Real GDP Growth Rate by Country 2024

The real Gross Domestic Product (GDP) growth rate compares a country’s economic growth year over year, adjusting for inflation, and expresses this growth as a percentage. Real GDP is an essential metric used to evaluate the economic performance of a nation, as it reflects the value of goods and services produced in an economy while factoring in price changes due to inflation. By focusing on real GDP growth, policymakers, economists, and investors can better understand whether an economy is expanding or contracting in real terms.

A positive real GDP growth rate signifies an expanding economy, often leading to increased employment, higher incomes, and improved living standards. On the other hand, a negative real GDP growth rate can indicate economic challenges such as recessions, inflationary pressures, or declining productivity. Global real GDP growth varies significantly across regions and countries, influenced by factors like investment, trade, technological advances, government policies, and political stability.

Top 10 Countries/Territories with the Highest GDP Growth Rate

1. Macau: 80.53%
2. Guyana: 33.02%
3. Falkland Islands: 25.5%
4. Monaco: 11.1%
5. Cook Islands: 10.5%
6. Aruba: 10.46%
7. Armenia: 8.7%
8. DR Congo: 8.56%
9. San Marino: 8.46%
10. Tajikistan: 8.3%

Macau tops the list with an astounding GDP growth rate of 80.53%, driven largely by the resurgence of its tourism and gaming sectors following the lifting of COVID-19 restrictions. Similarly, Guyana has witnessed significant growth (33.02%), primarily due to its booming oil industry, which has brought substantial foreign investment and export revenue. Small island economies like the Falkland Islands, Aruba, and the Cook Islands have also experienced robust growth as tourism and service industries rebounded post-pandemic.

These high-growth countries often benefit from unique economic conditions such as resource discovery (like oil in Guyana) or recovering industries (tourism in Macau and Aruba). However, such exceptional growth rates are not always sustainable in the long term, as they may depend heavily on specific sectors. Diversifying economic activities and ensuring stability across industries is key to maintaining steady, long-term growth.

Top 10 Countries with the Lowest GDP Growth Rate

1. Northern Mariana Islands: -29.68%
2. Venezuela: -19.67%
3. Timor-Leste: -14.36%
4. Sudan: -12.05%
5. Afghanistan: -6.24%
6. Equatorial Guinea: -5.69%
7. West Bank: -5.51%
8. Gaza Strip: -5.51%
9. South Sudan: -5.2%
10. Ireland: -3.2%

On the other end of the spectrum, the Northern Mariana Islands recorded the most severe economic contraction, with a staggering -29.68% GDP growth rate. This sharp decline was due to a collapse in tourism, the backbone of its economy, exacerbated by the global pandemic. Venezuela, a country already mired in a prolonged economic crisis, continues to suffer from hyperinflation, political instability, and a shrinking oil industry, resulting in a real GDP decline of -19.67%.

Countries like Timor-Leste, Sudan, and Afghanistan face additional challenges such as political unrest, conflict, and a lack of foreign investment, which have stifled their economic growth. While each country’s economic struggles differ, many of these regions are grappling with broader issues like weak governance, poor infrastructure, and limited access to global markets, all of which compound their economic troubles.

Global GDP Growth Rate Distribution and Trends Over Time

The global distribution of GDP growth rates reveals stark disparities between regions. Countries with high GDP growth rates, such as those in Asia, Africa, and Latin America, are often emerging economies benefiting from increased foreign investment, resource extraction, and industrial development. In contrast, developed economies tend to experience more modest growth due to the maturity of their markets, focusing more on technological innovation, services, and sustainable growth. The post-pandemic recovery has also played a significant role in shaping global GDP growth, with countries reopening industries and reviving tourism sectors.

Over the past decade, the global economy has seen fluctuating growth rates, largely influenced by external shocks such as the COVID-19 pandemic, trade disruptions, and geopolitical tensions. While global GDP growth rebounded after the pandemic in many regions, the pace of recovery remains uneven. Countries rich in natural resources or with well-established industries have generally fared better, while those facing structural challenges or ongoing conflict continue to lag. Moving forward, sustainable growth driven by innovation, digitalization, and green technologies is expected to play an increasingly important role in shaping global economic trends.

Full Table (Source: CIA Data 2023 est.)

FAQs

• What is Macau’s real GDP growth rate?
  • Macau’s real GDP growth rate is 80.53%.

• Which country has the lowest real GDP growth rate?
  • The Northern Mariana Islands have the lowest GDP growth rate at -29.68%.

Source

• CIA – The World Factbook – Real GDP growth rate