THE WORLD’S LARGEST ECONOMIES – 2

6. United Kingdom

The United Kingdom with a $ 2.85 trillion GDP is the world’s sixth largest and Europe’s third largest economy. The economy of UK is primarily driven by services, as the sector contributes more than 75 percent of the GDP. With agriculture contributing a minimal one percent, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to GDP, the country produces 60 percent of its food needs domestically by employing less than two percent of its labor force. The economy in terms of GDP purchasing-power-parity stands at $2.43 trillion with a GDP (PPP) per capita of $37,744.

7. Brazil

Brazil with its $2.24 trillion economy, it is the seventh largest economy by nominal GDP. The Brazilian economy is has developed services, manufacturing, and agricultural sectors with each sector contributing around 68 percent, 26 percent, and six percent respectively. Brazil is a part of BRIC and ahead of all other South American economies. The Brazilian GDP measured in purchasing-power-parity is $3.07 trillion, while its GDP per capita (PPP) is $15,153. However, the country has 21 percent of its population living below the poverty line. (Related reading, see: Top Brazilian Stocks For US Investors.)

8. Italy

Italy’s $2.13 trillion economy is the world’s eighth largest in terms of nominal GDP. Italy is among the prominent economies of the eurozone, but it has been impacted by the crisis in the region. The economy suffers from a huge public debt estimated to be about 133 percent of GDP, according to the CIA World Factbook. The economy is also facing high unemployment and deteriorating economic growth. The government is working on various measures to boost the economy that has contracted in recent years. The GDP measured in purchasing-power-parity for the economy is estimated at $2.06 trillion, while its per capita GDP (PPP) is $34,455.

9. Russia

Russia’s domestic consumption amid a politically stable atmosphere has paved the way for economic growth in the country. The country has transformed itself since the fall of the Soviet Union in 1991 from a centrally planned economy to a more market-based open economy. Russia’s $2.05 trillion economy is currently facing a crisis as a result of imposed sanctions and a steep fall in oil prices. Russia’s economy in terms of purchasing-power-parity is estimated at $3.56 trillion, while its GDP per capita is $24,764. (Related reading, see: Sanctions & Oil Prices Bring The Russian Economy Near Collapse.)

10 .India

India ranks third in GDP in terms of purchasing-power-parity ($7.28 trillion), while its nominal GDP ($2.04 trillion) places it in the tenth spot. The country’s high population drags its GDP (PPP) per capita down to $5,778. India’s GDP is still dependent on agriculture (17 percent), compared to western countries. However, the services sector has picked up in recent years and now accounts for 57 percent of the GDP, while industry contributes 26 percent. The economy’s strength lies in a limited dependence on exports, high saving rates, favorable demographics, and a rising middle class.

These are great world economies. You can also start making good contribution to the development of the economy of your country.

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