Gross Domestic Product (GDP) is a measure of the economic performance of a country. It is the total value of goods and services produced within a nation's borders in a specific period, usually a year. GDP per capita is a measure of a country's economic performance that accounts for its population. It is calculated by dividing the country's GDP by its population. In this article, we will discuss the GDP ranking 2014 per capita.
What is GDP?
Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific period, usually a year. It is the most widely used measure of a country's economic performance.
GDP includes all private and public consumption, government outlays, investments, and exports minus imports that occur within a defined territory. GDP can be measured in three ways: production, income, and expenditure.
What is GDP per capita?
GDP per capita is a measure of a country's economic output that accounts for its number of people. It is calculated by dividing a country's GDP by its population. GDP per capita is a useful measure for comparing the economic performance of countries with different population sizes.
For example, a country with a high GDP but a large population may have a lower GDP per capita than a country with a lower GDP but a smaller population.
GDP Ranking 2014 per capita
In 2014, Qatar had the highest GDP per capita in the world, with $116,799. Luxembourg was second with $101,936, followed by Singapore with $81,923. The United States ranked 11th with $54,597, while China ranked 99th with $7,591.
Qatar
Qatar is a small, oil-rich country located in the Middle East. It has a population of 2.6 million people and a GDP of $304 billion. Qatar is known for its high standard of living and its large reserves of natural gas and oil.
Qatar's economy is heavily dependent on the energy sector, which accounts for 70% of its GDP and 85% of its export earnings. The country has invested heavily in infrastructure, including the construction of new airports, seaports, and highways, to support its growing economy.
Luxembourg
Luxembourg is a small country in Western Europe with a population of just over 600,000 people. It has a highly developed economy that is driven by the financial sector, which accounts for about 35% of its GDP.
Luxembourg is known for its high standard of living and its large number of international banks and financial institutions. The country has a stable political and economic environment, which has made it an attractive location for foreign investment.
Singapore
Singapore is a small island nation located in Southeast Asia. It has a population of 5.7 million people and a GDP of $307 billion. Singapore's economy is highly developed and is driven by the manufacturing and service sectors.
Singapore is known for its high standard of living, efficient government, and business-friendly environment. The country has a highly skilled workforce and has attracted many multinational corporations to set up their regional headquarters in the country.
Conclusion
GDP per capita is a useful measure for comparing the economic performance of countries with different population sizes. In 2014, Qatar had the highest GDP per capita in the world, followed by Luxembourg and Singapore. These countries have highly developed economies that are driven by the financial, energy, and manufacturing sectors. Understanding the GDP ranking 2014 per capita can provide valuable insights into the economic performance of different countries.