The United States is the largest economy in North America, comprising over 86% of the continent's gross domestic product.

  United States (86.14%)
  Canada (6.70%)
  Mexico (5.33%)
  Other (1.83%)

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in North America are sorted by nominal GDP estimates based on 2023 data from the World Economic Outlook by the International Monetary Fund.[1]

The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.[2] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.[3] Therefore, these figures should be used with caution.

Some countries/regions may have citizens which are on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.[4]

Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP.[5] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.[6]

List

Region
rank
World
rank
Country
 2023 GDP (nominal)[1]
millions of international dollars
— — North America 31,173,588
1 1 United States United States 26,854,599
2 9 Canada Canada 2,089,672
3 14 Mexico Mexico 1,663,164
4 64 Dominican Republic Dominican Republic 121,289
- - Cuba Cuba 107,352 (2020)
5 69 Guatemala Guatemala 102,309
6 78 Costa Rica Costa Rica 77,777
7 80 Panama Panama 77,257
8 103 El Salvador El Salvador 33,752
9 104 Honduras Honduras 32,860
10 113 Trinidad and Tobago Trinidad and Tobago 28,223
11 115 Haiti Haiti 26,580
12 130 Nicaragua Nicaragua 17,287
13 131 Jamaica Jamaica 17,254
14 141 The Bahamas The Bahamas 14,114
15 157 Barbados Barbados 6,117
16 167 Belize Belize 3,162
17 174 Saint Lucia Saint Lucia 2,262
18 178 Antigua and Barbuda Antigua and Barbuda 1,864
19 182 Grenada Grenada 1,274
20 184 Saint Kitts and Nevis Saint Kitts and Nevis 1,052
21 185 Saint Vincent and the Grenadines Saint Vincent and the Grenadines 1,039
22 187 Dominica Dominica 681

See also

References

  1. ^ a b International Monetary Fund. "World Economic Outlook Database, April 2023". International Monetary Fund.
  2. ^ Moffatt, Mike. "A Beginner's Guide to Purchasing Power Parity Theory". About.com. IAC/InterActiveCorp. Retrieved 31 May 2014.
  3. ^ Ito, Takatoshi; et al. (January 1999). "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia" (PDF). Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues. National Bureau of Economic Research. Retrieved 1 June 2014.
  4. ^ "What is GDP and why is it so important?". Investopedia. IAC/InterActiveCorp. 26 February 2009. Retrieved 30 May 2014.
  5. ^ Callen, Tim (28 March 2012). "Purchasing Power Parity: Weights Matter". Finance & Development. International Monetary Fund. Retrieved 30 May 2014.
  6. ^ Callen, Tim (28 March 2012). "Gross Domestic Product: An Economy's All". Finance & Development. International Monetary Fund. Retrieved 31 May 2014.
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