Source | International Monetary Fund World Economic Outlook (October-2021) |
UN | |
Date | 03 Nov 2021 |
The North American economy, comprising 24 economies, in 2021 is projected around US$26.8 trillion in nominal terms, $2.7 trillion more than 2020, calculated by taking figures from the IMF. North America is the 2nd largest continental economy, accounting for 28% of the world GDP in nominal terms. Moreover, North America is the 3rd largest continental economy after Asia and Europe in ppp methods, accounting for almost 20% of global wealth.
The Northern American region has the highest economy ($25 tn) on the continent. 93.14% of the North American gdp distributed in Northern America, 5.82% in Central America, and 1.04% in the Caribbean.
As per the UN, North America's share of the world economy was maximum (37.08%) in 1985 and was minimum (25.79%) in 2011. In constant 2015 prices, which gives a better idea about expansion over the years, the North American economy has expanded from $6.05 tn in 1970 to $23.6 tn in 2019 or 3.89x.
The Highest increment in North American wealth was seen in 1999 when it has grown by $692 bn approx at constant 2015 prices, while the highest reduction of $514 bn was in 2009. The figure moved in the downward direction in three years. At current prices, the maximum increment was in 2018 of $1,223 bn, while the biggest decline was in 2009 ($659 bn), the only year the figure moved downward.
Grouping of continents and subregions are as per United Nations Statistics Division.
Subregion | GDP (Nominal) (billions of $) | Share (%) | GDP (PPP) (billions of Int. $) | Share (%) | ||||||
---|---|---|---|---|---|---|---|---|---|---|
2020 | 2021 | Net change | North America | World | 2020 | 2021 | Net change | North America | World | |
Northern America | 22,537.790 | 24,955.560 | 2,417.770 | 93.14 | 26.29 | 22,745.290 | 24,966.950 | 2,221.660 | 87.01 | 17.26 |
Central America | 1,329.087 | 1,559.702 | 230.615 | 5.82 | 1.64 | 2,956.436 | 3,257.867 | 301.431 | 11.35 | 2.25 |
Caribbean | 255.292 | 277.390 | 22.098 | 1.04 | 0.29 | 434.337 | 470.065 | 35.728 | 1.64 | 0.32 |
North America | 24,122.169 | 26,792.652 | 2,670.483 | 28.22 | 26,136.063 | 28,694.882 | 2,558.819 | 19.84 |
Subregion | GDP (billions of $) | Share (%) in North America | Share (%) in World | ||||||
---|---|---|---|---|---|---|---|---|---|
1970 | 2000 | 2019 | 1970 | 2000 | 2019 | 1970 | 2000 | 2019 | |
Northern America | 1,162.87 | 11,001.77 | 23,185.11 | 94.40 | 92.14 | 92.36 | 34.01 | 32.71 | 26.51 |
Central America | 51.64 | 776.49 | 1,528.23 | 4.19 | 6.50 | 6.09 | 1.51 | 2.31 | 1.75 |
Caribbean | 17.29 | 161.79 | 388.98 | 1.40 | 1.36 | 1.55 | 0.51 | 0.48 | 0.44 |
North America | 1,232 | 11,940 | 25,102 | 36.03 | 35.50 | 28.71 |
Year | GDP (billions of $) | Share (%) | |
---|---|---|---|
Current | Constant (2015) | ||
1970 | 1,231.800 | 6,054.310 | 36.03 |
1971 | 1,342.570 | 6,263.270 | 35.68 |
1972 | 1,482.260 | 6,604.110 | 34.23 |
1973 | 1,664.950 | 6,991.010 | 31.60 |
1974 | 1,841.490 | 7,000.400 | 30.85 |
1975 | 2,020.400 | 7,019.770 | 30.27 |
1976 | 2,248.770 | 7,395.920 | 31.18 |
1977 | 2,460.170 | 7,730.020 | 30.30 |
1978 | 2,770.550 | 8,157.590 | 28.81 |
1979 | 3,118.900 | 8,445.370 | 28.17 |
1980 | 3,455.910 | 8,484.830 | 27.93 |
1981 | 3,907.340 | 8,741.520 | 30.95 |
1982 | 3,964.080 | 8,585.490 | 31.63 |
1983 | 4,256.730 | 8,908.680 | 33.12 |
1984 | 4,714.770 | 9,517.740 | 35.67 |
1985 | 5,032.250 | 9,903.290 | 37.08 |
1986 | 5,222.070 | 10,193.780 | 33.37 |
1987 | 5,569.150 | 10,541.010 | 31.46 |
1988 | 6,071.330 | 10,963.700 | 30.66 |
1989 | 6,588.870 | 11,356.710 | 31.82 |
1990 | 6,990.750 | 11,572.730 | 30.38 |
1991 | 7,261.590 | 11,569.420 | 30.07 |
1992 | 7,667.180 | 11,951.080 | 29.69 |
1993 | 8,084.370 | 12,280.920 | 30.74 |
1994 | 8,556.470 | 12,782.900 | 30.49 |
1995 | 8,782.060 | 13,065.660 | 28.20 |
1996 | 9,295.150 | 13,558.010 | 29.22 |
1997 | 9,926.790 | 14,177.510 | 31.35 |
1998 | 10,433.170 | 14,813.200 | 33.15 |
1999 | 11,130.440 | 15,505.030 | 34.05 |
2000 | 11,940.050 | 16,162.540 | 35.50 |
2001 | 12,327.850 | 16,329.980 | 36.84 |
2002 | 12,729.550 | 16,616.180 | 36.58 |
2003 | 13,350.130 | 17,064.190 | 34.19 |
2004 | 14,309.930 | 17,704.100 | 32.56 |
2005 | 15,411.100 | 18,312.340 | 32.36 |
2006 | 16,465.680 | 18,859.080 | 31.90 |
2007 | 17,367.550 | 19,232.650 | 29.85 |
2008 | 17,805.550 | 19,247.460 | 27.90 |
2009 | 17,146.220 | 18,733.270 | 28.32 |
2010 | 18,118.670 | 19,245.030 | 27.34 |
2011 | 19,006.290 | 19,593.310 | 25.79 |
2012 | 19,742.150 | 20,043.960 | 26.23 |
2013 | 20,443.710 | 20,418.380 | 26.41 |
2014 | 21,205.120 | 20,941.200 | 26.73 |
2015 | 21,550.570 | 21,550.570 | 28.74 |
2016 | 21,956.680 | 21,924.750 | 28.82 |
2017 | 22,981.620 | 22,442.820 | 28.35 |
2018 | 24,204.570 | 23,088.290 | 28.11 |
2019 | 25,102.320 | 23,552.130 | 28.71 |