Evaluating the strength of a country’s economy often involves looking at the size of its Gross Domestic Product (GDP), which represents the total value of all goods and services produced within a country in a year. Here’s a look at the world’s top 10 largest economies and the major contributors to their GDPs:
| Rank | Country | GDP (USD) | Highest Contributor | % Contribution |
|---|---|---|---|---|
| 1 | United States | $28.78 trillion | Services | 77 |
| 2 | China | $18.53 trillion | Services | 55 |
| 3 | Germany | $4.59 trillion | Services | 63 |
| 4 | Japan | $4.11 trillion | Services | 71 |
| 5 | India | $3.94 trillion | Services | 50 |
| 6 | United Kingdom | $3.5 trillion | Services | 73 |
| 7 | France | $3.13 trillion | Services | 70 |
| 8 | Brazil | $2.33 trillion | Services | 58.91 |
| 9 | Italy | $2.33 trillion | Services | 64.3 |
| 10 | Canada | $2.44 trillion | Services | 69.7 |
Major Contributors to GDP:
- Services Sector: Dominates as the largest contributor across most of the top economies. This sector includes government activities, communications, transportation, finance, and other non-material economic activities.
- Industry Sector: Includes mining, manufacturing, energy production, and construction. It is the second-largest contributor globally.
- Agricultural Sector: Covers farming, fishing, and forestry, and is the third-largest contributor.
According to data from Statista and the International Monetary Fund (IMF), the services sector contributes the most to global GDP, as reflected in the above rankings. For instance, in the United States, services account for 77% of the GDP, highlighting its significant role in these economies.
In Nigeria, the services sector similarly plays a crucial role, contributing 58.04% to the GDP as reported by the National Bureau of Statistics (NBS) for the first quarter of 2024