GDP & Productivity – Gross domestic product (GDP) is the market value of all officially recognised final goods and services produced within a country in a given period.
In 2011, the world’s largest GDP (based on purchasing power parity) was the EU. The US was ranked second. China, with the world’s largest workforce, was third, followed by India in fourth place (world’s second largest workforce). Australia ranked 18th. *
Norway is currently classed as the most productive nation in the world, based on its hourly contribution to GDP.^
The US is ranked second in the world on this basis; however, it comes out on top against 27 nations in the EU, Japan and Switzerland in the amount of wealth created per hour of work.^
US employees put in an average 1,804 hours of work in 2006; while Asia – South Korea, Bangladesh, Sri Lanka, Hong Kong, China, Malaysia and Thailand – surpassed 2,200 average hours per worker. However, those countries had lower productivity rates.^
Sources: *International Monetary Fund ^ International Labor Organization