GDP serves as a broad indicator for a country’s economic output. It measures the total market value of final goods and services produced in a country in a specific timeframe, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education. Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).
Here are the top 20 smallest economies in the world.
Rank | Country | GDP |
1. | Tuvalu | $0.07 billion |
2. | Nauru | $0.1 billion |
3. | Palau | $0.2 billion |
4. | Kiribati | $0.2 billion |
5. | Marshall Islands | $0.2 billion |
6. | Micronesia | $0.4 billion |
7. | Cook Islands | $0.4 billion |
8. | Tonga | $0.5 billion |
9. | São Tomé and PrÃncipe | $0.5 billion |
10. | Dominica | $0.6 billion |
11. | St. Vincent and the Grenadines | $0.8 billion |
12. | Samoa | $0.8 billion |
13. | St. Kitts and Nevis | $1.0 billion |
14. | Vanuatu | $1.0 billion |
15. | Grenada | $1.1 billion |
16. | Comoros | $1.3 billion |
17. | Seychelles | $1.3 billion |
18. | Antigua and Barbuda | $1.4 billion |
19. | Guinea-Bissau | $1.6 billion |
20. | Solomon Islands | $1.7 billion |
| Â | Timor-Leste | $1.7 billion |
| Â | St. Lucia | $1.7 billion |
| Â | San Marino | $1.7 billion |
