Worldwide national debt at the end of 2014 stands at around $60,000,000,000,000 that is $60 trillion. Below are the top ten largest countries by GDP (a (poor) measure of economic activity) and their corresponding debt in $ trillion, and percentage of debt to GDP at the end of 2014.
|GDP||Debt||Debt as % of GDP|
It is generally understood that GDP is not a very good measure of the relative health or wealth of a country, as among the many items it does not take into account, unbelievably is debt, specifically national debt. But what is GDP?
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or other given period of time. GDP per capita is often considered an indicator of a country’s standard of living. The greatest strength of GDP as a measure is its general acceptance and the level to which it is understood.
Considering a countries GDP per person, produces figures which differ greatly to looking simply at GDP.
|Ranking||Country||2012 GDP per head ($)|
|14||Scotland (Independent with oil)||39,642|