GDP Growth Rate

Annual percentage growth rate of GDP at market prices, constant local currency.

Latest available data

This page uses the latest available World Bank observation (2024). Country-level datasets often lag the current calendar year because they depend on official reporting and validation.

World Bank 2024

What is the global average GDP Growth Rate?

The global average GDP Growth Rate is 3.07 % per year as of 2024. Guyana has the highest at 43.82 % per year, while Palestine has the lowest at -26.56 % per year. Data covers 192 countries. Source: World Bank.

World Average
3.07 % per year
Highest
Guyana
43.82 % per year
Lowest
Palestine
-26.56 % per year
Countries with Data
192
2024

Top Countries

#1 Guyana 43.82 % per year
#2 Niger 10.3 % per year
#3 Georgia 9.68 % per year
#4 Kyrgyzstan 9.04 % per year
#5 Rwanda 8.89 % per year

Regional Averages

Africa
3.85 % per year
52 country
Americas
3.65 % per year
41 country
Asia
3.01 % per year
43 country
Europe
2.16 % per year
43 country
Oceania
1.24 % per year
13 country

Country Rankings

View full rankings
GDP Growth Rate — Country Rankings (2024)
# Country Value
1 Guyana 43.82 % per year
2 Niger 10.3 % per year
3 Georgia 9.68 % per year
4 Kyrgyzstan 9.04 % per year
5 Rwanda 8.89 % per year
6 Monaco 8.51 % per year
7 Tajikistan 8.4 % per year
8 Macau 7.85 % per year
9 Ethiopia 7.61 % per year
10 Benin 7.45 % per year
11 Cape Verde 7.24 % per year
12 Vietnam 7.09 % per year
13 Djibouti 6.98 % per year
14 Aruba 6.81 % per year
15 Malta 6.8 % per year
16 Togo 6.53 % per year
17 Uzbekistan 6.5 % per year
18 India 6.49 % per year
19 Mauritania 6.31 % per year
20 Turkmenistan 6.3 % per year
21 DR Congo 6.13 % per year
22 Senegal 6.06 % per year
23 Uganda 6.06 % per year
24 Ivory Coast 6.02 % per year
25 Cambodia 5.98 % per year
26 Bermuda 5.97 % per year
27 Armenia 5.9 % per year
28 Philippines 5.69 % per year
29 Turks and Caicos Islands 5.64 % per year
30 Ghana 5.59 % per year
31 Gambia 5.55 % per year
32 Tanzania 5.53 % per year
33 Guinea 5.35 % per year
34 Venezuela 5.3 % per year
35 Kiribati 5.27 % per year
36 Mongolia 5.12 % per year
37 Malaysia 5.11 % per year
38 Indonesia 5.03 % per year
39 Curaçao 5.03 % per year
40 Sri Lanka 5.01 % per year
41 Kazakhstan 5 % per year
42 Mali 4.99 % per year
43 China 4.98 % per year
44 Dominican Republic 4.95 % per year
45 Mauritius 4.93 % per year
46 Burkina Faso 4.8 % per year
47 Samoa 4.75 % per year
48 Kenya 4.72 % per year
49 Angola 4.42 % per year
50 Singapore 4.39 % per year
51 Russia 4.34 % per year
52 Costa Rica 4.32 % per year
53 Sierra Leone 4.29 % per year
54 Paraguay 4.25 % per year
55 Bangladesh 4.22 % per year
56 Madagascar 4.2 % per year
57 Chad 4.2 % per year
58 Guinea-Bissau 4.15 % per year
59 Laos 4.13 % per year
60 Burundi 4.11 % per year
61 Somalia 4.11 % per year
62 Azerbaijan 4.07 % per year
63 Nigeria 4.06 % per year
64 Saint Vincent and the Grenadines 4.06 % per year
65 Brunei 4.05 % per year
66 Albania 4.05 % per year
67 Liberia 4.02 % per year
68 Belarus 4.01 % per year
69 United Arab Emirates 3.99 % per year
70 Grenada 3.96 % per year
71 Serbia 3.95 % per year
72 Cyprus 3.94 % per year
73 Saint Lucia 3.89 % per year
74 Croatia 3.83 % per year
75 Zambia 3.82 % per year
76 Papua New Guinea 3.8 % per year
77 Morocco 3.79 % per year
78 Namibia 3.71 % per year
79 Algeria 3.7 % per year
80 Nepal 3.67 % per year
81 Iran 3.66 % per year
82 Antigua and Barbuda 3.66 % per year
83 Guatemala 3.65 % per year
84 Nicaragua 3.59 % per year
85 Honduras 3.55 % per year
86 Fiji 3.53 % per year
87 Cameroon 3.52 % per year
88 Belize 3.5 % per year
89 Maldives 3.49 % per year
90 Denmark 3.48 % per year
91 Seychelles 3.47 % per year
92 Spain 3.46 % per year
93 Brazil 3.42 % per year
94 Gabon 3.39 % per year
95 Bulgaria 3.39 % per year
96 Bahamas 3.38 % per year
97 Andorra 3.37 % per year
98 Comoros 3.34 % per year
99 Turkey 3.33 % per year
100 Peru 3.3 % per year
101 Puerto Rico 3.18 % per year
102 Montenegro 3.16 % per year
103 Uruguay 3.11 % per year
104 Pakistan 3.05 % per year
105 Poland 3.03 % per year
106 Sint Maarten 3 % per year
107 Solomon Islands 3 % per year
108 North Macedonia 2.99 % per year
109 Eswatini 2.97 % per year
110 Bosnia and Herzegovina 2.97 % per year
111 Ukraine 2.91 % per year
112 Lesotho 2.85 % per year
113 United States 2.79 % per year
114 Lithuania 2.77 % per year
115 Panama 2.75 % per year
116 Chile 2.64 % per year
117 Bahrain 2.6 % per year
118 El Salvador 2.6 % per year
119 Ireland 2.6 % per year
120 Republic of the Congo 2.58 % per year
121 Thailand 2.54 % per year
122 Trinidad and Tobago 2.51 % per year
123 Hong Kong 2.5 % per year
124 Marshall Islands 2.5 % per year
125 Jordan 2.49 % per year
126 Barbados 2.48 % per year
127 Egypt 2.4 % per year
128 Qatar 2.36 % per year
129 Mozambique 2.15 % per year
130 Portugal 2.14 % per year
131 Norway 2.1 % per year
132 Greece 2.09 % per year
133 Dominica 2.05 % per year
134 South Korea 2 % per year
135 Saudi Arabia 2 % per year
136 Slovakia 1.94 % per year
137 Libya 1.9 % per year
138 Zimbabwe 1.74 % per year
139 Slovenia 1.73 % per year
140 Suriname 1.72 % per year
141 Malawi 1.67 % per year
142 Oman 1.63 % per year
143 Tunisia 1.61 % per year
144 Colombia 1.6 % per year
145 Canada 1.55 % per year
146 Central African Republic 1.5 % per year
147 Mexico 1.43 % per year
148 Nauru 1.39 % per year
149 Australia 1.37 % per year
150 Switzerland 1.3 % per year
151 New Zealand 1.29 % per year
152 Czechia 1.23 % per year
153 France 1.19 % per year
154 United Kingdom 1.13 % per year
155 French Polynesia 1.13 % per year
156 São Tomé and Príncipe 1.1 % per year
157 Netherlands 1.08 % per year
158 Belgium 1.07 % per year
159 Vanuatu 0.94 % per year
160 Romania 0.92 % per year
161 Equatorial Guinea 0.91 % per year
162 Israel 0.87 % per year
163 Faroe Islands 0.84 % per year
164 Sweden 0.82 % per year
165 Micronesia 0.72 % per year
166 Italy 0.69 % per year
167 Hungary 0.56 % per year
168 South Africa 0.53 % per year
169 Finland 0.42 % per year
170 Luxembourg 0.36 % per year
171 Saint Kitts and Nevis 0.31 % per year
172 Japan 0.1 % per year
173 Moldova 0.1 % per year
174 Latvia -0.05 % per year
175 Estonia -0.09 % per year
176 Germany -0.5 % per year
177 Jamaica -0.54 % per year
178 Austria -0.66 % per year
179 Iceland -0.97 % per year
180 Myanmar -0.97 % per year
181 Cuba -1.06 % per year
182 Bolivia -1.12 % per year
183 Argentina -1.34 % per year
184 Iraq -1.55 % per year
185 Ecuador -2 % per year
186 Kuwait -2.56 % per year
187 Botswana -2.99 % per year
188 Haiti -4.17 % per year
189 Timor-Leste -9.1 % per year
190 New Caledonia -13.5 % per year
191 Sudan -13.96 % per year
192 Palestine -26.56 % per year

Definition

GDP growth rate is the annual percentage change in the value of all final goods and services produced within a country. It measures economic performance by comparing the total output of the latest period to the previous one, adjusted for inflation using constant local currency to reflect the real volume of activity.

How it is calculated

The World Bank calculates this rate based on GDP at market prices in constant local currency. This approach removes the effects of price inflation to focus on the actual volume of production. The formula involves subtracting the previous period GDP from the current period and dividing by the previous period value.

Interpretation

A positive growth rate indicates an expanding economy with increasing production and potential for job creation. A negative rate signals economic contraction or recession. Stable, moderate growth is generally preferred for long-term sustainability without triggering excessive inflation.

Frequently Asked Questions

GDP growth rate measures the annual percentage change in the total value of goods and services produced within a nation. It serves as a primary indicator of economic health, showing whether an economy is expanding or contracting. By using constant local currency, the figure focuses on real production increases rather than inflation.

According to the latest available data covering 212 countries, Guyana has the highest GDP growth rate at approximately 43.8%. This extraordinary expansion is primarily driven by the rapid development of offshore oil reserves and associated infrastructure. Such high rates typically represent a significant structural shift in a national economy.

The latest figures indicate that Palestine has the lowest GDP growth rate, with a contraction of approximately -26.6%. This sharp decline represents a severe economic crisis, often linked to conflict or significant geopolitical disruptions. Negative growth suggests a substantial reduction in production and a worsening of overall economic conditions.

The calculation involves taking the difference between the current period GDP and the previous period GDP, then dividing that figure by the previous period GDP. The result is expressed as a percentage. This method uses constant local currency to ensure that the growth reflects actual volume changes rather than price inflation.

About this data
Source
World Bank NY.GDP.MKTP.KD.ZG
Definition
Annual percentage growth rate of GDP at market prices, constant local currency.
Coverage
Data for 192 countries (2024)
Limitations
Data may lag 1-2 years for some countries. Coverage varies by indicator.