World Economy Profile 2009

Economy - overview

Global output rose by 3.8% in 2008, down from 5.2% in 2007. Among major economies, growth was led by China (9.8%), Russia (7.4%), and India (7.3%). Worldwide, nations varied widely in their growth results, with Macau (15%), Azerbaijan (13.2%), and Angola (11.6%), registering the highest. Growth rates slowed in all the major industrial countries and most developing countries, because of uncertainties in the financial markets and lowered consumer confidence. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, in Indonesia, and in Canada. Externally, the central government is losing decisionmaking powers to international bodies, notably the EU. In Western Europe, governments face the difficult political problem of channeling resources away from welfare programs in order to increase investment and strengthen incentives to seek employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations. The terrorist attacks on the US on 11 September 2001 accentuated a growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. The opening of war in March 2003 between a US-led coalition and Iraq added new uncertainties to global economic prospects. The complex political difficulties and the high economic cost of establishing domestic order in Iraq became major global problems that continued through 2008.

GDP (purchasing power parity)

$69.62 trillion (2008 est.)
$67.54 trillion (2007 est.)
$64.32 trillion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

GWP (gross world product): $61.07 trillion (2008 est.)

GDP - real growth rate

3.1% (2008 est.)
5% (2007 est.)
5% (2006 est.)

GDP - per capita (PPP)

$10,400 (2008 est.)
$10,200 (2007 est.)
$9,800 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 4%
industry: 32%
services: 64% (2008 est.)

Labor force

3.232 billion (2008 est.)

Labor force - by occupation

agriculture: 40.5%
industry: 20.5%
services: 39% (2007 est.)

Unemployment rate

30% (2007 est.)
note: combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment

Household income or consumption by percentage share

lowest 10%: 2.5%
highest 10%: 29.4% (2003 est.)

Investment (gross fixed)

21.8% of GDP (2008 est.)

Inflation rate (consumer prices)

developed countries 1% to 4% typically; developing countries 5% to 20% typically; national inflation rates vary widely in individual cases, from declining prices in Japan to hyperinflation in one Third World country (Zimbabwe); inflation rates have declined for most countries for the last several years, held in check by increasing international competition from several low wage countries

Stock of money

$12.35 trillion (31 December 2007)

Stock of quasi money

$27.31 trillion (31 December 2007)

Stock of domestic credit

$69.9 trillion (31 December 2007)

Industries

dominated by the onrush of technology, especially in computers, robotics, telecommunications, and medicines and medical equipment; most of these advances take place in OECD nations; only a small portion of non-OECD countries have succeeded in rapidly adjusting to these technological forces; the accelerated development of new industrial (and agricultural) technology is complicating already grim environmental problems

Industrial production growth rate

3.2% (2008 est.)

Electricity - production

19.02 trillion kWh (2007 est.)

Electricity - production by source

fossil fuel: NA
hydro: NA
nuclear: NA
other: NA

Electricity - consumption

17.48 trillion kWh (2007 est.)

Electricity - exports

674 billion kWh (2007 est.)

Electricity - imports

622.6 billion kWh (2007 est.)

Oil - production

85.54 million bbl/day (2007 est.)

Oil - consumption

85.22 million bbl/day (2007 est.)

Oil - imports

65.41 million bbl/day (2005)

Oil - exports

66.19 million bbl/day (2005)

Oil - proved reserves

1.332 trillion bbl (1 January 2008 est.)

Natural gas - production

3.021 trillion cu m (2007 est.)

Natural gas - consumption

3.198 trillion cu m (2007 est.)

Natural gas - exports

929.9 billion cu m (2007 est.)

Natural gas - imports

957.6 billion cu m (2007)

Natural gas - proved reserves

175.4 trillion cu m (1 January 2008 est.)

Exports

$15.97 trillion (2008 est.)
$13.89 trillion (2007 est.)

Exports - commodities

the whole range of industrial and agricultural goods and services
top ten - share of world trade: electrical machinery, including computers 14.8%; mineral fuels, including oil, coal, gas, and refined products 14.4%; nuclear reactors, boilers, and parts 14.2%; cars, trucks, and buses 8.9%; scientific and precision instruments 3.5%; plastics 3.4%; iron and steel 2.7%; organic chemicals 2.6%; pharmaceutical products 2.6%; diamonds, pearls, and precious stones 1.9% (2006 est.)

Exports - partners

US 13.7%, Germany 7.3%, China 6.2%, France 4.6%, UK 4.5%, Japan 4.1%
note: these data show the share of world exports to the specified countries (2007)

Imports

$15.8 trillion (2008 est.)
$13.74 trillion (2007 est.)

Imports - commodities

the whole range of industrial and agricultural goods and services
top ten - share of world trade: see listing for exports

Imports - partners

China 10.7%, Germany 9.2%, US 8.3%, Japan 5.1%, France 4%
note: these data show the share of world imports from the specified countries (2007)

Debt - external

$60.96 trillion (31 December 2008 est.)
$60.26 trillion (31 December 2007 est.)
note: this figure is the sum total of all countries' external debt, both public and private

Stock of direct foreign investment - at home

$16.65 trillion (31 December 2008 est.)
$14.77 trillion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$16.22 trillion (31 December 2008 est.)
$15.43 trillion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008 est.)
$64.99 trillion (31 December 2007)
$53.38 trillion (31 December 2006 est.)

Economic aid - recipient

ODA, $106.4 billion (2005)