Economic Growth (GDP, annual variation in %)
GDP, short for Gross Domestic Product, is defined as the total market value of all final goods and services produced within a country in a given period. It includes private and public consumption, private and public investment, and exports less imports.
GDP is the most commonly used measure of economic activity and serves as a good indicator to track the economic health of a country. Economic growth (GDP growth) refers to the percent change in real GDP, which corrects the nominal GDP figure for inflation. Real GDP is therefore also referred to as inflation-adjusted GDP or GDP in constant prices.
The table below shows the percent changes in real Gross Domestic Product (GDP) per country for the last five years.
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GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Albania | 2.2 | 3.3 | 3.8 | 4.1 | 2.2 |
| Algeria | 3.7 | 3.2 | 1.3 | 1.4 | 0.8 |
| Angola | 0.9 | -2.6 | -0.1 | -2.0 | -0.9 |
| Argentina | 2.7 | -2.1 | 2.7 | -2.5 | -2.2 |
| Armenia | 3.2 | 0.2 | 7.5 | 5.2 | 7.6 |
| Australia | 2.3 | 2.8 | 2.5 | 2.8 | 1.8 |
| Austria | 1.0 | 2.1 | 2.5 | 2.4 | 1.6 |
| Azerbaijan | 1.1 | -3.1 | 0.2 | 1.4 | 2.2 |
| Bahrain | 2.9 | 3.5 | 3.8 | 1.8 | 2.0 |
| Bangladesh | 6.6 | 7.1 | 7.3 | 7.9 | 8.2 |
| Belarus | -3.8 | -2.5 | 2.5 | 3.1 | 1.2 |
| Belgium | 2.0 | 1.5 | 2.0 | 1.4 | 1.4 |
| Belize | 2.8 | 0.1 | 1.9 | 2.1 | -2.0 |
| Bolivia | 4.9 | 4.3 | 4.2 | 4.2 | 2.2 |
| Bosnia and Herzegovina | 4.1 | 3.4 | 3.2 | 3.3 | 2.6 |
| Botswana | -1.7 | 4.3 | 2.9 | 4.5 | 3.0 |
| Brazil | -3.5 | -3.3 | 1.3 | 1.3 | 1.1 |
| Brunei | -0.6 | -2.5 | 1.3 | 0.1 | 3.9 |
| Bulgaria | 4.0 | 3.8 | 3.5 | 3.1 | 3.4 |
| Cambodia | 7.0 | 7.0 | 7.0 | 7.5 | 7.1 |
| Canada | 0.7 | 1.0 | 3.2 | 2.0 | 1.7 |
| Chile | 2.3 | 1.7 | 1.2 | 3.9 | 1.1 |
| China | 7.0 | 6.8 | 6.9 | 6.7 | 6.1 |
| Colombia | 3.0 | 2.1 | 1.4 | 2.5 | 3.3 |
| Costa Rica | 3.6 | 4.2 | 3.9 | 2.7 | 2.1 |
| Croatia | 2.4 | 3.5 | 3.1 | 2.7 | 2.9 |
| Cyprus | 3.4 | 6.8 | 4.4 | 4.1 | 3.2 |
| Czech Republic | 5.4 | 2.4 | 4.5 | 2.8 | 2.5 |
| DR Congo | - | - | - | - | - |
| Denmark | 2.3 | 3.3 | 2.0 | 2.4 | 2.4 |
| Dominican Republic | 6.9 | 6.7 | 4.7 | 7.0 | 5.1 |
| Ecuador | 0.1 | -1.2 | 2.4 | 1.3 | 0.1 |
| Egypt | 4.4 | 4.3 | 4.2 | 5.3 | 5.6 |
| El Salvador | 2.4 | 2.5 | 2.3 | 2.4 | 2.4 |
| Estonia | 1.8 | 2.6 | 5.7 | 4.8 | 4.3 |
| Ethiopia | 8.0 | 10.1 | 7.7 | 9.0 | - |
| Eurozone | 2.0 | 1.9 | 2.7 | 1.9 | 1.2 |
| Finland | 0.5 | 2.7 | 3.1 | 1.7 | 0.9 |
| France | 1.0 | 1.0 | 2.4 | 1.8 | 1.5 |
| Georgia | 3.0 | 2.9 | 4.8 | 4.8 | 5.1 |
| Germany | 1.7 | 2.2 | 2.5 | 1.5 | 0.6 |
| Ghana | 2.2 | 3.4 | 8.1 | 6.3 | 6.5 |
| Greece | -0.5 | -0.3 | 1.4 | 1.9 | 1.9 |
| Guatemala | 4.1 | 2.7 | 3.0 | 3.2 | 3.8 |
| Haiti | 1.2 | 1.5 | 1.2 | 1.5 | - |
| Honduras | 3.8 | 3.9 | 4.8 | 3.7 | 2.7 |
| Hong Kong | 2.4 | 2.2 | 3.8 | 2.8 | -1.2 |
| Hungary | 3.8 | 2.2 | 4.3 | 5.1 | 4.9 |
| Iceland | 4.7 | 6.6 | 4.5 | 3.8 | 1.9 |
| India | 8.0 | 8.3 | 7.0 | 6.1 | - |
| Indonesia | 4.9 | 5.0 | 5.1 | 5.2 | 5.0 |
| Iran | -1.3 | 13.4 | 3.8 | - | - |
| Iraq | 2.6 | 13.8 | -3.8 | 0.9 | 4.4 |
| Ireland | 25.2 | 3.7 | 8.1 | 8.2 | 5.6 |
| Israel | 2.2 | 4.0 | 3.6 | 3.5 | 3.5 |
| Italy | 0.7 | 1.4 | 1.7 | 0.7 | 0.3 |
| Jamaica | 0.9 | 1.4 | 1.0 | 1.9 | 0.9 |
| Japan | 1.2 | 0.5 | 2.2 | 0.3 | 0.7 |
| Jordan | 2.6 | 2.1 | 2.1 | 1.9 | 2.0 |
| Kazakhstan | 1.2 | 1.1 | 4.1 | 4.1 | 4.5 |
| Kenya | 5.7 | 5.9 | 4.8 | 6.3 | 5.4 |
| Korea | 2.8 | 2.9 | 3.2 | 2.9 | 2.0 |
| Kosovo | 4.1 | 4.1 | 4.2 | 3.8 | 4.2 |
| Kuwait | 0.6 | 2.9 | -4.7 | 1.2 | 0.4 |
| Kyrgyzstan | 3.9 | 4.3 | 4.7 | 3.8 | 4.5 |
| Laos | 7.3 | 7.0 | 6.9 | 6.3 | 4.8 |
| Latvia | 3.3 | 1.8 | 3.8 | 4.3 | 2.2 |
| Lebanon | 0.4 | 1.6 | 0.9 | -1.9 | -5.6 |
| Lithuania | 2.0 | 2.6 | 4.2 | 3.6 | 3.9 |
| Luxembourg | 4.3 | 4.6 | 1.8 | 3.1 | 2.3 |
| Malaysia | 5.1 | 4.4 | 5.8 | 4.8 | 4.3 |
| Malta | 10.9 | 5.8 | 6.5 | 7.3 | 4.7 |
| Mexico | 3.3 | 2.6 | 2.1 | 2.2 | -0.3 |
| Moldova | -0.3 | 4.4 | 4.7 | 4.3 | 3.6 |
| Mongolia | 2.5 | 1.4 | 5.4 | 7.0 | 4.9 |
| Montenegro | 3.4 | 2.9 | 4.7 | 5.1 | 3.6 |
| Morocco | 4.5 | 1.1 | 4.2 | 3.1 | 2.5 |
| Mozambique | 6.7 | 3.8 | 3.7 | 3.4 | 2.2 |
| Myanmar | 7.0 | 5.9 | 5.8 | 6.4 | 6.8 |
| Netherlands | 2.0 | 2.2 | 2.9 | 2.6 | 1.8 |
| New Zealand | 3.5 | 3.9 | 3.1 | 3.2 | 2.3 |
| Nicaragua | 4.8 | 4.6 | 4.6 | -4.0 | -3.9 |
| Nigeria | 2.8 | -1.6 | 0.8 | 1.9 | 2.3 |
| North Macedonia | 3.9 | 2.8 | 1.1 | 2.7 | 3.6 |
| Norway | 2.0 | 1.1 | 2.3 | 1.3 | 1.2 |
| Oman | 4.6 | 5.1 | 0.3 | 1.8 | - |
| Pakistan | 4.7 | 5.5 | 5.6 | 5.8 | 1.0 |
| Panama | 5.7 | 5.0 | 5.6 | 3.7 | 3.0 |
| Paraguay | 3.1 | 4.3 | 5.0 | 3.4 | 0.0 |
| Peru | 3.3 | 4.1 | 2.5 | 4.0 | 2.2 |
| Philippines | 6.3 | 7.1 | 6.9 | 6.3 | 6.0 |
| Poland | 3.8 | 3.1 | 4.9 | 5.4 | 4.2 |
| Portugal | 1.8 | 2.0 | 3.5 | 2.6 | 2.2 |
| Puerto Rico | -0.8 | -1.6 | -3.2 | -4.2 | 1.5 |
| Qatar | 3.7 | 2.1 | 1.6 | 1.5 | -0.2 |
| Romania | 3.9 | 4.8 | 7.1 | 4.4 | 4.1 |
| Russia | -2.0 | 0.2 | 1.8 | 2.5 | 1.3 |
| Saudi Arabia | 4.1 | 1.7 | -0.7 | 2.4 | 0.3 |
| Serbia | 1.8 | 3.3 | 2.0 | 4.4 | 4.2 |
| Singapore | 3.0 | 3.2 | 4.3 | 3.4 | 0.7 |
| Slovakia | 4.8 | 2.1 | 3.0 | 4.0 | 2.3 |
| Slovenia | 2.2 | 3.1 | 4.8 | 4.1 | 2.4 |
| South Africa | 1.2 | 0.4 | 1.4 | 0.8 | 0.2 |
| Spain | 3.8 | 3.0 | 2.9 | 2.4 | 2.0 |
| Sri Lanka | 5.0 | 4.5 | 3.6 | 3.3 | 2.3 |
| Sweden | 4.5 | 2.1 | 2.6 | 2.0 | 1.2 |
| Switzerland | 1.3 | 1.7 | 1.8 | 2.8 | 1.0 |
| Taiwan | 1.5 | 2.2 | 3.3 | 2.8 | 2.7 |
| Tajikistan | 6.2 | 6.9 | 7.1 | 7.3 | 7.5 |
| Tanzania | 6.2 | 6.9 | 6.8 | 7.0 | - |
| Thailand | 3.1 | 3.4 | 4.1 | 4.2 | 2.4 |
| Trinidad and Tobago | 1.8 | -6.3 | -2.3 | -0.2 | - |
| Tunisia | 1.2 | 1.1 | 2.0 | 2.7 | 1.0 |
| Turkey | 6.1 | 3.2 | 7.5 | 2.8 | 0.9 |
| Turkmenistan | 6.5 | 6.2 | 6.5 | 6.2 | 6.3 |
| USA | 2.9 | 1.6 | 2.4 | 2.9 | 2.3 |
| Uganda | 6.0 | 0.6 | 7.2 | 6.0 | 5.6 |
| Ukraine | -9.8 | 2.4 | 2.5 | 3.4 | 3.2 |
| United Arab Emirates | 5.1 | 3.1 | 2.4 | 1.2 | 1.7 |
| United Kingdom | 2.4 | 1.9 | 1.9 | 1.3 | 1.4 |
| Uruguay | 0.4 | 1.7 | 2.6 | 1.6 | 0.2 |
| Uzbekistan | 7.4 | 6.1 | 4.5 | 5.4 | 5.6 |
| Venezuela | -6.2 | -17.0 | -15.7 | -19.6 | - |
| Vietnam | 6.7 | 6.2 | 6.8 | 7.1 | 7.0 |
| Yemen | -30.5 | -14.6 | -10.0 | -1.3 | - |
| Zambia | 2.9 | 3.8 | 3.5 | 4.0 | - |
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The economy lost some steam in the first quarter amid a second wave of Covid-19 infections and the reimposition of restrictions, with GDP growth slowing to 3.1% in annual terms from 3.3% in Q4 2020.
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