Gross world product explained

The gross world product (GWP), also known as gross world income (GWI),[1] is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).[2] According to the World Bank, the 2013 nominal GWP was approximately 75.59 trillion United States dollars.[3] In 2017, according to the CIA's World Factbook, the GWP was around $80.27 trillion in nominal terms and totaled approximately 127.8 trillion international dollars in terms of purchasing power parity (PPP). The per capita PPP GWP in 2017 was approximately 17,500 international dollars according to the World Factbook.[4] According to the World Bank, the 2020 GWP in current dollars was approximately $84.705 trillion.[5]

Recent growth

The table below gives recent percentage values for overall GWP growth from 2006 through 2020, as well as an estimate for 2021, according to the International Monetary Fund (IMF)'s World Economic Outlook database. Data is given in terms of constant year-on-year prices.[6]

Gross world product growth rate (%)!Region !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018!2019!2020!2021
align=left World average 5.4 5.6 3.1 -0.1 5.4 4.3 3.5 3.4 3.5 3.4 3.3 3.8 3.62.8-3.15.9

Historical and prehistorical estimates

In 1998, economic historian J. Bradford DeLong estimated the total GWP in 1990 U.S. dollars for the main years between one million years BCE and 2000 CE (shown in the table below).[7]

Estimates from 2000 onwards are based on world GDP, PPP estimates in 2021 constant international dollars from the World Bank and subsequently converted to 1990 US$.[8] "Billion" in the table below refers to the short scale usage of the term, where 1 billion = 1,000 million = 109.

YearReal GWP
($ billions, 1990 Intl$)
Compound annual
growth rate
2020 CE70,320.48[9] +3.43%
2015 CE63,461.60+5.55%
2010 CE53,752.07+5.70%
2005 CE45,325.58+6.05%
2000 CE37,820.35+3.91%
1995 CE33,644.33+4.09%
1990 CE27,539.57+4.14%
1985 CE22,481.11+3.62%
1980 CE18,818.44+4.43%
1975 CE15,149.42+4.53%
1970 CE12,137.94+5.87%
1965 CE9,126.98+5.89%
1960 CE6,855.25+4.77%
1955 CE5,430.44+5.88%
1950 CE4,081.81+3.12%
1940 CE3,001.36+2.91%
1930 CE2,253.81+1.4%
1925 CE2,102.88+3.94%
1920 CE1,733.67+2.29%
1900 CE1,102.96+2.69%
1875 CE568.08+1.84%
1850 CE359.90+1.45%
1800 CE175.24+0.62%
1750 CE128.51+0.51%
1700 CE99.80+0.40%
1650 CE81.74+0.12%
1600 CE77.01+0.27%
1500 CE58.67+0.27%
1400 CE44.92+0.21%
1350 CE40.50+0.47%
1300 CE32.09-0.21%
1250 CE35.58-0.10%
1200 CE37.44-0.056%
1100 CE39.60+0.11%
1000 CE35.31+0.11%
900 CE31.68+0.23%
800 CE25.23+0.074%
700 CE23.44+0.12%
600 CE20.86+0.046%
500 CE19.92+0.077%
400 CE18.44+0.056%
350 CE17.93-0.022%
200 CE18.54+0.031%
14 CE17.50-0.427%
1 CE18.50+0.042%
200 BCE17.00+0.030%
400 BCE16.02+0.155%
500 BCE13.72+0.115%
800 BCE9.72+0.213%
1000 BCE6.35+0.063%
1600 BCE4.36+0.092%
2000 BCE3.02+0.064%
3000 BCE1.59+0.073%
4000 BCE0.77+0.041%
5000 BCE0.51+0.0057%
8000 BCE0.43+0.0075%
10,000 BCE0.37+0.0012%
25,000 BCE0.31+0.00045%
300,000 BCE0.09+0.00031%
1,000,000 BCE0.01

See also

Explanatory notes

  1. https://www.mckinsey.com/~/media/mckinsey/featured%20insights/innovation/superstars%20the%20dynamics%20of%20firms%20sectors%20and%20cities%20leading%20the%20global%20economy/mgi_superstars_discussion%20paper_oct%202018-v2.pdf
  2. See measures of national income and output for more details.
  3. Web site: 2015 . Gross Domestic Product 2014 . 1 July 2015 . The World Bank DataBank . PDF.
  4. Web site: World Factbook . . 24 July 2019 . 24 July 2019.
  5. Web site: GDP (current US$) Data. 2021-09-15. data.worldbank.org.
  6. Web site: 2020. World Economic Outlook, October 2020: A Long and Difficult Ascent. World Economic Outlook. International Monetary Fund.
  7. Web site: Estimating World GDP, One Million B.C. – Present. J. Bradford DeLong. 24 May 1998. 5 February 2013.
  8. Web site: 2021 dollars in 1990 Inflation Calculator . 2024-06-20 . www.in2013dollars.com . en.
  9. Web site: GDP, PPP (constant 2021 international $) . 20 June 2024 . World Bank Group.

External links