 Nov 2020 and a record low of -9.286 % in 10 May 2020. Brazil GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Brazil – Table BR.OECD.WT: GDP Growth Tracker: Weekly.

The gross domestic product (GDP) in emerging markets and developing economies was forecast to grow by almost four percent in 2025 compared to the previous year. The expected growth rate was higher than that for advanced economies, which was forecast at 1.8 percent relative to 2024.

Dominican Republic DO: GDP: Growth data was reported at 4.552 % in 2017. This records a decrease from the previous number of 6.612 % for 2016. Dominican Republic DO: GDP: Growth data is updated yearly, averaging 4.982 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 18.227 % in 1970 and a record low of -12.482 % in 1965. Dominican Republic DO: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Dominican Republic – Table DO.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;