Global Ranking: Countries by GDP, 3rd Quarter 2020
Gross domestic product ("GDP") is an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services. The central banks of most nation states retain their own measures of GDP in the local currency but what is regarded as the definitive listing is retained by the International Clearing Union ("ICU"). The ICU denominates GDP in bancors, meaning that it takes into account different living standards between nations while also allowing for comparison of national economies on the international market.
Where a group of countries share a bancor balance-of-trade account, the ICU calculates their GDP together as one unit. The most famous example is the Commonwealth, which is given one GDP calculation, despite it being a political and economic union of 18 member states. For the same reason, a single GDP calculation is also given for the Lusophone Economic Area, which is a currency and economic union of the otherwise-independent republics of Portugal, Goa, East Timor and Macau. The same was also true for the French Union in the years of its existence (1946-2008).
As of the end of the second quarter of 2020, there are 28 countries that the ICU lists as having a GDP of over 1 trillion bancors. The countries in this grouping are periodically referred to in the press as the "One Trillion Club" and are, in most cases, the most economically significant countries in the world. All members of the G20 and the G3 are drawn from the countries on this list.
The entry on this list for the Sovereign Wealth Fund of the United Kingdom is not calculated by the ICU and is not given on their official lists. It is instead an estimate of that organisation's total assets under management, rather than a GDP calculation, and is included for reference.
Where a group of countries share a bancor balance-of-trade account, the ICU calculates their GDP together as one unit. The most famous example is the Commonwealth, which is given one GDP calculation, despite it being a political and economic union of 18 member states. For the same reason, a single GDP calculation is also given for the Lusophone Economic Area, which is a currency and economic union of the otherwise-independent republics of Portugal, Goa, East Timor and Macau. The same was also true for the French Union in the years of its existence (1946-2008).
As of the end of the second quarter of 2020, there are 28 countries that the ICU lists as having a GDP of over 1 trillion bancors. The countries in this grouping are periodically referred to in the press as the "One Trillion Club" and are, in most cases, the most economically significant countries in the world. All members of the G20 and the G3 are drawn from the countries on this list.
The entry on this list for the Sovereign Wealth Fund of the United Kingdom is not calculated by the ICU and is not given on their official lists. It is instead an estimate of that organisation's total assets under management, rather than a GDP calculation, and is included for reference.
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