GDP stands for Gross domestic product and is a count of the market value of all the final goods or products which have been manufactured or produced within a country in a certain fixed period of time.
GDP per capita is often a tool which measures the standard of living of a company and thus countries are mostly compared with one another by measuring their respective GDP. GDP is a subject which is related to macroeconomics subhead national accounts and can be calculated by more than one method.
In terms of GDP, the largest economy of the world is the United States as it has a GDP of $15.686 trillion. China is the next largest economy in the world which is due to the fact that it has a GDP of $12.405 trillion. With a GDP figure of $4.779 trillion,
Japan is yet another country which is considered one of the largest economies in the world followed by India which has a GDP of $12.405 trillion. Some other nations with large GDP figures are Germany, Russia, Brazil, United Kingdom, France and Italy. All these nations are thus also the largest economies in the world on the basis of their respective GDP (PPP).
