The BRICS alliance inducted six new countries into the bloc at the 15th summit in Johannesburg last week. The six new countries to join BRICS are Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. The alliance will become an 11-nation group boasting a GDP much bigger than that of the U.S.
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While the U.S. GDP stands at $25.5 trillion, the new BRICS GDP is at a staggering $30.75 trillion. Therefore, BRICS+ GDP is ahead by $5.35 trillion that of the U.S. The six countries are expected to formally join the bloc in 2024 and be a part of the 16th summit in Russia. In this article, we will highlight the GDP of all the 11 member countries of the BRICS group.
GDP of All the 11 Member Countries of BRICS
The majority of BRICS countries are fast-growing economies that are catching up with the rest of the world. Bloomberg predicts that BRICS could dominate 50% of the world’s GDP by 2050 ushering into a new financial era. This puts the US and Europe at risk of losing power in the next three decades. The bloc will also control 30% of all global trade and the majority of the deals could be settled in local currencies moving forward.
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Here’s the total GDP of all the 11 member countries of the new BRICS alliance.
Existing BRICS members:
- Brazil: $2.08 trillion
- Russia: $2.06 trillion
- India: $3.74 trillion
- China: $19.37 trillion
- South Africa: $399 billion
New & Upcoming BRICS members:
- Saudi Arabia: $1.06 trillion
- Argentina: $641 billion
- UAE: $499 billion
- Egypt: $387 billion
- Iran: $367 billion
- Ethiopia: $156 billion
Also Read: BRICS To Dominate 50% Of the Global Economy by 2050
In conclusion, the total GDP of the 11 member BRICS stands at a staggering $30.75 trillion as of August 2023. Read here to know how the US economy could be impacted if BRICS ditch the dollar for trade.