* indicates monthly or quarterly data series

Economic growth: the rate of change of real GDP, 2023:

The average for 2023 based on 184 countries was 3.43 percent. The highest value was in Macao: 75.06 percent and the lowest value was in Sudan: -20.11 percent. The indicator is available from 1961 to 2023. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Bank
Select indicator
* indicates monthly or quarterly data series


Countries Economic growth, 2023 Global rank Available data
Macao 75.06 1 1983 - 2023
Guyana 33.8 2 1961 - 2023
Libya 10.16 3 1961 - 2023
Samoa 8.58 4 1971 - 2023
DR Congo 8.56 5 1961 - 2023
Armenia 8.3 6 1991 - 2023
Tajikistan 8.3 7 1986 - 2023
Rwanda 8.24 8 1961 - 2023
India 8.15 9 1961 - 2023
Georgia 7.83 10 1961 - 2023
Fiji 7.52 11 1961 - 2023
Malta 7.5 12 1971 - 2023
Mongolia 7.42 13 1982 - 2023
Panama 7.4 14 1961 - 2023
Mauritius 6.96 15 1961 - 2023
Guinea 6.74 16 1971 - 2023
Djibouti 6.68 17 2014 - 2023
Mauritania 6.51 18 1962 - 2023
Ethiopia 6.5 19 1962 - 2023
Togo 6.41 20 1961 - 2023
Benin 6.35 21 1961 - 2023
Montenegro 6.34 22 1998 - 2023
Turkmenistan 6.3 23 1988 - 2023
Uzbekistan 6.29 24 1988 - 2023
Ivory Coast 6.2 25 1961 - 2023
Kyrgyzstan 6.15 26 1987 - 2023
St. Vincent & ... 6.02 27 1961 - 2023
Bangladesh 5.78 28 1961 - 2023
Sierra Leone 5.71 29 1961 - 2023
Kenya 5.56 30 1961 - 2023
Philippines 5.55 31 1961 - 2023
Cape Verde 5.48 32 1981 - 2023
Mozambique 5.44 33 1981 - 2023
Zambia 5.37 34 1961 - 2023
Uganda 5.34 35 1983 - 2023
Zimbabwe 5.34 36 1961 - 2023
Ukraine 5.32 37 1988 - 2023
China 5.25 38 1961 - 2023
G.-Bissau 5.2 39 1971 - 2023
Costa Rica 5.11 40 1961 - 2023
Turkey 5.11 41 1961 - 2023
Kazakhstan 5.1 42 1991 - 2023
Tanzania 5.07 43 1961 - 2023
Indonesia 5.05 44 1961 - 2023
Vietnam 5.05 45 1985 - 2023
Iceland 5.04 46 1961 - 2023
Iran 5.04 47 1961 - 2023
Monaco 5.04 48 1971 - 2023
Swaziland 5.01 49 1971 - 2023
Cambodia 4.96 50 1976 - 2023
Gambia 4.8 51 1967 - 2023
Maldives 4.73 52 1971 - 2023
Dominica 4.71 53 1978 - 2023
Paraguay 4.71 54 1961 - 2023
Liberia 4.68 55 1961 - 2023
Mali 4.66 56 1968 - 2023
Senegal 4.58 57 1961 - 2023
Nicaragua 4.57 58 1961 - 2023
Aruba 4.26 59 1987 - 2023
Somalia 4.22 60 1961 - 2023
Namibia 4.16 61 1981 - 2023
Chad 4.12 62 1961 - 2023
Kiribati 4.12 63 1971 - 2023
Algeria 4.1 64 1961 - 2023
Barbados 4.09 65 1961 - 2023
Albania 3.94 66 1981 - 2023
Belarus 3.89 67 1991 - 2023
Ant.& Barb. 3.86 68 1978 - 2023
Serbia 3.85 69 1996 - 2023
Tuvalu 3.85 70 1971 - 2023
Madagascar 3.8 71 1961 - 2023
Egypt 3.76 72 1961 - 2023
Laos 3.75 73 1985 - 2023
UA Emirates 3.62 74 1971 - 2023
Russia 3.6 75 1990 - 2023
Honduras 3.58 76 1961 - 2023
Grenada 3.57 77 1978 - 2023
Malaysia 3.56 78 1961 - 2023
Guatemala 3.53 79 1961 - 2023
El Salvador 3.51 80 1966 - 2023
Australia 3.44 81 1961 - 2023
Morocco 3.4 82 1967 - 2023
Croatia 3.3 83 1991 - 2023
Hong Kong 3.28 84 1962 - 2023
Cameroon 3.25 85 1961 - 2023
Mexico 3.2 86 1961 - 2023
Seychelles 3.16 87 1961 - 2023
Bolivia 3.08 88 1961 - 2023
Solomon Isl. 3.08 89 1981 - 2023
Papua N.G. 3.04 90 1961 - 2023
Comoros 3 91 1981 - 2023
Bahrain 2.98 92 1971 - 2023
Burkina Faso 2.96 93 1961 - 2023
Ghana 2.94 94 1961 - 2023
Brazil 2.91 95 1961 - 2023
USA 2.89 96 1961 - 2023
Nigeria 2.86 97 1961 - 2023
Botswana 2.73 98 1961 - 2023
Afghanistan 2.71 99 2001 - 2023
Burundi 2.7 100 1961 - 2023
Jordan 2.68 101 1977 - 2023
Spain 2.68 102 1961 - 2023
Bahamas 2.64 103 1961 - 2023
Cyprus 2.61 104 1976 - 2023
Andorra 2.58 105 1971 - 2023
Suriname 2.54 106 1961 - 2023
Portugal 2.53 107 1961 - 2023
Denmark 2.5 108 1961 - 2023
Niger 2.5 109 1961 - 2023
Faroe Isl. 2.49 110 2009 - 2023
Gabon 2.45 111 1961 - 2023
Israel 2.42 112 1961 - 2023
Romania 2.4 113 1991 - 2023
Domin. Rep. 2.36 114 1961 - 2023
Ecuador 2.36 115 1961 - 2023
Greece 2.33 116 1961 - 2023
Bosnia & Herz. 2.21 117 1991 - 2023
Saint Lucia 2.21 118 1978 - 2023
Vanuatu 2.21 119 1980 - 2023
Jamaica 2.2 120 1967 - 2023
Slovenia 2.11 121 1991 - 2023
North Macedonia 2.07 122 1991 - 2023
Nepal 1.95 123 1961 - 2023
R. of Congo 1.91 124 1961 - 2023
Bulgaria 1.89 125 1981 - 2023
Malawi 1.89 126 1961 - 2023
Thailand 1.89 127 1961 - 2023
Palau 1.88 128 1971 - 2023
Lesotho 1.83 129 1961 - 2023
Latvia 1.71 130 1991 - 2023
Japan 1.68 131 1961 - 2023
Brunei 1.41 132 1975 - 2023
Slovakia 1.38 133 1991 - 2023
South Korea 1.36 134 1961 - 2023
Tr.&Tobago 1.35 135 1961 - 2023
Oman 1.31 136 1961 - 2023
Belgium 1.25 137 1961 - 2023
Canada 1.25 138 1961 - 2023
Qatar 1.19 139 1971 - 2023
Belize 1.15 140 1961 - 2023
Azerbaijan 1.12 141 1991 - 2023
Singapore 1.08 142 1961 - 2023
Angola 1 143 1981 - 2023
Burma 0.96 144 1961 - 2023
France 0.94 145 1961 - 2023
C.A. Republic 0.87 146 1961 - 2023
Micronesia 0.78 147 1971 - 2023
Moldova 0.78 148 1991 - 2023
New Zealand 0.73 149 1961 - 2023
Switzerland 0.72 150 1961 - 2023
Italy 0.7 151 1961 - 2023
South Africa 0.7 152 1961 - 2023
Colombia 0.61 153 1961 - 2023
Puerto Rico 0.56 154 1961 - 2023
Norway 0.48 155 1961 - 2023
S.T.&Principe 0.37 156 1971 - 2023
Uruguay 0.37 157 1961 - 2023
Lithuania 0.34 158 1991 - 2023
UK 0.34 159 1961 - 2023
Chile 0.22 160 1961 - 2023
Poland 0.14 161 1991 - 2023
Netherlands 0.07 162 1961 - 2023
Tunisia 0.04 163 1962 - 2023
Pakistan -0.04 164 1961 - 2023
Bermuda -0.09 165 1961 - 2023
Czechia -0.09 166 1991 - 2023
Germany -0.27 167 1961 - 2023
Sweden -0.31 168 1961 - 2023
Peru -0.55 169 1961 - 2023
Saudi Arabia -0.75 170 1961 - 2023
Hungary -0.91 171 1961 - 2023
Austria -0.95 172 1961 - 2023
Luxembourg -1.1 173 1961 - 2023
Finland -1.16 174 1961 - 2023
Argentina -1.61 175 1961 - 2023
Haiti -1.86 176 1961 - 2023
Sri Lanka -2.3 177 1962 - 2023
Iraq -2.94 178 1961 - 2023
Estonia -3.02 179 1991 - 2023
Kuwait -3.64 180 1971 - 2023
Eq. Guinea -5.09 181 1981 - 2023
Palestine -5.41 182 1995 - 2023
Ireland -5.53 183 1961 - 2023
Sudan -20.11 184 1961 - 2023



Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.
What is real economic growth and why are we interested in it?

Countries use the real GDP growth rate to measure economic growth because it serves as a barometer to assess their size and the performance of their economic activities. It is sometimes regarded as a performance indicator because it depicts the type of economic conditions of a nation due to actual economic activity as against growth influenced by inflated prices of goods and services. The real GDP growth rate reveals the extent of the increase or decrease in overall economic activity adjusted for inflation based on the level of goods and services produced between two consecutive years.

Technically, to compute real GDP growth, we first compute real GDP using the prices of a “base year”:

Nominal GDP in year t = Output of product A in year t * Price of product A in year t + Output of product B in year t * Price of product B in year t + … other products

Real GDP in year t = Output of product A in year t * Price of product A in base year + Output of product B in year t * Price of product B in base year + … other products

Nominal GDP growth is the percent change of the nominal GDP from one year to the next. Real growth is the percent change in the real GDP. Since the real GDP for all years is calculated using the same prices from the base year, comparing the real GDP from one year to the next tells us how the actual production volumes changed. To make that comparison, we keep prices constant. Otherwise, if we compare nominal GDP between two years, we don’t know how much of the change is due to production changes and how much is due to price changes.

Long-run growth

Long-run growth is the average rate of change in real GDP over many years. We care about the long-run growth rate as it has a compounding effect. The increase of GDP in one year builds on the increase in the GDP during the previous year and so forth. Therefore, a sustained high rate of economic growth can have a profound impact on the income levels in a country. For those interested in the mechanics of long-term growth, you can read the seminal paper on economic growth by Robert Solow.

Business cycles

Business cycles are the oscillations of economic growth around its long-term level. As an indicative parameter of aggregate economic wellbeing, movement in the rate of change in the real GDP explains the cyclicality in the economic transactions among productive agents in a specific country. For instance, positive values of the real GDP growth rate show that the country is experiencing an expansion in economic activity. However, if the indicator is negative, it means that there is a reduction in the level of aggregate output in the country. Economists use the real GDP growth rate to evaluate the business cycle phase of countries. Situations such as peaks and troughs along the business cycle trajectories also indicate the changes in real GDP growth over time. The peaks depict the pinnacle of the business cycle while its counterpart, troughs, refers to the depressive status of a country following a consequent decline in real GDP growth over time. Moreover, the movement from peak to trough shows that there is a recession, whereas the transition from the latter to the former reveals the stage of economic recovery.

How exactly do we mark the points of the business cycle? You can look at the dating procedure of the National Bureau of Economic Research in the U.S.

Stabilization policy

Economists and policymakers address fluctuations in economic growth through several policy instruments grouped broadly into automatic stabilizers and discretionary tools. The automatic stabilizers correspond to economic policies used by the government without additional actions by policymakers. These include the implementation of expansionary policies when the economy slows down and the introduction of contractionary instruments during an economic boom. Meanwhile, discretionary policies are instruments utilized by policymakers to augment the automatic stabilizers when they fail to promote the desired goal of the macroeconomy. These address changes to government fiscal spending and taxation as well as monetary policies.


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75.06
33.80
10.16
8.58
8.56
8.30
8.30
8.24
8.15
7.83
7.52
7.50
7.42
7.40
6.96
6.74
6.68
6.51
6.50
6.41
6.35
6.34
6.30
6.29
6.20
6.15
6.02
5.78
5.71
5.56
5.55
5.48
5.44
5.37
5.34
5.34
5.32
5.25
5.20
5.11
5.11
5.10
5.07
5.05
5.05
5.04
5.04
5.04
5.01
4.96
4.80
4.73
4.71
4.71
4.68
4.66
4.58
4.57
4.26
4.22
4.16
4.12
4.12
4.10
4.09
3.94
3.89
3.86
3.85
3.85
3.80
3.76
3.75
3.62
3.60
3.58
3.57
3.56
3.53
3.51
3.44
3.40
3.30
3.28
3.25
3.20
3.16
3.08
3.08
3.04
3.00
2.98
2.96
2.94
2.91
2.89
2.86
2.73
2.71
2.70
2.68
2.68
2.64
2.61
2.58
2.54
2.53
2.50
2.50
2.49
2.45
2.42
2.40
2.36
2.36
2.33
2.21
2.21
2.21
2.20
2.11
2.07
1.95
1.91
1.89
1.89
1.89
1.88
1.83
1.71
1.68
1.41
1.38
1.36
1.35
1.31
1.25
1.25
1.19
1.15
1.12
1.08
1.00
0.96
0.94
0.87
0.78
0.78
0.73
0.72
0.70
0.70
0.61
0.56
0.48
0.37
0.37
0.34
0.34
0.22
0.14
0.07
0.04
-0.04
-0.09
-0.09
-0.27
-0.31
-0.55
-0.75
-0.91
-0.95
-1.10
-1.16
-1.61
-1.86
-2.30
-2.94
-3.02
-3.64
-5.09
-5.41
-5.53
-20.11
-20.11
3.7
27.5
51.3
75.06


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