Comparing United States and China by Economy
Source | World Bank : Nominal, PPP, Nominal per capita, PPP per capita |
International Monetary Fund | |
Date | 29 Aug 2024 |
The United States and China are the two largest economies globally in both nominal and PPP methods. The US is at the top in nominal, whereas China has been at the top in PPP since 2016 after overtaking the US. As of 2024, both countries together share 43.2% and 34.51% of the entire world's GDP in nominal and PPP terms, respectively. The GDP of both countries is higher than the 3rd-ranked countries, Japan (nominal) and India (PPP), by a huge margin. Therefore, only these two compete to become first.
As per projections by the IMF for 2024, with $28,781 bn, the United States is leading by $10,248 bn, or 1.55 times of China ($18,533 bn) on an exchange rate basis. The economy of China (Int. $35,291 bn) is Int. $6,510 billion, or 1.23x of the US (Int. $28,781 bn), on a purchasing power parity basis. According to estimates by the World Bank, China's GDP was approx. 11% of the US's GDP in 1960, but in 2023 it is 65%.
Due to the vast population of China, more than four times the US's population, the difference between these two countries is very high in terms of per capita income. The per capita income of the United States is 6.5 and 3.41 times higher than that of China in nominal and PPP terms, respectively. The US is the 6th richest country in the world, whereas China comes in at 72nd rank. On a PPP basis, the United States is in 9th position, and China is at 78th.
China achieved a maximum GDP growth rate of 19.30% in 1970 and a minimum of -27.27% in 1961. During the period 1961 to 2022, China grew by more than 10% in 22 years. The United States reached an all-time high of 7.24% in 1984 and a record low of -2.58% in 2009. The GDP growth rate was negative in seven years for the US. China showed negative growth in five years.
- GDP
- GDP per capita
- GDP growth
Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
---|---|---|---|---|---|---|---|---|---|---|
US | China | US | China | US | China | US | China | US | China | |
2023 | 27,357.83 | 17,662.04 | 27,357.83 | 32,931.36 | 81,632 | 12,514 | 81,632 | 23,332 | 2.531 | 5.240 |
2024 | 28,781.08 | 18,532.63 | 28,781.08 | 35,291.02 | 85,373 | 13,136 | 85,373 | 25,015 | 2.725 | 4.642 |
2025 | 29,839.68 | 19,790.07 | 29,839.68 | 37,381.17 | 87,978 | 14,037 | 87,978 | 26,515 | 1.881 | 4.086 |
2026 | 31,018.77 | 21,027.66 | 31,018.77 | 39,521.59 | 90,903 | 14,929 | 90,903 | 28,059 | 2.028 | 3.770 |
2027 | 32,274.46 | 22,276.92 | 32,274.46 | 41,708.35 | 94,012 | 15,834 | 94,012 | 29,645 | 2.120 | 3.577 |
2028 | 33,582.24 | 23,579.01 | 33,582.24 | 43,933.18 | 97,231 | 16,782 | 97,231 | 31,268 | 2.122 | 3.380 |
2029 | 34,950.01 | 24,842.34 | 34,950.01 | 46,252.79 | 100,580 | 17,705 | 100,580 | 32,964 | 2.122 | 3.306 |
Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
---|---|---|---|---|---|---|---|---|---|---|
US | China | US | China | US | China | US | China | US | China | |
1960 | 541.99 | 59.72 | - | - | 3,000 | 90 | - | - | - | - |
1961 | 561.94 | 50.06 | - | - | 3,059 | 76 | - | - | 2.300 | -27.270 |
1962 | 603.64 | 47.21 | - | - | 3,236 | 71 | - | - | 6.100 | -5.580 |
1963 | 637.06 | 50.71 | - | - | 3,366 | 74 | - | - | 4.400 | 10.300 |
1964 | 684.15 | 59.71 | - | - | 3,565 | 85 | - | - | 5.800 | 18.180 |
1965 | 741.91 | 70.44 | - | - | 3,818 | 98 | - | - | 6.400 | 16.950 |
1966 | 813.03 | 76.72 | - | - | 4,136 | 104 | - | - | 6.500 | 10.650 |
1967 | 859.62 | 72.88 | - | - | 4,326 | 97 | - | - | 2.500 | -5.770 |
1968 | 940.23 | 70.85 | - | - | 4,685 | 91 | - | - | 4.800 | -4.100 |
1969 | 1,017.44 | 79.71 | - | - | 5,020 | 100 | - | - | 3.100 | 16.940 |
1970 | 1,073.30 | 92.60 | - | - | 5,234 | 113 | - | - | 0.217 | 19.300 |
1971 | 1,164.85 | 99.80 | - | - | 5,609 | 119 | - | - | 3.293 | 7.060 |
1972 | 1,279.11 | 113.69 | - | - | 6,094 | 132 | - | - | 5.256 | 3.810 |
1973 | 1,425.38 | 138.54 | - | - | 6,726 | 157 | - | - | 5.646 | 7.760 |
1974 | 1,545.24 | 144.19 | - | - | 7,226 | 160 | - | - | -0.541 | 2.310 |
1975 | 1,684.90 | 163.43 | - | - | 7,801 | 178 | - | - | -0.206 | 8.720 |
1976 | 1,873.41 | 153.94 | - | - | 8,592 | 165 | - | - | 5.388 | -1.570 |
1977 | 2,081.83 | 174.94 | - | - | 9,453 | 185 | - | - | 4.624 | 7.570 |
1978 | 2,351.60 | 149.54 | - | - | 10,565 | 156 | - | - | 5.535 | 11.326 |
1979 | 2,627.33 | 178.28 | - | - | 11,674 | 184 | - | - | 3.166 | 7.591 |
1980 | 2,857.31 | 191.15 | - | - | 12,575 | 195 | - | - | -0.257 | 7.834 |
1981 | 3,207.04 | 195.87 | - | - | 13,976 | 197 | - | - | 2.538 | 5.113 |
1982 | 3,343.79 | 205.09 | - | - | 14,434 | 203 | - | - | -1.803 | 9.017 |
1983 | 3,634.04 | 230.69 | - | - | 15,544 | 225 | - | - | 4.584 | 10.770 |
1984 | 4,037.61 | 259.95 | - | - | 17,121 | 251 | - | - | 7.236 | 15.192 |
1985 | 4,338.98 | 309.49 | - | - | 18,237 | 294 | - | - | 4.170 | 13.431 |
1986 | 4,579.63 | 300.76 | - | - | 19,071 | 282 | - | - | 3.463 | 8.950 |
1987 | 4,855.22 | 272.97 | - | - | 20,039 | 252 | - | - | 3.455 | 11.657 |
1988 | 5,236.44 | 312.35 | - | - | 21,417 | 284 | - | - | 4.177 | 11.223 |
1989 | 5,641.58 | 347.77 | - | - | 22,857 | 311 | - | - | 3.672 | 4.206 |
1990 | 5,963.14 | 360.86 | 5,963.14 | 1,114.19 | 23,889 | 318 | 23,889 | 982 | 1.886 | 3.920 |
1991 | 6,158.13 | 383.37 | 6,158.13 | 1,258.57 | 24,342 | 333 | 24,342 | 1,094 | -0.108 | 9.263 |
1992 | 6,520.33 | 426.92 | 6,520.33 | 1,470.36 | 25,419 | 366 | 25,419 | 1,262 | 3.522 | 14.225 |
1993 | 6,858.56 | 444.73 | 6,858.56 | 1,714.19 | 26,387 | 377 | 26,387 | 1,455 | 2.752 | 13.884 |
1994 | 7,287.24 | 564.32 | 7,287.24 | 1,979.04 | 27,695 | 473 | 27,695 | 1,660 | 4.029 | 13.037 |
1995 | 7,639.75 | 734.49 | 7,639.75 | 2,241.86 | 28,691 | 610 | 28,691 | 1,861 | 2.684 | 10.954 |
1996 | 8,073.12 | 863.75 | 8,073.12 | 2,509.42 | 29,968 | 709 | 29,968 | 2,061 | 3.773 | 9.923 |
1997 | 8,577.55 | 961.60 | 8,577.55 | 2,788.48 | 31,459 | 782 | 31,459 | 2,267 | 4.447 | 9.237 |
1998 | 9,062.82 | 1,029.06 | 9,062.82 | 3,041.07 | 32,854 | 829 | 32,854 | 2,449 | 4.483 | 7.846 |
1999 | 9,631.17 | 1,094.00 | 9,631.17 | 3,320.39 | 34,515 | 873 | 34,515 | 2,651 | 4.788 | 7.662 |
2000 | 10,251.00 | 1,211.33 | 10,251.00 | 3,683.90 | 36,330 | 959 | 36,330 | 2,918 | 4.078 | 8.490 |
2001 | 10,581.90 | 1,339.40 | 10,581.90 | 4,080.84 | 37,134 | 1,053 | 37,134 | 3,209 | 0.956 | 8.336 |
2002 | 10,929.10 | 1,470.56 | 10,929.10 | 4,522.78 | 37,998 | 1,149 | 37,998 | 3,532 | 1.700 | 9.134 |
2003 | 11,456.50 | 1,660.28 | 11,456.50 | 5,075.03 | 39,490 | 1,289 | 39,490 | 3,939 | 2.796 | 10.038 |
2004 | 12,217.20 | 1,955.35 | 12,217.20 | 5,738.58 | 41,725 | 1,509 | 41,725 | 4,428 | 3.848 | 10.114 |
2005 | 13,039.20 | 2,285.96 | 13,039.20 | 6,592.90 | 44,123 | 1,753 | 44,123 | 5,057 | 3.484 | 11.395 |
2006 | 13,815.60 | 2,752.12 | 13,815.60 | 7,660.75 | 46,302 | 2,099 | 46,302 | 5,843 | 2.785 | 12.721 |
2007 | 14,474.20 | 3,550.33 | 14,474.20 | 8,988.03 | 48,050 | 2,694 | 48,050 | 6,820 | 2.004 | 14.231 |
2008 | 14,769.90 | 4,594.34 | 14,769.90 | 10,045.30 | 48,570 | 3,468 | 48,570 | 7,583 | 0.114 | 9.651 |
2009 | 14,478.10 | 5,101.69 | 14,478.10 | 11,057.20 | 47,195 | 3,832 | 47,195 | 8,306 | -2.577 | 9.399 |
2010 | 15,049.00 | 6,087.19 | 15,049.00 | 12,381.90 | 48,651 | 4,550 | 48,651 | 9,256 | 2.695 | 10.636 |
2011 | 15,599.70 | 7,551.55 | 15,599.70 | 13,844.40 | 50,066 | 5,614 | 50,066 | 10,293 | 1.564 | 9.551 |
2012 | 16,254.00 | 8,532.19 | 16,254.00 | 15,212.90 | 51,784 | 6,301 | 51,784 | 11,234 | 2.289 | 7.864 |
2013 | 16,880.70 | 9,570.47 | 16,880.70 | 16,374.80 | 53,410 | 7,020 | 53,410 | 12,012 | 2.118 | 7.766 |
2014 | 17,608.10 | 10,475.60 | 17,608.10 | 17,423.20 | 55,304 | 7,636 | 55,304 | 12,700 | 2.524 | 7.426 |
2015 | 18,295.00 | 11,061.60 | 18,295.00 | 18,216.50 | 57,040 | 8,016 | 57,040 | 13,202 | 2.946 | 7.041 |
2016 | 18,804.90 | 11,233.30 | 18,804.90 | 19,265.30 | 58,207 | 8,094 | 58,207 | 13,882 | 1.819 | 6.849 |
2017 | 19,612.10 | 12,310.50 | 19,612.10 | 20,594.70 | 60,322 | 8,817 | 60,322 | 14,750 | 2.458 | 6.947 |
2018 | 20,656.50 | 13,894.90 | 20,656.50 | 22,453.90 | 63,201 | 9,905 | 63,201 | 16,007 | 2.967 | 6.750 |
2019 | 21,521.40 | 14,280.00 | 21,521.40 | 24,300.70 | 65,548 | 10,144 | 65,548 | 17,262 | 2.467 | 5.951 |
2020 | 21,323.00 | 14,687.70 | 21,323.00 | 25,246.70 | 64,317 | 10,409 | 64,317 | 17,891 | -2.213 | 2.239 |
2021 | 23,594.00 | 17,820.50 | 23,594.00 | 28,821.60 | 71,056 | 12,618 | 71,056 | 20,407 | 5.800 | 8.448 |
2022 | 25,744.10 | 17,881.80 | 25,744.10 | 31,773.20 | 77,247 | 12,663 | 77,247 | 22,499 | 1.935 | 2.989 |
2023 | 27,360.90 | 17,794.80 | 27,360.90 | 34,643.70 | 81,695 | 12,614 | 81,695 | 24,558 | 2.543 | 5.200 |