* indicates monthly or quarterly data series

Economic growth: the rate of change of real GDP, 2022:

The average for 2022 based on 183 countries was 4.38 percent. The highest value was in Guyana: 63.37 percent and the lowest value was in Ukraine: -29.1 percent. The indicator is available from 1961 to 2022. 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, 2022 Global rank Available data
Guyana 63.37 1 1961 - 2022
Fiji 20.02 2 1961 - 2022
Cape Verde 17.12 3 1981 - 2022
Saint Lucia 15.88 4 1978 - 2022
Bahamas 14.37 5 1961 - 2022
Maldives 13.91 6 1996 - 2022
Armenia 12.6 7 1991 - 2022
Niger 11.49 8 1961 - 2022
Barbados 11.33 9 1975 - 2022
Monaco 11.1 10 1971 - 2022
Panama 10.81 11 1961 - 2022
Aruba 10.46 12 1987 - 2022
Georgia 10.39 13 1966 - 2022
Ant.& Barb. 9.52 14 1978 - 2022
Ireland 9.43 15 1971 - 2022
Seychelles 9 16 1961 - 2022
DR Congo 8.92 17 1961 - 2022
Mauritius 8.88 18 1977 - 2022
Kuwait 8.86 19 1993 - 2022
Andorra 8.81 20 1971 - 2022
Belize 8.73 21 1961 - 2022
Saudi Arabia 8.68 22 1969 - 2022
Malaysia 8.65 23 1961 - 2022
Rwanda 8.16 24 1961 - 2022
Vietnam 8.02 25 1985 - 2022
Tajikistan 8 26 1986 - 2022
UA Emirates 7.85 27 1976 - 2022
Philippines 7.57 28 1961 - 2022
Namibia 7.56 29 1981 - 2022
Colombia 7.26 30 1961 - 2022
Iceland 7.24 31 1961 - 2022
India 7.24 32 1961 - 2022
Bangladesh 7.1 33 1961 - 2022
Iraq 7.01 34 1969 - 2022
Malta 6.92 35 1971 - 2022
Israel 6.83 36 1961 - 2022
Portugal 6.83 37 1961 - 2022
Ivory Coast 6.74 38 1961 - 2022
Egypt 6.59 39 1961 - 2022
Zimbabwe 6.52 40 1961 - 2022
Montenegro 6.41 41 1998 - 2022
Mauritania 6.38 42 1962 - 2022
Grenada 6.36 43 1978 - 2022
Croatia 6.35 44 1996 - 2022
Kyrgyzstan 6.33 45 1987 - 2022
Benin 6.25 46 1961 - 2022
Togo 5.81 47 1961 - 2022
Botswana 5.79 48 1961 - 2022
Spain 5.77 49 1961 - 2022
Uzbekistan 5.67 50 1988 - 2022
Dominica 5.65 51 1978 - 2022
Nepal 5.61 52 1961 - 2022
Greece 5.56 53 1961 - 2022
Turkey 5.53 54 1961 - 2022
Faroe Isl. 5.4 55 2009 - 2022
Ethiopia 5.32 56 1982 - 2022
Indonesia 5.31 57 1961 - 2022
Poland 5.26 58 1991 - 2022
Zambia 5.25 59 1961 - 2022
Cambodia 5.24 60 1994 - 2022
Jamaica 5.22 61 1967 - 2022
Papua N.G. 5.17 62 1961 - 2022
Cyprus 5.06 63 1976 - 2022
Mongolia 5.03 64 1982 - 2022
Argentina 4.96 65 1961 - 2022
Uruguay 4.92 66 1961 - 2022
St. Vincent & ... 4.91 67 1961 - 2022
Albania 4.86 68 1981 - 2022
Bahrain 4.86 69 1981 - 2022
Domin. Rep. 4.86 70 1961 - 2022
Kenya 4.85 71 1961 - 2022
Austria 4.81 72 1961 - 2022
Liberia 4.81 73 2001 - 2022
Pakistan 4.71 74 1961 - 2022
Guinea 4.7 75 1987 - 2022
Azerbaijan 4.62 76 1991 - 2022
Romania 4.6 77 1991 - 2022
Uganda 4.59 78 1983 - 2022
Tanzania 4.56 79 1989 - 2022
Costa Rica 4.55 80 1961 - 2022
Hungary 4.55 81 1992 - 2022
Mozambique 4.36 82 1981 - 2022
UK 4.35 83 1961 - 2022
Gambia 4.33 84 1967 - 2022
Netherlands 4.33 85 1961 - 2022
Oman 4.31 86 1966 - 2022
Australia 4.27 87 1961 - 2022
Qatar 4.21 88 2001 - 2022
Senegal 4.15 89 1961 - 2022
Guatemala 4.12 90 1961 - 2022
Bosnia & Herz. 4.11 91 1995 - 2022
Burma 4.04 92 1961 - 2022
Honduras 4 93 1961 - 2022
Bulgaria 3.93 94 1981 - 2022
Palestine 3.93 95 1995 - 2022
Mexico 3.9 96 1961 - 2022
Canada 3.82 97 1961 - 2022
Madagascar 3.8 98 1961 - 2022
Eq. Guinea 3.78 99 1981 - 2022
Iran 3.78 100 1961 - 2022
Nicaragua 3.75 101 1961 - 2022
Mali 3.73 102 1968 - 2022
Italy 3.72 103 1961 - 2022
Singapore 3.65 104 1961 - 2022
Bolivia 3.61 105 1961 - 2022
Cameroon 3.58 106 1961 - 2022
G.-Bissau 3.5 107 1971 - 2022
N. Caledonia 3.5 108 1966 - 2022
Sierra Leone 3.46 109 1961 - 2022
Latvia 3.36 110 1996 - 2022
Puerto Rico 3.36 111 1961 - 2022
Nigeria 3.25 112 1961 - 2022
Algeria 3.2 113 1961 - 2022
Kazakhstan 3.2 114 1991 - 2022
Djibouti 3.12 115 2014 - 2022
Ghana 3.08 116 1961 - 2022
Angola 3.05 117 1981 - 2022
Norway 3.02 118 1961 - 2022
Belgium 3.01 119 1961 - 2022
China 2.99 120 1961 - 2022
Ecuador 2.95 121 1961 - 2022
Bermuda 2.93 122 1961 - 2022
Gabon 2.91 123 1961 - 2022
Sweden 2.91 124 1961 - 2022
Brazil 2.9 125 1961 - 2022
New Zealand 2.85 126 1978 - 2022
Denmark 2.73 127 1961 - 2022
Laos 2.71 128 1985 - 2022
Peru 2.68 129 1961 - 2022
South Korea 2.61 130 1961 - 2022
El Salvador 2.6 131 1966 - 2022
Thailand 2.6 132 1961 - 2022
Switzerland 2.57 133 1981 - 2022
Serbia 2.55 134 1996 - 2022
Slovenia 2.46 135 1996 - 2022
France 2.45 136 1961 - 2022
Chile 2.44 137 1961 - 2022
Lithuania 2.44 138 1996 - 2022
Tunisia 2.44 139 1966 - 2022
Jordan 2.43 140 1977 - 2022
Somalia 2.43 141 1961 - 2022
Suriname 2.43 142 1961 - 2022
Comoros 2.39 143 1981 - 2022
Czechia 2.35 144 1991 - 2022
Chad 2.24 145 1961 - 2022
North Macedonia 2.15 146 1991 - 2022
USA 1.94 147 1961 - 2022
South Africa 1.91 148 1961 - 2022
Burundi 1.85 149 1961 - 2022
Vanuatu 1.85 150 1980 - 2022
Germany 1.81 151 1971 - 2022
Burkina Faso 1.78 152 1961 - 2022
Slovakia 1.75 153 1993 - 2022
Turkmenistan 1.7 154 1988 - 2022
Finland 1.63 155 1961 - 2022
Kiribati 1.56 156 1971 - 2022
R. of Congo 1.48 157 1961 - 2022
Tr.&Tobago 1.48 158 1961 - 2022
Luxembourg 1.38 159 1961 - 2022
Morocco 1.26 160 1967 - 2022
Lesotho 1.11 161 1961 - 2022
Japan 0.95 162 1961 - 2022
Malawi 0.92 163 1961 - 2022
Tuvalu 0.68 164 1991 - 2022
C.A. Republic 0.5 165 1961 - 2022
Swaziland 0.48 166 1971 - 2022
Paraguay 0.08 167 1961 - 2022
S.T.&Principe 0.07 168 2002 - 2022
Micronesia -0.83 169 1987 - 2022
Sudan -0.95 170 1961 - 2022
Libya -1.24 171 2000 - 2022
Estonia -1.29 172 1996 - 2022
Brunei -1.63 173 1975 - 2022
Haiti -1.68 174 1961 - 2022
Russia -2.07 175 1990 - 2022
Hong Kong -3.48 176 1962 - 2022
Solomon Isl. -4.06 177 1981 - 2022
Belarus -4.7 178 1991 - 2022
Moldova -5.02 179 1996 - 2022
Samoa -5.31 180 1983 - 2022
Sri Lanka -7.82 181 1962 - 2022
Macao -21.45 182 1983 - 2022
Ukraine -29.1 183 1988 - 2022



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.

63.37
20.02
17.12
15.88
14.37
13.91
12.60
11.49
11.33
11.10
10.81
10.46
10.39
9.52
9.43
9.00
8.92
8.88
8.86
8.81
8.73
8.68
8.65
8.16
8.02
8.00
7.85
7.57
7.56
7.26
7.24
7.24
7.10
7.01
6.92
6.83
6.83
6.74
6.59
6.52
6.41
6.38
6.36
6.35
6.33
6.25
5.81
5.79
5.77
5.67
5.65
5.61
5.56
5.53
5.40
5.32
5.31
5.26
5.25
5.24
5.22
5.17
5.06
5.03
4.96
4.92
4.91
4.86
4.86
4.86
4.85
4.81
4.81
4.71
4.70
4.62
4.60
4.59
4.56
4.55
4.55
4.36
4.35
4.33
4.33
4.31
4.27
4.21
4.15
4.12
4.11
4.04
4.00
3.93
3.93
3.90
3.82
3.80
3.78
3.78
3.75
3.73
3.72
3.65
3.61
3.58
3.50
3.50
3.46
3.36
3.36
3.25
3.20
3.20
3.12
3.08
3.05
3.02
3.01
2.99
2.95
2.93
2.91
2.91
2.90
2.85
2.73
2.71
2.68
2.61
2.60
2.60
2.57
2.55
2.46
2.45
2.44
2.44
2.44
2.43
2.43
2.43
2.39
2.35
2.24
2.15
1.94
1.91
1.85
1.85
1.81
1.78
1.75
1.70
1.63
1.56
1.48
1.48
1.38
1.26
1.11
0.95
0.92
0.68
0.50
0.48
0.08
0.07
-0.83
-0.95
-1.24
-1.29
-1.63
-1.68
-2.07
-3.48
-4.06
-4.70
-5.02
-5.31
-7.82
-21.45
-29.10
-29.1
-6
17.1
40.3
63.37
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