Top 10 Small States in the World by Gross Domestic Product (RGDP) 1960-2018

This video features the top 10 small states in the world by gross domestic product (RGDP) from 1960 to 2018.

The GDP figures in this video represent the GDP at purchaser’s prices, which takes into account the total gross value added by all domestic producers in the economy and all relevant product taxes before deducting any subsidies not included in the product prices. Nevertheless, these figures do not factor in the depreciation of fabricated assets and the gradual degradation and depletion of precious natural resources over time.

Moreover, these data are expressed in constant 2010 U.S dollars to adjust for changing cost of living as a result of inflation, meaning the real GDP allows us to make meaningful comparison of quantity of output over the years. Last but not least, #GDP figures expressed in domestic currencies are converted to their USD equivalent using 2010 official exchange rate.

Note that these countries/economies/territories are classified by World Bank as small states, and thus members of the Small State Forum (SSF), based on a few common characteristics such as population size (less than 1.5 million with only a few exceptions), confined land area, limited human capital for the purpose of statistical analysis. Therefore, the resulting classification by no means implies political independence nor represents the political or any other affiliation of the countries or entities in question.

Objectives of This Video:

1) To find out the 10 largest small states by real GDP from 1960 to 2018.
2) To visually compare the economic performance of World Bank small states from the perspective of real gross domestic product (RGDP) over the years.

Key Takeaways from This Video:

1) Qatar, the largest small state by real GDP in 2018, makes up about a minuscule 0.21% of the world real GDP that year.
2) The total GDP of the top 10 small states by GDP has exploded by an astronomical 2788% from 1960 to 2018 while the World GDP has increased by more than eightfold (828%) over the same period.
3) As of 2018, the 10 biggest small states by real GDP together constitute 74.49% of the total real economic output of small states or a small 0.45% of the world economy in terms of real GDP.
4) For the past 10 years, the top 10 largest small states have, on average, grown by 3.484% annually, which is about 1.38 times faster than the global average of 2.518%.

Some of the largest World Bank small states covered: Qatar, Bahrain, Cyprus, Estonia, Trinidad and Tobago, Gabon, Iceland, Botswana, Namibia and Jamaica.

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This video is part of the video series called “Economic Performance Indicators Rankings: Gross Domestic Product (GDP)” created to examine and compare the economic condition of all countries in the world with the help of Gross Domestic Product (GDP) data.

Link to the video playlist: https://www.youtube.com/playlist?list=PLRA_U4Pw2yqkygM2hVBKT4qU9-ZPYsC80

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Questions Worth Asking:

1) Why do you think these #countries are being featured as the 10 largest small states in the #world by real GDP?
2) Should countries place their highest priorities on enhancing and improving their real gross domestic product (RGDP) when it comes to designing the most appropriate socioeconomic policy?
3) What should policymakers do to ensure sustainable development in both their economy, environment and social structure?

Let me know what your thoughts are for each of the questions mentioned above.

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We have created the following playlists to organize our videos by theme:

Greatest Battle of the 21st Century https://bit.ly/2Rzd93P
Economic Performance Indicators Rankings https://bit.ly/37dfmZf
Social Media Rankings https://bit.ly/38r3nYp
Demographic and Social Statistics: Population https://bit.ly/2uhALSM

Do check out similar videos on other global economic trends and news:

Top 10 World Bank Small States by Population 1960-2018 https://youtu.be/JM0YGBR6hJs
Top 15 Countries by Army Size 1816-2018 https://youtu.be/NDjimnQ-GgU

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Data Source:
World Bank https://data.worldbank.org/

Music Source: Youtube Audio Library
Music Titles: Animal (Sting) & Invincible & OK Pop KO
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