Gross domestic product and agriculture value added 2014–2023

FAOSTAT releases today new macro indicators statistics for the period 1970–2023 for 2018 countries and territories, including former countries.

The FAOSTAT Macro Indicators database provides macroeconomic indicators at the country and regional levels relating to total economy; agriculture, forestry and fishing; manufacturing; agriculture sub-industry (agriculture) and manufacturing sub-industry (food and beverages products; tobacco products; food, beverages and tobacco products). It releases time series for a selection of national accounts variables, including gross domestic product, gross fixed capital formation, value added of agriculture forestry and fishing and of manufacturing, gross national income, value added and gross output of agriculture sub-industry. The database also proposes additional indicators such as gross domestic product per capita, gross national income per capita, and year-on-year growth rates and shares of industries’ contribution to gross domestic product.

Main findings:

• The global gross domestic product (GDP) grew by 2.8 percent in 2023, reaching USD 92.6 trillion, up from USD 90.1 trillion in 2022. This growth is lower than reported in 2022 (3.3 percent) and 2021 (6.4 percent). Europe’s slow growth of 0.7 percent is the main reason for the slowdown.
• Investment in capital, measured as the share of the gross fixed capital formation (GFCF) in GDP, went up 3.8 percent in 2023, 0.6 percentage point above the previous ten-year (2013–2022) average annual growth rate of 3.2 percent.
• Global agriculture value added rose by 2.6 percent in 2023, from USD 3.9 trillion in 2022 to USD 4.0 trillion. This growth is 0.3 percentage point lower than the average 2.9 percent annual growth rate observed during the previous decade (2013-2022). The growth in Africa (1.6 percent) and Europe (1.4 percent) was lower than the global average.