From a world economy that expanded by $105 trillion to individual nations navigating the sharp edges of inflation, debt, and employment, here is the complete story of 2023 told through the data that defined it.
Key Takeaways
- World GDP in 2023 reached $105.4 trillion USD, marking a growth of 3.0% from 2022
- US GDP for Q4 2023 was $27.94 trillion annualized, with a 3.4% real growth rate quarter-over-quarter
- China's GDP grew by 5.2% in 2023, totaling 126 trillion CNY or about $17.8 trillion USD
- US CPI inflation rate was 3.4% year-over-year in December 2023
- Eurozone HICP inflation stood at 2.9% in December 2023
- China's CPI inflation was 0.2% in 2023 average
- US unemployment rate was 3.7% in December 2023, with 6.3 million unemployed
- Eurozone unemployment rate stood at 6.4% in December 2023
- China's urban unemployment rate averaged 5.2% in 2023
- US trade deficit was $103.2 billion in December 2023, annual deficit $773.4 billion
- Eurozone current account surplus was €55.2 billion in November 2023
- China's trade surplus reached $823 billion in 2023
- US federal debt held by public was $26.9 trillion as of December 2023
- Eurozone general government debt-to-GDP ratio was 88.7% in 2023
- China's government debt-to-GDP was estimated at 83.6% in 2023
Global economic performance in 2023 was mixed, with varying growth and inflation rates worldwide.
Fiscal and Debt
- US federal debt held by public was $26.9 trillion as of December 2023
- Eurozone general government debt-to-GDP ratio was 88.7% in 2023
- China's government debt-to-GDP was estimated at 83.6% in 2023
- UK public sector net debt was 97.8% of GDP in December 2023
- Japan's government debt-to-GDP reached 255% in 2023
- India's fiscal deficit was 5.6% of GDP in FY 2023-24
- Brazil general government debt was 88.1% of GDP in 2023
- Germany's debt-to-GDP was 63.6% in 2023
- Canada federal debt was CAD 1.22 trillion in 2023, debt-to-GDP 42.1%
- Russia's public debt was 17.2% of GDP in 2023
- Australia's general government net debt was 31.7% of GDP in 2023
- South Korea government debt was 49.4% of GDP in 2023
- Mexico public debt was 54.7% of GDP in 2023
- France debt-to-GDP was 110.6% in 2023
- Italy debt-to-GDP hit 140.6% in 2023
- Spain debt-to-GDP was 107.7% in 2023
- Netherlands debt-to-GDP was 51.3% in 2023
- Turkey public debt was 37.5% of GDP in 2023
- Saudi Arabia public debt was 26.4% of GDP in 2023
- Argentina public debt was 155.4% of GDP in 2023
- Indonesia government debt was 39.0% of GDP in 2023
- Nigeria public debt was 38.7% of GDP in 2023
- Sweden debt-to-GDP was 36.3% in 2023
- Poland debt-to-GDP was 49.5% in 2023
- Belgium debt-to-GDP was 105.6% in 2023
- Switzerland debt-to-GDP was 38.3% in 2023
- Taiwan government debt was 33.4% of GDP in 2023
- Norway net government debt was -18.5% of GDP (asset rich) in 2023
Fiscal and Debt Interpretation
The world's economies are all sailing in the same stormy sea of debt, but some are in sleek yachts, others are on creaky rafts, and Japan appears to be a submarine cruising comfortably at a depth no one else dares to visit.
GDP and Growth
- World GDP in 2023 reached $105.4 trillion USD, marking a growth of 3.0% from 2022
- US GDP for Q4 2023 was $27.94 trillion annualized, with a 3.4% real growth rate quarter-over-quarter
- China's GDP grew by 5.2% in 2023, totaling 126 trillion CNY or about $17.8 trillion USD
- Eurozone GDP expanded by 0.1% in Q4 2023, with annual growth at 0.3%
- India's GDP grew 8.2% in FY 2023-24, reaching 296.58 trillion INR or $3.57 trillion USD
- Japan GDP contracted 0.1% in Q4 2023, annual growth at 1.9%, totaling 591.5 trillion JPY
- UK GDP grew 0.1% in Q4 2023, with 0.3% annual growth, valued at 2.23 trillion GBP
- Brazil GDP increased 2.9% in 2023 to 10.9 trillion BRL or $2.17 trillion USD
- Germany GDP shrank 0.3% in 2023, totaling 4.12 trillion EUR
- Canada GDP grew 1.2% in 2023 to 2.9 trillion CAD
- Russia GDP expanded 3.6% in 2023 despite sanctions, reaching 171.2 trillion RUB
- Australia GDP grew 1.5% in 2023 to 2.58 trillion AUD
- South Korea GDP increased 1.4% to 2,237 trillion KRW in 2023
- Mexico GDP rose 3.2% in 2023 to 1.79 trillion USD
- France GDP grew 0.9% in 2023 to 2.78 trillion EUR
- Italy GDP expanded 0.7% to 2.07 trillion EUR in 2023
- Spain GDP surged 2.5% to 1.58 trillion EUR in 2023
- Netherlands GDP grew 0.1% to 1.04 trillion EUR in 2023
- Turkey GDP grew 4.5% to 13.2 trillion TRY in 2023
- Saudi Arabia GDP increased 0.8% to 3.65 trillion SAR in 2023
- Argentina GDP contracted 1.6% to 621 billion USD in 2023
- Indonesia GDP grew 5.0% to 20,892 trillion IDR in 2023
- Nigeria GDP rose 2.5% to 252 trillion NGN in 2023
- Sweden GDP grew 0.6% to 6.13 trillion SEK in 2023
- Poland GDP increased 0.2% to 941 billion EUR in 2023
- Belgium GDP grew 1.4% to 632 billion EUR in 2023
- Switzerland GDP expanded 1.3% to 884 billion CHF in 2023
- Taiwan GDP grew 1.3% to 24.5 trillion TWD in 2023
- Norway GDP increased 0.5% to 5.59 trillion NOK in 2023
GDP and Growth Interpretation
The global economy is putting on a rather lopsided show, with India sprinting ahead at 8.2% growth and Germany shrinking modestly in the wings, all while the world's overall 3% growth proves there’s still a pulse, if not a perfectly synchronized heartbeat.
Inflation and CPI
- US CPI inflation rate was 3.4% year-over-year in December 2023
- Eurozone HICP inflation stood at 2.9% in December 2023
- China's CPI inflation was 0.2% in 2023 average
- UK CPI inflation reached 4.0% in December 2023
- Japan's CPI inflation was 3.7% in December 2023
- India's CPI inflation averaged 5.7% in FY 2023-24
- Brazil's IPCA inflation was 4.62% in 2023
- Germany's HICP inflation was 5.7% annual average in 2023
- Canada's CPI inflation was 3.4% in December 2023
- Russia's CPI inflation reached 7.4% in 2023
- Australia's CPI inflation was 4.1% in Q4 2023
- South Korea CPI inflation was 3.6% in 2023
- Mexico CPI inflation averaged 4.66% in 2023
- France HICP inflation was 4.9% average in 2023
- Italy CPI inflation stood at 5.7% in 2023 average
- Spain CPI inflation was 3.1% in December 2023
- Turkey CPI inflation hit 64.27% in 2023
- Saudi Arabia CPI inflation was 1.6% in 2023
- Argentina CPI inflation reached 211.4% in 2023
- Indonesia CPI inflation was 3.37% in 2023
- Nigeria CPI inflation was 24.5% in December 2023
- Sweden CPI inflation was 6.0% average in 2023
- Poland CPI inflation averaged 10.4% in 2023
- Belgium CPI inflation was 3.1% average 2023
- Switzerland CPI inflation was 2.1% in 2023
- Taiwan CPI inflation was 2.5% in 2023
- Norway CPI inflation was 5.5% average 2023
Inflation and CPI Interpretation
While the world's major economies appear to be locked in a polite but stressful global game of inflation limbo ("how low can you go?"), outliers like Turkey and Argentina are playing a completely different, hyper-accelerated sport that makes everyone else's 4% look positively serene.
Labor Market
- US unemployment rate was 3.7% in December 2023, with 6.3 million unemployed
- Eurozone unemployment rate stood at 6.4% in December 2023
- China's urban unemployment rate averaged 5.2% in 2023
- UK unemployment rate was 4.2% in Q4 2023, with 1.41 million unemployed
- Japan's unemployment rate was 2.5% in December 2023
- India's urban unemployment rate was 6.6% in Q4 FY24
- Brazil unemployment rate fell to 7.4% in December 2023
- Germany's unemployment rate was 5.9% in December 2023
- Canada unemployment rate was 5.8% in December 2023
- Russia's unemployment rate was 2.9% in December 2023
- Australia's unemployment rate was 4.0% in December 2023
- South Korea unemployment rate was 2.8% in December 2023
- Mexico unemployment rate was 2.6% in Q4 2023
- France unemployment rate was 7.4% in Q4 2023
- Italy unemployment rate was 7.2% in December 2023
- Spain unemployment rate was 11.8% in Q4 2023
- Netherlands unemployment rate was 3.7% in December 2023
- Turkey unemployment rate was 9.4% in December 2023
- Saudi Arabia unemployment rate dropped to 7.7% in 2023
- Argentina unemployment rate was 6.9% in Q4 2023
- Indonesia unemployment rate was 5.3% in August 2023
- Nigeria unemployment rate was 5.0% in Q3 2023 (new methodology)
- Sweden unemployment rate was 7.1% in December 2023
- Poland unemployment rate was 2.9% in December 2023
- Belgium unemployment rate was 5.8% in December 2023
- Switzerland unemployment rate was 2.0% in December 2023
- Taiwan unemployment rate was 3.5% in December 2023
- Norway unemployment rate was 3.7% in December 2023
Labor Market Interpretation
While the world economy keeps a tenuous peace, the global job market reveals a divided dance floor, with Switzerland waltzing at a mere 2.0% unemployment and Spain tangoing alone at 11.8%, proving that not all recoveries move to the same beat.
Trade Balance
- US trade deficit was $103.2 billion in December 2023, annual deficit $773.4 billion
- Eurozone current account surplus was €55.2 billion in November 2023
- China's trade surplus reached $823 billion in 2023
- UK trade deficit in goods was £206.5 billion in 2023
- Japan's trade deficit was ¥9.2 trillion in 2023
- India's trade deficit was $238.3 billion in FY 2023-24
- Brazil trade surplus was $61 billion in 2023
- Germany's trade surplus was €217 billion in 2023
- Canada's trade deficit was CAD 24.6 billion in 2023
- Russia's trade surplus was $139 billion in 2023
- Australia's trade surplus was AUD 126.9 billion in 2023
- South Korea trade surplus was $55.5 billion in 2023
- Mexico trade surplus with US was $152 billion in 2023
- France trade deficit was €99 billion in 2023
- Italy trade surplus was €37 billion in 2023
- Spain trade deficit was €36 billion in 2023
- Netherlands trade surplus was €111 billion in 2023
- Turkey trade deficit was $105 billion in 2023
- Saudi Arabia trade surplus was SAR 254 billion in 2023
- Argentina trade surplus was $15.2 billion in 2023
- Indonesia trade surplus was $36.8 billion in 2023
- Nigeria trade surplus was $11.9 billion in 2023
- Sweden trade surplus was SEK 217 billion in 2023
- Poland trade deficit was €5 billion in 2023
- Belgium trade surplus was €25 billion in 2023
- Switzerland trade surplus was CHF 48 billion in 2023
- Taiwan trade surplus was $101 billion in 2023
- Norway trade surplus was NOK 543 billion in 2023
Trade Balance Interpretation
It seems the global economy is running a giant tab, where the US and UK are buying the drinks, Germany and China are tending bar, and everyone else is nervously checking their wallets.
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