The BRICS alliance is advancing to eliminate the US dollar financial system and replace it with leading local currencies. BRICS is challenging the global financial order dominated by the West and is taking on G7 countries in GDP growth. The BRICS GDP remains a force to reckon with and is paramount to the growing global economy. Read here to know how many sectors in the US could be affected if BRICS completely stops using the dollar for trade.
BRICS members China and India’s GDP have expanded tremendously over the years while G7 countries Germany and Canada remain stagnant. The development could lead to a paradigm shift in the traditional financial sector putting developing countries ahead of developed nations. In this article, we will highlight the comparison between G7 and BRICS GDP.
BRICS vs. G7 GDP
The G7 bloc is bigger in terms of GDP compared to the newly expanded 11-member BRICS alliance. The US GDP stands at $26.9 trillion and is the biggest economy in the world. Coming second is China with a GDP of $19.4 trillion. However, other countries’ GDP from both G7 and BRICS remain in single digits and are distantly away from the US and China.
Below is the comparison between G7 and BRICS.
- US: $26.9 trillion
- Japan: $4.4 trillion
- Germany: $4.3 trillion
- UK: $3.2 trillion
- France: $2.9 trillion
- Italy: $2.2 trillion
- Canada: $2.1 trillion
Therefore, the total GDP of the G7 grouping stands at $45.9 trillion in 2023, according to the recent data published by the International Monetary Fund (IMF). G7’s GDP takes 43% of the world’s economy and is the biggest grouping ever recorded. Now let’s compare BRICS GDP vs. G7.
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- China $19.4 trillion
- India: $3.7 trillion
- Brazil: $2.1 trillion
- Russia: $2.1 trillion
- South Africa: $406 billion
- New members Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia: $3.1 trillion
In total, BRICS GDP stands at $30.8 trillion in 2023, according to IMF. BRICS takes around 29% of the global GDP as of October this year. In conclusion, the G7 group is much bigger than BRICS in GDP, as the latter is behind by $15.1 trillion.