lowest gdp in the world

Lowest GDP in the world

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Lowest GDP in the world

lowest gdp in the world
lowest gdp in the world

Above all, we will discuss the lowest GDP in the world. Before starting the industrial era, peoples follow the barter system which means exchanging goods and services according to their needs and wants. the Industrialization era is starting around the  1840s, in Europe and the US. In that time machines are developed. Energy resources were developed and goods are manufactured in machines.

The countries and nations are economically growing rapidly by industrialization. Some countries adopt industrialization but some were not. As a result, some countries become economically rich but some countries have not adopted industrialization, they have become poor. Nowadays US, European Union, China, Japan, Germany, UK, India, France, Italy, Canada, South Korea, Russia, Brazil, Spain, etc. are the largest economies by GDP.

On the other hand, Samoa, Dominica, Tonga, Sao Tome, Principe, Micronesia, Marshall Islands, Kiribati, Palau, Nauru, and Tuvalu have the lowest GDP in the world. Now we discuss the Top 7 countries, that have the lowest GDP in the world, one by one.

1-Samoa

However, Officially it is called the independent state of Samoa.  Samoa’s gross domestic product by purchasing power is $1.3 billion US dollars and ranks 204th in the world. The services sector of Samoa is around 66% of GDP. More, the industry was 23% and agriculture 10.4%. Samoa has a 50,700 labor force.

2-Dominica

Its official name is the Commonwealth of Dominica. It has gained independence in 1978. He is located near the Caribbean Sea. Dominica has a 750km sq. area. Her population is 71,293. His total GDP(nominal) is $484 million and his GDP (per capita) is $7860. Dominica’s currency is called the East Caribbean dollar.

3-Tonga

After that, Its official name is the Kingdom of Tonga. Its total area is 750 sq. km. its total population is 100,650 approx. Its official languages are English and Tongan. Ethnic groups are 97% Tongan, 0.7%Euronesians, and 2.3% others. By Religion, 98% Christianity, 1% no religion, and 1% others. Its total GDP (PPP) is $660 million and per capita is $6500. His GDP (nominal) is $490 million and per capita is $4,900. Tonga’s currency is called pa’anga.

4-Sao Tome and Principe

However, Its official name is the Democratic Republic of Sao Tome and Principe. It is becoming independent on 12 July 1975. It consists of two main islands. Its total area is 386 sq mi. Her Capital name is Sao Tome.

Its Official Languages are Portuguese, Forro, Angolar Principense. By Religion, 82.2% Christianity, 12.6% Unaffiliated, 2.9% Folk religions and 2.3% others. The  Total population is 211,100. Its GDP(PPP) is $680 million and per capita is $3,210. His GDP (nominal) is $350 million and per capita is $1,660. Sao Tome’s currency name is “Dobra”.

5-Micronesia

Micronesia is consisting thousands of small islands in the Pacific Ocean. It includes approx. 2100 Islands. Its total area is 1,000 sq mi. its main language is Micronesian. Its GDP (nominal) is $401 million (IMF 2021).

6- Marshall Islands

Similarly, It is officially called the Republic of the Marshall Islands. It is an independent country near the Pacific Ocean. His total population is 58,413. Its total area is 181.43 km sq. Marshall Islands’s capital and largest city are Majuro.

Its official languages are Marshallese and English. His ethnic groups are 92.1% Marshallese 5.9% Mixed Marshallese and 2% others. By religion, 97% Christianity, 2% non, and 1% others. Marshall Islands GDP(PPP) is $215 million and per capita is $3,700. Her GDP (nominal) is $250 million and per capita is $3,800. Its currency is called the United States Dollar(USD).

7-Kiribati

In conclusion, It is officially called the Republic of Kiribati. It is an independent island state located in the central Pacific Ocean. Its total population is 119,000(2020). It has a total of 313 square miles of area. Its capital is called South Tarawa. Its official languages are English and Gilbertese. Ethnic groups are 96.2% Gilbertese and 3.2% others.

By religion, 96.2% Christian, 2.1% Baha’i faith, 0.5% None and 1.2% others. Its GDP (PPP) is $250 million and per capita is $2,100. His GDP (nominal) is $180 million and per capita is $1,600. Kiribati’s currency is called Australian Dollar(AUD).

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