Global gross domestic product (GDP) 2024

The statistic shows global gross domestic product (GDP) from 2014 to 2018, with projections up until 2024. In 2018, global GDP amounted to about 84.93 trillion U.S. dollars.

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. Global GDP has experienced a growth every year over the past decade with the exception of 2009.

However, a strong growth rate does not necessarily lead to all positive outcomes and often has a negative affect on inflation rates. A severe growth in GDP leads to less 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. Despite a relatively high global GDP growth, unemployment only marginally changed over the course of 5 years and is forecasted to remain stagnant going into 2017. Unemployment, however, is often difficult to predict, primarily now since most economies are still recovering from the 2008 global financial crisis.

Global gross domestic product (GDP) at current prices from 2014 to 2024

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Source

Release date

October 2019

Region

Worldwide

Survey time period

2014 to 2018

Supplementary notes

The figures were rounded for a better comprehension of the statistic.

*Forecast.

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Statistics on "Global economy"

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