Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

The United States recorded a Government Debt to GDP of 124.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Between the Wall Street Crash of 1929 and the end of the Great Depression in the late 1930s, the Soviet Union saw the largest growth in its gross domestic product, growing by more than 70 percent between 1929 and 1937/8. The Great Depression began in 1929 in the United States, following the stock market crash in late October. The inter-connectedness of the global economy, particularly between North America and Europe, then came to the fore as the collapse of the U.S. economy exposed the instabilities of other industrialized countries. In contrast, the economic isolation of the Soviet Union and its detachment from the capitalist system meant that it was relatively shielded from these events. 1929-1932 The Soviet Union was one of just three countries listed that experienced GDP growth during the first three years of the Great Depression, with Bulgaria and Denmark being the other two. Bulgaria experienced the largest GDP growth over these three years, increasing by 27 percent, although it was also the only country to experience a decline in growth over the second period. The majority of other European countries saw their GDP growth fall in the depression's early years. However, none experienced the same level of decline as the United States, which dropped by 28 percent. 1932-1938 In the remaining years before the Second World War, all of the listed countries saw their GDP grow significantly, particularly Germany, the Soviet Union, and the United States. Coincidentally, these were the three most powerful nations during the Second World War. This recovery was primarily driven by industrialization, and, again, the U.S., USSR, and Germany all experienced the highest level of industrial growth between 1932 and 1938.

View economic output, reported as the nominal value of all new goods and services produced by labor and property located in the U.S.

Japan GDP for 2023 was 4.204 trillion US dollars, a 1.22% decline from 2022.

<ul style='margin-top:20px;'>

<li>Japan GDP for 2022 was <strong>4.256 trillion US dollars</strong>, a <strong>15.46% decline</strong> from 2021.</li>
<li>Japan GDP for 2021 was <strong>5.035 trillion US dollars</strong>, a <strong>0.41% decline</strong> from 2020.</li>
<li>Japan GDP for 2020 was <strong>5.056 trillion US dollars</strong>, a <strong>1.22% decline</strong> from 2019.</li>
</ul>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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

In 1938, the year before the outbreak of the Second world War, the countries with the largest populations were China, the Soviet Union, and the United States, although the United Kingdom had the largest overall population when it's colonies, dominions, and metropole are combined. Alongside France, these were the five Allied "Great Powers" that emerged victorious from the Second World War. The Axis Powers in the war were led by Germany and Japan in their respective theaters, and their smaller populations were decisive factors in their defeat. Manpower as a resource In the context of the Second World War, a country or territory's population played a vital role in its ability to wage war on such a large scale. Not only were armies able to call upon their people to fight in the war and replenish their forces, but war economies were also dependent on their workforce being able to meet the agricultural, manufacturing, and logistical demands of the war. For the Axis powers, invasions and the annexation of territories were often motivated by the fact that it granted access to valuable resources that would further their own war effort - millions of people living in occupied territories were then forced to gather these resources, or forcibly transported to work in manufacturing in other Axis territories. Similarly, colonial powers were able to use resources taken from their territories to supply their armies, however this often had devastating consequences for the regions from which food was redirected, contributing to numerous food shortages and famines across Africa, Asia, and Europe. Men from annexed or colonized territories were also used in the armies of the war's Great Powers, and in the Axis armies especially. This meant that soldiers often fought alongside their former-enemies. Aftermath The Second World War was the costliest in human history, resulting in the deaths of between 70 and 85 million people. Due to the turmoil and destruction of the war, accurate records for death tolls generally do not exist, therefore pre-war populations (in combination with other statistics), are used to estimate death tolls. The Soviet Union is believed to have lost the largest amount of people during the war, suffering approximately 24 million fatalities by 1945, followed by China at around 20 million people. The Soviet death toll is equal to approximately 14 percent of its pre-war population - the countries with the highest relative death tolls in the war are found in Eastern Europe, due to the intensity of the conflict and the systematic genocide committed in the region during the war.

Italy GDP for 2023 was 2.301 trillion US dollars, a 9.41% increase from 2022.

<ul style='margin-top:20px;'>

<li>Italy GDP for 2022 was <strong>2.103 trillion US dollars</strong>, a <strong>3.5% decline</strong> from 2021.</li>
<li>Italy GDP for 2021 was <strong>2.179 trillion US dollars</strong>, a <strong>14.25% increase</strong> from 2020.</li>
<li>Italy GDP for 2020 was <strong>1.907 trillion US dollars</strong>, a <strong>5.55% decline</strong> from 2019.</li>
</ul>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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Second World War was fought on such a large scale that it became total war in many countries - this is where the war effort is prioritized above all else, and the entire population and economy are mobilized to support all military endeavors. Germany and Japan were committing over 70 percent of their national income to the war effort in its final years.

There were also notable fluctuations that coincided with major events for corresponding powers. These included the UK's mobilization of its defenses in 1940, after Germany took most of Western Europe; the spike in Soviet military spending after Operation Barbarossa in June, 1941; and the U.S. entry into the war following the Pearl Harbor attacks in December, 1941.

The early-20th century is often considered the most destructive period in European history, with the interwar period of the 1920s and 1930s being defined by various aspects including recovery from the First World War, as well as fluctuating political and economic stability. In particular, the onset of the Great Depression in the U.S. created a ripple effect that was felt across the globe, especially in Europe. During this time, all major currencies were connected via the gold standard; however, several European countries had suspended the gold standard to print additional money during the First World War, and conditions had not re-stabilized by the onset of the Great Depression in the U.S. - the given countries would all abandon the gold standard by the outbreak of war in 1939. Germany Additionally, American investors withdrew much of their capital from Europe in the wake of the Wall Street Crash in 1929, and the U.S. government ceased all loans to Germany and demanded advanced repayments. The German economy had already collapsed in the early-1920s, and it became dependent on American loans to stabilize its economy and meet its reparation payments - this move by the American government caused a German economic collapse once more, sending the economy into a downward spiral. Regional differences For France, its industrial output dropped in the wake of the Great Depression, and it would not reach these levels again until after the Second World War. In contrast, the Soviet Union was largely shielded from the Great Depression, and its industrial output grew significantly in the build-up to WWII (albeit from a much less-developed starting point). For the other three countries listed, output would not reach pre-Depression levels until at least 1934.

On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.

Explore the top import markets for perfume around the world and get insights into the industry with key statistics and numbers.

Total current population for China in 2025 is 1,424,381,924, a 0.06% decline from 2024.

<ul style='margin-top:20px;'>

<li>Total population for China in 2024 was <strong>1,425,178,782</strong>, a <strong>1.03% increase</strong> from 2023.</li>
<li>Total population for China in 2023 was <strong>1,410,710,000</strong>, a <strong>0.1% decline</strong> from 2022.</li>
<li>Total population for China in 2022 was <strong>1,412,175,000</strong>, a <strong>0.01% decline</strong> from 2021.</li>
</ul>Total population is based on the de facto definition of population, which counts all residents regardless of legal status or citizenship. The values shown are midyear estimates.

Over the course of the Second World War approximately 127.2 million people were mobilized. The world's population in 1940 was roughly 2.3 billion, meaning that between five and six percent of the world was drafted into the military in some capacity. Approximately one in every 25 people mobilized were women, who generally served in an administrative or medical role, although hundreds of thousands of women did see active combat. Largest armies In absolute numbers, the Soviet Union mobilized the largest number of people at just under 34.5 million, and this included roughly 35 percent of the USSR's male population. By the war's end, more Soviets were mobilized than all European Axis powers combined. However, in relative terms, it was Germany who mobilized the largest share of its male population, with approximately 42 percent of men serving. The USSR was forced to find a balance between reinforcing its frontlines and maintaining agricultural and military production to supply its army (in addition to those in annexed territory after 1941), whereas a large share of soldiers taken from the German workforce were replaced by workers drafted or forcibly taken from other countries (including concentration camp prisoners and PoWs). Studying the figures The figures given in these statistics are a very simplified and rounded overview - in reality, there were many nuances in the number of people who were effectively mobilized for each country, their roles, and their status as auxiliary, collaborative, or resistance forces. The British Empire is the only power where distinctions are made between the metropole and its colonies or territories, whereas breakdowns of those who fought in other parts of Asia or Africa remains unclear. Additionally, when comparing this data with total fatalities, it is important to account for the civilian death toll, i.e. those who were not mobilized.

Although Italy had the largest GDP per capita of the four largest Southern European states, between 1913 and 1950, the highest rates of GDP per capita growth were experienced in Portugal and Greece. Compared with GDP per capita in 1913, Portugal's figure grew consistently between each period, facilitated by the relative peace it experienced during the early 20th century. Greece's GDP per capita grew by 68 percent between 1913 and 1938, however it fell significantly over the 1940s due to the devastation caused by the Second World War and Greek Civil War.

Between 1933 and 1939, Germany expanded and strengthened its trade connections with a number of Eastern European countries to a point where their economic expansion became dependent on trade with Germany, making it the dominant economic power in the region. By 1939, the year the Second World War began in Europe, Germany was the largest trading partner of the four countries listed; this was also true of Czechoslovakia in 1937, Poland in 1938, and the Soviet Union in 1940, although the share of total exports to Germany from these countries was lower. German influence increases in the Second World War To consolidate its power in the region, Germany exported its high-quality industrial products to these countries and paid above-market prices to import raw materials and agricultural produce. Following the outbreak of the war, Germany invested more into the farming sectors of the four countries listed, to the point where they were economically subordinate and considered satellite extensions of the German economy. The demand for agricultural imports from these countries impeded their industrialization and prevented them from developing their industries that could compete with Germany. Three of the countries listed would side with the Axis powers as the war escalated. At the same time, Yugoslavia was quickly annexed, and a puppet government was installed, continuing the agricultural supply to Germany. Post-war difficulties Following the war, the four listed countries eventually fell within the Soviet sphere of influence (though Yugoslavia to a lesser extent than the other three), and the dominance of agricultural sectors led to difficulties, as new communist governments attempted to take their economies in a more industrialized direction. The socialist economic systems required the agricultural means of production to be publicly owned (collectivized); however, many rural landowners were unwilling to part from their land; especially in Bulgaria. These factors exacerbated the delaying effect that Germany had had on these countries' industrialization in the 1930s, contributing to the economic imbalances that emerged between Europe's Eastern and Western Blocs in the decades that followed.

During the "Golden Age of Capitalism", between 1950 and 1969, economic growth and output grew across virtually all countries in Europe. Growth in Western Europe was the fastest of any region in the world; Japan was the only individual, major economic power to experience faster growth during this time. In Western Europe, the fastest growth rates were across the southern states*, and in the founding countries of the European Coal and Steel Community (Benelux, France, Italy, and West Germany). Not only was West Germany the largest economy in post-WWII Western Europe, but it also had the highest growth rate of economic output, at an average of 6.2 percent each year. Causes Increased European integration removed many trade barriers and incentivized cooperation; for the countries who were reluctant to integrate, most notably the United Kingdom, economic growth was still achieved but at a much lower rate. Generally, there was also a correlation between social spending and economic growth, as countries who invested the most in public services and welfare also saw the largest rises in GDP throughout this period. American influence was also fundamental, particularly in private investment from American companies and the Americanization of business practices and corporate structures. Manufacturing In terms of manufacturing, West Germany and the southern countries saw the sharpest increases in annual output. West Germany already had a relatively industrialized economy, but greatly expanded these industries in the post-war period. For those states along the Mediterranean, there was a much stronger emphasis on agriculture than industrialization during the interwar period, which meant that when industrialization began in the late 1940s and 1950s it grew significantly. For example, Italy sought to strengthen its agricultural sector in the 1930s by restricting urbanization and migration abroad; after the war, the reversal of these policies saw manufacturing industries boom and employment reached record highs.

The Second World War's Eastern Front, the largest theater of war in history, was largely dominated by the conflict between Germany and the Soviet Union. The two countries had agreed upon an unexpected peace pact in 1939, with the joint invasion and partition of Poland, but this peace was broken in June 1941 when Germany invaded the Soviet Union during Operation Barbarossa. Germany's economic and technological superiority, alongside its Blitzkrieg military strategy, allowed it to gain the upper hand in the early stages of the conflict. Within six months the Germans had pushed the frontlines back to Moscow, and almost 40 percent of the Soviet population now lived in occupied territory. German gains at the expense of the Soviets was reflected in the changing balance of their economies - Germany's GDP grew each year until 1944, whereas the Soviet GDP fell by one third between 1940 and 1942.

Throughout the early 20th century, Germany and Japan were both among the largest trading partners of the United States. Although the United States would declare war on Germany twice and on Japan once during this time, at which points trade would virtually cease, trade ties were fairly strong in the years without war. Values were highest in the 1920s, before global trade fell in the 1930s due to the impact of the Great Depression. All three countries were severely hit by the Depression, however the decline in trade was compounded by rising tensions between the U.S. and the new far-right governments of both Germany and Japan. After the war, U.S. investment in both nations increased significantly, helping with their post-war recovery and giving the U.S. a strong level of influence over its former adversaries - West Germany and Japan would then emerge as the two largest economies in their respective regions during the post-World War II economic boom.