Source | IMF World Economic Outlook (October-2024) |
Date | 15 Feb 2025 |
The United States is the largest economy in North America, followed by Canada and Mexico. Together, these three hold a huge 97.76% share of the North American economy. Dominica has the smallest economy in North America.
Three economies in North America would have a GDP above $1 trillion. Most North American countries and regions have small economies; only seven economies have a GDP above $100 billion. The 18 smallest economies only contribute 1% of the continent's total wealth. Two North American economies are on the list of the top ten largest economies globally, as they host the United States and Canada, the world's largest and 9th largest economies. Three economies are within the top 50 world GDP rankings.
Out of 24 economies, the nominal GDP of 23 would increase, and one economy would decrease in 2025 compared to 2024. With $1.17 trillion, the United States will be the top contributor, followed by Canada ($116 bn). Haiti will move ahead to Trinidad and Tobago. Mexico is the sole decliner.
In PPP data, Mexico is in the 2nd position, replacing Canada, which is 2nd in nominal data. The Dominican Republic and Guatemala complete the top five lists. Three economies would have a GDP above Int. $1 trillion in 2025, and eight would have an economy above Int. $100 billion. There will be no change in PPP ranking in 2025. Only one North American economy, the United States, is in the top ten list, and three economies are within the top 50 world GDP rankings.
None of the North American economies would see a decrease in 2025 compared to 2024. The United States (Int. $1,169 bn), Mexico (Int. $110 bn), and Canada (Int. $105 bn) would be the top gainers.
Twenty-two economies have higher GDP on a PPP basis, and one has higher on a nominal basis. Nicaragua has the highest PPP to nominal ratio of 3.05, while Barbados has the lowest figure of 0.88.
Code | Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|---|
2024 | 2025 | Change | N. America | World | N. America | World | ||
ATG | Antigua and Barbuda | 2.292 | 2.437 | 0.145 | 0.00691 | 0.00211 | 20 | 172 |
ABW | Aruba | 4.258 | 4.445 | 0.187 | 0.0126 | 0.00385 | 17 | 164 |
BHS | The Bahamas | 14.825 | 15.342 | 0.517 | 0.0435 | 0.0133 | 15 | 142 |
BRB | Barbados | 7.201 | 7.647 | 0.446 | 0.0217 | 0.00662 | 16 | 156 |
BLZ | Belize | 3.342 | 3.488 | 0.146 | 0.00989 | 0.00302 | 18 | 167 |
CAN | Canada | 2,214.796 | 2,330.308 | 115.512 | 6.61 | 2.02 | 2 | 9 |
CRI | Costa Rica | 95.149 | 100.670 | 5.521 | 0.285 | 0.0872 | 7 | 73 |
DMA | Dominica | 0.703 | 0.748 | 0.045 | 0.00212 | 0.00065 | 24 | 187 |
DOM | Dominican Republic | 126.238 | 135.545 | 9.307 | 0.384 | 0.117 | 4 | 62 |
SLV | El Salvador | 35.848 | 37.843 | 1.995 | 0.107 | 0.0328 | 10 | 104 |
GRD | Grenada | 1.393 | 1.479 | 0.086 | 0.00419 | 0.00128 | 21 | 181 |
GTM | Guatemala | 112.369 | 120.964 | 8.595 | 0.343 | 0.105 | 6 | 66 |
HTI | Haiti | 26.274 | 30.570 | 4.296 | 0.0867 | 0.0265 | 11 | 112 |
HND | Honduras | 36.735 | 38.983 | 2.248 | 0.111 | 0.0338 | 9 | 103 |
JAM | Jamaica | 20.586 | 21.586 | 1.000 | 0.0612 | 0.0187 | 13 | 128 |
MEX | Mexico | 1,848.125 | 1,817.818 | -30.307 | 5.15 | 1.57 | 3 | 15 |
NIC | Nicaragua | 19.412 | 20.956 | 1.544 | 0.0594 | 0.0181 | 14 | 131 |
PAN | Panama | 87.347 | 91.731 | 4.384 | 0.260 | 0.0794 | 8 | 78 |
PRI | Puerto Rico | 120.971 | 122.234 | 1.263 | 0.347 | 0.106 | 5 | 65 |
KNA | St. Kitts and Nevis | 1.158 | 1.223 | 0.065 | 0.00347 | 0.00106 | 23 | 183 |
LCA | St. Lucia | 2.569 | 2.682 | 0.113 | 0.00760 | 0.00232 | 19 | 171 |
VCT | St. Vincent and the Grenadines | 1.173 | 1.245 | 0.072 | 0.00353 | 0.00108 | 22 | 182 |
TTO | Trinidad and Tobago | 28.139 | 29.238 | 1.099 | 0.0829 | 0.0253 | 12 | 115 |
USA | United States | 29,167.779 | 30,337.162 | 1,169.383 | 86.0 | 26.3 | 1 | 1 |
North America | 33,978.682 | 35,276.344 | 1,297.662 | 30.54 |
Code | Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|---|
2024 | 2025 | Change | N. America | World | N. America | World | |||
ATG | Antigua and Barbuda | 3.261 | 3.436 | 0.175 | 0.00905 | 0.00168 | 20 | 178 | 1.410 |
ABW | Aruba | 5.679 | 5.898 | 0.219 | 0.0155 | 0.00288 | 18 | 174 | 1.327 |
BHS | The Bahamas | 15.312 | 15.856 | 0.544 | 0.0417 | 0.00775 | 15 | 155 | 1.034 |
BRB | Barbados | 6.408 | 6.721 | 0.313 | 0.0177 | 0.00329 | 16 | 169 | 0.879 |
BLZ | Belize | 6.146 | 6.414 | 0.268 | 0.0169 | 0.00314 | 17 | 171 | 1.839 |
CAN | Canada | 2,582.228 | 2,692.053 | 109.825 | 7.09 | 1.32 | 3 | 16 | 1.155 |
CRI | Costa Rica | 158.645 | 167.186 | 8.541 | 0.440 | 0.0818 | 7 | 88 | 1.661 |
DMA | Dominica | 1.377 | 1.461 | 0.084 | 0.00385 | 0.00071 | 24 | 186 | 1.953 |
DOM | Dominican Republic | 312.565 | 334.292 | 21.727 | 0.880 | 0.163 | 4 | 64 | 2.466 |
SLV | El Salvador | 84.220 | 88.323 | 4.103 | 0.233 | 0.0432 | 9 | 107 | 2.334 |
GRD | Grenada | 2.348 | 2.484 | 0.136 | 0.00654 | 0.00121 | 21 | 180 | 1.680 |
GTM | Guatemala | 264.033 | 278.508 | 14.475 | 0.733 | 0.136 | 5 | 71 | 2.302 |
HTI | Haiti | 37.654 | 38.721 | 1.067 | 0.102 | 0.0189 | 13 | 144 | 1.267 |
HND | Honduras | 81.060 | 85.421 | 4.361 | 0.225 | 0.0418 | 10 | 108 | 2.191 |
JAM | Jamaica | 33.775 | 35.111 | 1.336 | 0.0924 | 0.0172 | 14 | 146 | 1.627 |
MEX | Mexico | 3,303.067 | 3,408.412 | 105.345 | 8.97 | 1.67 | 2 | 13 | 1.875 |
NIC | Nicaragua | 60.374 | 63.807 | 3.433 | 0.168 | 0.0312 | 11 | 123 | 3.045 |
PAN | Panama | 186.209 | 195.279 | 9.070 | 0.514 | 0.0955 | 6 | 82 | 2.129 |
PRI | Puerto Rico | 158.188 | 159.774 | 1.586 | 0.421 | 0.0781 | 8 | 90 | 1.307 |
KNA | St. Kitts and Nevis | 1.688 | 1.793 | 0.105 | 0.00472 | 0.00088 | 23 | 183 | 1.466 |
LCA | St. Lucia | 4.952 | 5.173 | 0.221 | 0.0136 | 0.00253 | 19 | 175 | 1.929 |
VCT | St. Vincent and the Grenadines | 2.158 | 2.286 | 0.128 | 0.00602 | 0.00112 | 22 | 181 | 1.836 |
TTO | Trinidad and Tobago | 49.967 | 52.091 | 2.124 | 0.137 | 0.0255 | 12 | 134 | 1.782 |
USA | United States | 29,167.779 | 30,337.162 | 1,169.383 | 79.9 | 14.8 | 1 | 2 | 1.000 |
North America | 36,529.093 | 37,987.662 | 1,458.569 | 18.58 | 1.077 |