| Source | World Bank : Nominal,PPP,Nominal per capita,PPP per capita |
| International Monetary Fund | |
| Date | 08 Dec 2023 |
Top Statistics
The United States and China are the two largest economies globally in both Nominal and PPP methods. US is at the top in nominal, whereas China is at the top in PPP since 2016 after overtaking the US. As of 2023, both countries together share 42.73% and 34.23% of the entire world's GDP in nominal and PPP terms, respectively. The GDP of both countries is higher than the 3rd ranked country Japan (nominal) and India (PPP) by a huge margin.Therefore, only these two compete to become first.
As per projections by IMF for 2023, United States is leading by $9,249 bn or 1.52 times on an exchange rate basis. The economy of China is Int. $5,948 billion or 1.22x of the US on purchasingpower parity basis. According to estimates by World Bank, China's gdp was approx 11% of the US in 1960, but in 2022 it is 71%.
Due to the vast population of China, more than four times of US's population, the difference between thesetwo countries is very high in terms of per capita income. The Per capita income of the United States is 6.41 and 3.45 times higher than that of China in nominal and PPP terms, respectively. The US is the 7th richest country in the world, whereas China comes at 75th rank. On a PPP basis, The United States is in 10th position, and China is at 77th.
China attains a maximum gdp growth rate of 19.30% in 1970 and a minimum of -27.27% in 1961. During the period 1961 to 2022, China grew by more than 10% in 22 years. The United States reached an all-time high of 7.24% in 1984 and a record low of-2.77% in 2020. GDP growth rate was negative in eight years for the US. China showed negative growth in five years.
According to World Factbook, China is ahead of the US in Agriculture and Industry sector. Agriculture Output of United States is only 17.58% of China and 77.58% for the Industry sector. The services sector of the US is more than double of China.
- GDP
- GDP per capita
- GDP growth
| Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| US | China | US | China | US | China | US | China | US | China | |
| 2023 | 26,949.64 | 17,700.90 | 26,949.64 | 32,897.93 | 80,412 | 12,541 | 80,412 | 23,309 | 2.085 | 5.010 |
| 2024 | 27,966.55 | 18,560.01 | 27,966.55 | 35,042.69 | 83,063 | 13,156 | 83,063 | 24,839 | 1.475 | 4.160 |
| 2025 | 29,048.89 | 19,781.70 | 29,048.89 | 37,220.76 | 85,877 | 14,031 | 85,877 | 26,401 | 1.818 | 4.117 |
| 2026 | 30,223.88 | 21,059.83 | 30,223.88 | 39,487.61 | 88,935 | 14,952 | 88,935 | 28,035 | 2.064 | 4.071 |
| 2027 | 31,428.87 | 22,291.05 | 31,428.87 | 41,682.47 | 92,052 | 15,844 | 92,052 | 29,626 | 2.120 | 3.663 |
| 2028 | 32,690.37 | 23,608.86 | 32,690.37 | 43,889.88 | 95,302 | 16,803 | 95,302 | 31,237 | 2.122 | 3.380 |
| Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| US | China | US | China | US | China | US | China | US | China | |
| 1960 | 543.30 | 59.72 | - | - | 3,007 | 90 | - | - | - | - |
| 1961 | 563.30 | 50.06 | - | - | 3,067 | 76 | - | - | 2.300 | -27.270 |
| 1962 | 605.10 | 47.21 | - | - | 3,244 | 71 | - | - | 6.100 | -5.580 |
| 1963 | 638.60 | 50.71 | - | - | 3,375 | 74 | - | - | 4.400 | 10.300 |
| 1964 | 685.80 | 59.71 | - | - | 3,574 | 85 | - | - | 5.800 | 18.180 |
| 1965 | 743.70 | 70.44 | - | - | 3,828 | 98 | - | - | 6.400 | 16.950 |
| 1966 | 815.00 | 76.72 | - | - | 4,146 | 104 | - | - | 6.500 | 10.650 |
| 1967 | 861.70 | 72.88 | - | - | 4,336 | 97 | - | - | 2.500 | -5.770 |
| 1968 | 942.50 | 70.85 | - | - | 4,696 | 91 | - | - | 4.800 | -4.100 |
| 1969 | 1,019.90 | 79.71 | - | - | 5,032 | 100 | - | - | 3.100 | 16.940 |
| 1970 | 1,073.30 | 92.60 | - | - | 5,234 | 113 | - | - | -0.283 | 19.300 |
| 1971 | 1,164.85 | 99.80 | - | - | 5,609 | 119 | - | - | 3.293 | 7.060 |
| 1972 | 1,279.11 | 113.69 | - | - | 6,094 | 132 | - | - | 5.259 | 3.810 |
| 1973 | 1,425.38 | 138.54 | - | - | 6,726 | 157 | - | - | 5.646 | 7.760 |
| 1974 | 1,545.24 | 144.19 | - | - | 7,226 | 160 | - | - | -0.541 | 2.310 |
| 1975 | 1,684.90 | 163.43 | - | - | 7,801 | 178 | - | - | -0.205 | 8.720 |
| 1976 | 1,873.41 | 153.94 | - | - | 8,592 | 165 | - | - | 5.388 | -1.570 |
| 1977 | 2,081.83 | 174.94 | - | - | 9,453 | 185 | - | - | 4.624 | 7.570 |
| 1978 | 2,351.60 | 149.54 | - | - | 10,565 | 156 | - | - | 5.535 | 11.326 |
| 1979 | 2,627.33 | 178.28 | - | - | 11,674 | 184 | - | - | 3.166 | 7.591 |
| 1980 | 2,857.31 | 191.15 | - | - | 12,575 | 195 | - | - | -0.257 | 7.834 |
| 1981 | 3,207.04 | 195.87 | - | - | 13,976 | 197 | - | - | 2.538 | 5.113 |
| 1982 | 3,343.79 | 205.09 | - | - | 14,434 | 203 | - | - | -1.803 | 9.017 |
| 1983 | 3,634.04 | 230.69 | - | - | 15,544 | 225 | - | - | 4.584 | 10.770 |
| 1984 | 4,037.61 | 259.95 | - | - | 17,121 | 251 | - | - | 7.237 | 15.192 |
| 1985 | 4,338.98 | 309.49 | - | - | 18,237 | 294 | - | - | 4.170 | 13.431 |
| 1986 | 4,579.63 | 300.76 | - | - | 19,071 | 282 | - | - | 3.463 | 8.950 |
| 1987 | 4,855.22 | 272.97 | - | - | 20,039 | 252 | - | - | 3.459 | 11.657 |
| 1988 | 5,236.44 | 312.35 | - | - | 21,417 | 284 | - | - | 4.177 | 11.223 |
| 1989 | 5,641.58 | 347.77 | - | - | 22,857 | 311 | - | - | 3.673 | 4.206 |
| 1990 | 5,963.14 | 360.86 | 5,963.14 | 1,114.09 | 23,889 | 318 | 23,889 | 981 | 1.886 | 3.920 |
| 1991 | 6,158.13 | 383.37 | 6,158.13 | 1,258.45 | 24,342 | 333 | 24,342 | 1,094 | -0.108 | 9.263 |
| 1992 | 6,520.33 | 426.92 | 6,520.33 | 1,470.22 | 25,419 | 366 | 25,419 | 1,262 | 3.522 | 14.225 |
| 1993 | 6,858.56 | 444.73 | 6,858.56 | 1,714.03 | 26,387 | 377 | 26,387 | 1,454 | 2.752 | 13.884 |
| 1994 | 7,287.24 | 564.32 | 7,287.24 | 1,978.86 | 27,695 | 473 | 27,695 | 1,660 | 4.029 | 13.037 |
| 1995 | 7,639.75 | 734.49 | 7,639.75 | 2,241.66 | 28,691 | 610 | 28,691 | 1,861 | 2.684 | 10.954 |
| 1996 | 8,073.12 | 863.75 | 8,073.12 | 2,509.21 | 29,968 | 709 | 29,968 | 2,061 | 3.773 | 9.923 |
| 1997 | 8,577.55 | 961.60 | 8,577.55 | 2,788.25 | 31,459 | 782 | 31,459 | 2,267 | 4.447 | 9.237 |
| 1998 | 9,062.82 | 1,029.06 | 9,062.82 | 3,040.86 | 32,854 | 829 | 32,854 | 2,448 | 4.481 | 7.846 |
| 1999 | 9,631.17 | 1,094.01 | 9,631.17 | 3,319.97 | 34,515 | 873 | 34,515 | 2,650 | 4.794 | 7.662 |
| 2000 | 10,250.90 | 1,211.33 | 10,250.90 | 3,683.44 | 36,330 | 959 | 36,330 | 2,917 | 4.077 | 8.490 |
| 2001 | 10,581.90 | 1,339.40 | 10,581.90 | 4,080.39 | 37,134 | 1,053 | 37,134 | 3,208 | 0.954 | 8.336 |
| 2002 | 10,929.10 | 1,470.56 | 10,929.10 | 4,522.48 | 37,998 | 1,149 | 37,998 | 3,532 | 1.696 | 9.134 |
| 2003 | 11,456.40 | 1,660.28 | 11,456.40 | 5,074.66 | 39,490 | 1,289 | 39,490 | 3,939 | 2.796 | 10.038 |
| 2004 | 12,217.20 | 1,955.35 | 12,217.20 | 5,737.89 | 41,725 | 1,509 | 41,725 | 4,427 | 3.853 | 10.114 |
| 2005 | 13,039.20 | 2,285.96 | 13,039.20 | 6,592.14 | 44,123 | 1,753 | 44,123 | 5,056 | 3.483 | 11.395 |
| 2006 | 13,815.60 | 2,752.12 | 13,815.60 | 7,660.00 | 46,302 | 2,099 | 46,302 | 5,843 | 2.783 | 12.721 |
| 2007 | 14,474.20 | 3,550.33 | 14,474.20 | 8,986.56 | 48,050 | 2,694 | 48,050 | 6,819 | 2.011 | 14.231 |
| 2008 | 14,769.90 | 4,594.34 | 14,769.90 | 10,042.80 | 48,570 | 3,468 | 48,570 | 7,581 | 0.122 | 9.651 |
| 2009 | 14,478.10 | 5,101.69 | 14,478.10 | 11,057.10 | 47,195 | 3,832 | 47,195 | 8,306 | -2.600 | 9.399 |
| 2010 | 15,049.00 | 6,087.19 | 15,049.00 | 12,380.20 | 48,651 | 4,550 | 48,651 | 9,255 | 2.709 | 10.636 |
| 2011 | 15,599.70 | 7,551.55 | 15,599.70 | 13,844.40 | 50,066 | 5,614 | 50,066 | 10,293 | 1.550 | 9.551 |
| 2012 | 16,254.00 | 8,532.19 | 16,254.00 | 15,124.50 | 51,784 | 6,301 | 51,784 | 11,169 | 2.281 | 7.864 |
| 2013 | 16,843.20 | 9,570.47 | 16,843.20 | 16,185.10 | 53,291 | 7,020 | 53,291 | 11,872 | 1.842 | 7.766 |
| 2014 | 17,550.70 | 10,475.60 | 17,550.70 | 17,121.30 | 55,124 | 7,636 | 55,124 | 12,480 | 2.288 | 7.426 |
| 2015 | 18,206.00 | 11,061.60 | 18,206.00 | 17,796.70 | 56,763 | 8,016 | 56,763 | 12,898 | 2.706 | 7.041 |
| 2016 | 18,695.10 | 11,233.30 | 18,695.10 | 18,712.10 | 57,867 | 8,094 | 57,867 | 13,483 | 1.667 | 6.849 |
| 2017 | 19,477.30 | 12,310.50 | 19,477.30 | 19,887.00 | 59,908 | 8,817 | 59,908 | 14,244 | 2.242 | 6.947 |
| 2018 | 20,533.10 | 13,894.90 | 20,533.10 | 21,739.70 | 62,823 | 9,905 | 62,823 | 15,498 | 2.945 | 6.750 |
| 2019 | 21,381.00 | 14,280.00 | 21,381.00 | 23,446.60 | 65,120 | 10,144 | 65,120 | 16,655 | 2.294 | 5.951 |
| 2020 | 21,060.50 | 14,687.70 | 21,060.50 | 24,284.20 | 63,529 | 10,409 | 63,529 | 17,209 | -2.768 | 2.239 |
| 2021 | 23,315.10 | 17,820.50 | 23,315.10 | 27,518.90 | 70,219 | 12,618 | 70,219 | 19,484 | 5.945 | 8.447 |
| 2022 | 25,462.70 | 17,963.20 | 25,462.70 | 30,327.30 | 76,399 | 12,720 | 76,399 | 21,476 | 2.062 | 2.991 |
I'm an expert in economic analysis and global financial trends, with a wealth of knowledge in international economics, GDP metrics, and economic indicators. My expertise is grounded in a comprehensive understanding of various economic concepts, statistical methods, and the intricacies of economic data interpretation. To establish my credibility, let's delve into the information provided in the article regarding the economic comparison between the United States and China.
The article primarily focuses on comparing the economic performance of the United States and China using nominal and purchasing power parity (PPP) methods. Here are the key concepts covered:
-
Nominal GDP and PPP GDP:
- Nominal GDP refers to the total value of goods and services produced by a country at current market prices without adjusting for inflation or deflation.
- PPP GDP adjusts the nominal GDP to reflect the relative cost of living and inflation rates, providing a more accurate comparison of economic output between countries.
-
Nominal and PPP GDP per capita:
- GDP per capita is calculated by dividing the total GDP by the population of a country.
- Nominal GDP per capita and PPP GDP per capita offer insights into the average income and standard of living in a country.
-
Economic Growth Rate:
- The GDP growth rate measures the percentage increase in a country's GDP from one period to another, indicating the economic health and development over time.
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Comparison of US and China's Economic Performance:
- Both the United States and China are compared in terms of nominal and PPP GDP, with China surpassing the US in PPP GDP since 2016.
- The article highlights the significant contribution of the US and China to the global GDP, with detailed statistics on their respective shares in nominal and PPP terms.
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Projections by IMF and World Bank:
- Projections by the International Monetary Fund (IMF) for 2023 are cited, indicating the leadership of the United States in nominal GDP and China in PPP GDP.
- The World Bank's estimates showcase the evolution of China's GDP relative to the US from 1960 to 2022.
-
Per Capita Income Disparities:
- The vast population difference between China and the US leads to substantial disparities in per capita income, both in nominal and PPP terms.
- The article provides rankings of the US and China based on per capita income.
-
GDP Growth Rates and Sectoral Comparisons:
- Historical GDP growth rates for both countries are mentioned, revealing their economic performance over different periods.
- The World Factbook's data is referenced to compare the agricultural, industrial, and services sectors of the US and China.
In summary, the article offers a comprehensive analysis of the economic dynamics between the United States and China, employing key indicators such as GDP, per capita income, and growth rates. The inclusion of projections by international organizations like the IMF and World Bank adds depth to the assessment of these economic powerhouses.
