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This article lists countries alphabetically, with total government expenditure as percentage of Gross domestic product (GDP) for the listed countries. Also stated is the government revenue and net lending/borrowing of the government as percentage of GDP.
Australia and Canada have a longstanding relationship fostered by both countries' shared history and culture as well as the links between residents of the countries. The two countries are former British Dominions and have a common head of state in King Charles III (legally, the King is equally and separately the sovereign of both countries, as King of Australia and King of Canada).
The first set of data on the left columns of the table includes estimates for the year 2023 made for each economy of the 196 economies (189 U.N. member states and 7 areas of Aruba, Hong Kong, Kosovo, Macau, Palestine, Puerto Rico, and Taiwan) covered by the International Monetary Fund (IMF)'s International Financial Statistics (IFS) database ...
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (October 2024 edition) and/or other sources. [1] For older GDP trends, see List of regions by past GDP (PPP).
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
Australia: Australia and New Zealand: High income 32.91% 2022 2.68 2018 2.765 2018 4.3 2020 Austria: Western Europe: High income 34.19% 2022 1.89 2022 2.765 2021 3.5 2021 Azerbaijan: Western Asia: Upper middle income 42.87% 2022 6.14 2018 4.848 2005 Burundi: Eastern Africa: Low income 48.39% 2022 2.76 2014 2.876 2020 Belgium
However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years. [176] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands. [177]