List of North American countries by GDP (nominal) explained

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in North America are sorted by nominal GDP estimates based on 2023 data from the World Economic Outlook by the International Monetary Fund.

The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.[1] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.[2] Therefore, these figures should be used with caution.

Some countries/regions may have citizens which are on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.[3]

Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP.[4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.[5]

List

2023 GDP (nominal)[6]
millions of international dollars
North America 31,173,588
1 1 26,854,599
2 9 2,089,672
3 14 1,663,164
4 64 Dominican Republic121,289
- - Cuba107,352 (2020)
5 69 Guatemala102,309
6 78 Costa Rica77,777
7 80 Panama77,257
8 103 33,752
9 104 32,860
10 113 28,223
11 115 Haiti26,580
12 130 17,287
13 131 Jamaica17,254
14 141 The Bahamas14,114
15 157 6,117
16 167 3,162
17 174 2,262
18 178 1,864
19 182 1,274
20 184 1,052
21 185 1,039
22 187 681

See also

Notes and References

  1. Web site: A Beginner's Guide to Purchasing Power Parity Theory . . . 31 May 2014 . Moffatt, Mike.
  2. Web site: Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia . . Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues . January 1999 . 1 June 2014 . . etal .
  3. Web site: What is GDP and why is it so important? . . . 26 February 2009 . 30 May 2014.
  4. Web site: Purchasing Power Parity: Weights Matter . . . 28 March 2012 . 30 May 2014 . Callen, Tim.
  5. Web site: Gross Domestic Product: An Economy's All . . . 28 March 2012 . 31 May 2014 . Callen, Tim.
  6. Web site: International Monetary Fund . World Economic Outlook Database, April 2023 . International Monetary Fund.