The gross world product (GWP), also known as gross world income (GWI), is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP). According to the World Bank, the 2013 nominal GWP was approximately 75.59 trillion United States dollars. In 2017, according to the CIA's World Factbook, the GWP was around $80.27 trillion in nominal terms and totaled approximately 127.8 trillion international dollars in terms of purchasing power parity (PPP). The per capita PPP GWP in 2017 was approximately 17,500 international dollars according to the World Factbook. According to the World Bank, the 2020 GWP in current dollars was approximately $84.705 trillion.
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Global economic output in the context of European Union
The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. The Union has a total area of 4,233,255 km (1,634,469 sq mi) and an estimated population of more than 450 million as of 2025. The EU is often described as a sui generis political entity combining characteristics of both a federation and a confederation.
Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market; enact legislation in justice and home affairs; and maintain common policies on trade, agriculture, fisheries, and regional development.