Which country has the highest GDP?
Global GDP is estimated to be around $84 trillion in its entirety
In 2019, the U.S. economy may have grown at the slowest pace in nearly three years, but it has remained a consistent bright spot in the global outlook.
According to data published by the World Bank, the United States has the largest economy in the world. In 2018, it was valued at a staggering $20.54 trillion.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
China trailed the U.S. with an economy worth $13.61 trillion two years ago. Japan, at $4.97 trillion, was a distant third. Germany and the United Kingdom nabbed fourth and fifth place, with an economies worth $3.95 trillion and $2.85 trillion, respectively. That order hasn’t changed much over the decade.
“America’s thriving, America’s flourishing, and yes, America is winning again like never before,” President Trump said in a recent speech before global leaders at the World Economic Forum in Davos, Switzerland.
Overall, the world’s five biggest economies account for half of global Gross domestic product , which is estimated to be $84 trillion in its entirety.
HOUSING OUTLOOK 2020: A 'GOOD YEAR TO PURCHASE,' EXPERT SAYS
GDP, which measures the value of goods and services produced inside the U.S., grew at a 2.3 percent annualized rate in 2019, according to Labor Department data published last week. That’s below the 2.9 increase from 2018 and the 2.4 percent gain in 2017, a result of fading fiscal stimulus from President Trump's 2017 Tax Cuts and Jobs Act and an 18-month trade war between the U.S. and China that rattled global financial markets.
Consumer spending, which accounts for more than two-thirds of the country’s GDP, continues to boost the now $21.7 trillion economy.
CLICK HERE TO READ MORE ON FOX BUSINESS