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economy

US Economy vs China 2026: GDP, Growth & Comparison

The US economy leads in GDP per capita ($76,398 vs $12,720), advanced technology sectors, and institutional stability, while China maintains the world's second-largest nominal GDP ($17.9 trillion vs $28.7 trillion) and dominates manufacturing and export markets. The US prioritizes consumption-driven growth, whereas China focuses on infrastructure and industrial investment.

United States Economy

United States Economy

World's largest economy with $27.4 trillion GDP and 2.7% annual growth.

Investors seeking exposure to innovation, consumers valuing high living standards, and countries modeling advanced financial systems and technological development.

Score63%
VS
CE

China Economy

World's second-largest economy emphasizing manufacturing dominance, infrastructure investment, and state-directed growth.

Companies needing manufacturing scale and cost efficiency, countries building infrastructure, and investors seeking exposure to emerging consumer markets and green energy transition.

Score63%

Quick Answer

AI Summary

The US economy leads in GDP per capita ($76,398 vs $12,720), advanced technology sectors, and institutional stability, while China maintains the world's second-largest nominal GDP ($17.9 trillion vs $28.7 trillion) and dominates manufacturing and export markets. The US prioritizes consumption-driven growth, whereas China focuses on infrastructure and industrial investment.

Our Verdict

AI-assisted

The US economy excels in technological innovation, financial markets, and individual prosperity (GDP per capita), making it stronger for long-term wealth creation and consumer-driven growth. China's economy offers scale in manufacturing, export competitiveness, and infrastructure capacity, providing efficiency in global supply chains. Choose the US economy as a model for innovation-driven development and financial stability; choose China's approach for manufacturing scale and state-coordinated investment strategies.

Community feedback

Was this verdict helpful?

United States Economy
7.4/10
China Economy
7.6/10
C
United States Economy

Choose United States Economy if

Investors seeking exposure to innovation, consumers valuing high living standards, and countries modeling advanced financial systems and technological development.

C

Choose China Economy if

Best pick

Companies needing manufacturing scale and cost efficiency, countries building infrastructure, and investors seeking exposure to emerging consumer markets and green energy transition.

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Key Differences at a Glance

  • Nominal GDP:United States Economy wins($28.7 trillion vs $17.9 trillion)
  • GDP Per Capita:United States Economy wins($76,398 vs $12,720)
  • Manufacturing Output (% of global):China Economy wins(28% vs 16%)
See all 7 differences

Key Facts & Figures

326 numeric metrics compared

MetricUnited States EconomyChina EconomyRatio
Total Nominal GDP 2026(USD Trillion)$30.0-30.5 trillion
Global EV Production Share(%)17%70%
Global Battery (LFP) Production(%)~6%
Global Manufacturing Output(%)~16%35%
Unemployment Rate 2026 (Projected)(%)~3.8-4.0%
Global EV Market Share(%)20-25%70%
Tariff Impact on GDP (2026 risk)(percentage points reduction)Moderate exposure-0.5 to -2%
Projected GDP Growth Rate 2026(percent)2.2%4.5-5.0%
Government Defense Expenditure(USD Billions)$925.8 billion$296.5 billion
Government Health Expenditure(USD Million)$4.18 trillion (2024)$620.1 billion
Tariff Impact Risk on GDP(Percentage Points)0.3-0.5%0.5-2.0%
Total GDP 2026(USD Trillions)30.0+$17.9
Government Defense Expenditure 2024(billion USD)$925.8 billion$296.5 billion
Government Health Expenditure 2024(billion USD)$4,175 billion$620 billion
Education Expenditure Per Capita 2023(USD)$4,481$525
EV Production Share(% of global)~20%70%
Solar Panel Manufacturing(% of global)6%82%
Tariff Impact Risk 2026(% GDP reduction)Minimal negative impact-0.5 to -2.0%
Global Solar Panel Production(%)~10%~80%
Potential Tariff Impact on GDP(USD billion)Minimal (exporter advantage)$400-800B reduction
GDP Growth Rate (2026)(%)2.0-2.5%4.6-4.8%
Defence Expenditure (2024)(billion USD)€925.8 billion€296.5 billion
Expected GDP Growth Rate 2026(%)2.0-2.5%
Global EV Production Market Share(%)25-30% of global EVs70%
Solar Panel Production(% of global)8-10%80%+
Unemployment Rate Projection(%)~4.0%~5.2%
Annual Infrastructure Investment(USD billion)$310 billion$680 billion
2026 GDP Growth Target(percent)2.0-2.5%
Health Expenditure (Government)(million USD)$4,175,432 million (2024)
Defense Expenditure(Million Euros)€925,796.8 million
Per Capita GDP 2026(USD)$89,000$13,500
Total Government Expenditure 2024(USD Billion)$10,266.8$5,708.7
Defense Expenditure 2024(USD Billion)$925.8$296.5
Battery Production (LFP)(Percent (%))~6% of global
Government Defense Expenditure (2024)(billion €)€925.8 billion
GDP Growth Rate (2026 Target)(%)2.0-2.5%4.5-5.0%
LFP Battery Production Share(%)6%94%
Tariff Impact Risk to GDP(percentage points)Minimal0.5-2.0%
AI Adoption Growth Contribution(percentage points)0.4-0.6%0.2-0.3%
Lithium Iron Phosphate Battery Production(%)~15%94%
Per Capita GDP (Nominal)(USD)$89,000+
Global Solar Panel Production Share(%)9%82%
Potential Tariff Impact on GDP Growth(percentage points)0.2-0.4pp0.5-2.0pp
AI Adoption Boost to Growth(Percentage Points)0.3-0.5% (from AI investment)
Real GDP Growth Rate 2026(Percent)2.2%4.2%
Lithium Iron Phosphate Battery Production Share(%)4%94%
EV Production (Global Share)(%)15%70%
Solar Panel Production (Global Share)(%)12%80%
Potential Tariff Impact (2026-2027)(billion USD annual reduction)$50-150B$400-800B
PPP-Adjusted GDP 2026(USD trillion)$31.5 trillion$45.78 trillion
Projected Annual GDP Growth Rate(percent)2.1%6.0%
Global Economic Ranking 2026(rank)1st2nd
Government Debt to GDP Ratio(Percent)126%77%
Population(Millions)335 million1,420 million
Annual R&D Investment(billions USD)$809 billion$680 billion
Unemployment Rate Forecast 2026(percent)~4.0%~5.5%
Average EV Cost (Entry Model)(USD (converted))$35,000-45,000$16,800 (119,800 yuan)
GDP Per Capita (Nominal)(USD)$94,430$14,874
GDP Per Capita 2026(USD)$94,430$12,700
GDP Gap vs Competitor(USD Trillions)$11.1 trillion ahead$11.1 trillion behind
Q1 2026 GDP Growth Rate(Percent Year-over-Year)Data not available5.0%
Q1 2026 Industrial Output Growth(Percent Year-over-Year)Data not available6.1%
Global Economic Ranking(Rank)1st2nd
GDP as Percentage of Global Economy(Percent)~25-26% of global GDP~16-17% of global GDP
Q1 2026 Inflation Rate(Percent)Data not available0.9% CPI
Global Economic Rank 2026(rank)1st
Projected Global Rank 2031(rank)1st (maintained)
Expected Consumption Growth 2026(%)~1.8%
Share of Global GDP 2026(percent)26.2%
Total Nominal GDP (2026)(USD Trillion)$28.0 trillion
GDP Per Capita (Nominal, 2026)(USD)$85,000
Gross Domestic Product (GDP)(USD Trillion)$27.4 trillion$18.7 trillion
Government Expenditure(USD Million)€10,217,935.3 million
Education Expenditure Per Capita(USD)$3,981€467
Fragile States Index(score)44.5
GDP Growth Rate (YoY)(Percentage)~2.8%
Exchange Rate vs Euro(EUR conversion)1 EUR = 1.1797 USD
GDP Growth Rate 2026(%)2.0-2.4%3-4%
Quarterly GDP Growth (Q1 2026)(% (q/q, SAAR))2.0%Data not available
GDP per Capita (estimated 2026)(USD)$96,500+$14,800+
GDP Advantage Over Rival(USD Trillion)$11.53 trillion lead36% smaller than US
Total Annual GDP(USD trillions)$27.23 trillion
Government Debt as % of GDP(percent)122.27%
Government Expenditure as % of GDP(percent)37.74%
Defence Expenditure(USD billions)$925.8 billion
Projected Economic Growth 2026(percent)3.5%
Population (2024)(millions)336 million1,420 million
Annual Real GDP Growth Rate (2024)(Percent)2.8%
Manufacturing Sector Contribution(% of GDP)11.8%27%
Share of Global GDP(% of world economy)25.5%14.3%
Median Population Age(Years)38.5 years38.8 years
Gross Domestic Product (2024)(USD trillions)$27.4 trillion
Nominal GDP (2025)(USD trillion)$27.4 trillion$17.9 trillion
Unemployment Rate (2025)(%)4.2%
Inflation Rate (2025)(%)2.9%
Annual Automotive Exports(USD billion)$156 billion
Global Fortune 500 Companies(count)167 companies
Exports as % of GDP(percent)11.2%
Nominal GDP (2024)(USD Trillions)$27.4T$17.9T
Real GDP Growth Rate (2024)(Percent Annual)2.1%5.2%
GDP Per Capita (2024)(USD)$82,000$12,500
Foreign Exchange Reserves(USD Trillions)$0.13T$3.4T
Unemployment Rate (2024)(Percent)4.1%5.3%
Global Manufacturing Share(Percent of Global)12%31%
Tech Sector Market Capitalization(USD Trillions)$15.2T (Apple, Microsoft, Google, Amazon, Nvidia, Tesla, Broadcom)$4.8T (Alibaba, Tencent, Meituan weighted total)
Median Population Age(Years)38.9 years37.4 years (projected 53 by 2050)
Total Exports(USD trillions)$2.1 trillion$3.6 trillion
Total GDP 2024(USD Trillion)$27.4 trillion
GDP Per Capita 2024(USD)$82,000$12,700
GDP per Capita(USD)$82,200$12,720
Real GDP Growth Rate (2024)(percent annual)2.8%5.0%
Total Merchandise Trade Volume(USD trillion)$2.4 trillion
Foreign Direct Investment Inflows(USD billions)$285 billion (2023)$189B
Nominal Gross Domestic Product(USD trillion)$27.4 trillion
GDP Per Capita(USD)$82,500
Unemployment Rate(%)4.1%
Government Debt-to-GDP Ratio(%)123%
Average Annual Wage(USD)$62,400
Inflation Rate(%)2.8%
Population(millions)339 million
Global Venture Capital Share(%)65%
GDP Growth Rate(% annually)2.5%5.0%
Per Capita GDP(USD)$87,000$13,500
Foreign Exchange Reserves(USD Billion)$0.13 trillion$3,200 billion
Total Debt to GDP Ratio(% of GDP)129%282%
Annual Exports(trillion USD)$2.1 trillion$3.6 trillion
R&D Spending(% of GDP)3.5%$652 billion
GDP Growth Rate (2025)(% annual)2.1%
Per Capita GDP (PPP)(USD)$80,412
E-commerce as % of Retail(percentage)16.3%
Government Debt-to-GDP(Percent)123%77%
Technology Sector Market Cap(USD trillions)$12.8 trillion$4.2 trillion
Total GDP (2024)(USD trillions)$27.4 trillion
Total Population(millions)335 million1,420 million
Renewable Energy Share(%)21% of electricity18%
Nominal GDP(trillion USD)$28.7 trillion$17.9 trillion
Fortune 500 Companies(count)135 companies142 companies
Total Annual Exports(USD trillion)$2.1 trillion$3.8 trillion
National Debt(Percent of GDP)123%$10.8 trillion
Annual GDP Growth Rate(Percent)2.7%4.8%
Manufacturing Sector Share(% of GDP)11%28.4%
Service Sector Share(% of GDP)80.1%54.8%
Foreign Direct Investment (Annual)(USD Billion)$346 billion$163 billion
Projected GDP in 2030(USD trillion)$31.2 trillion$22.8 trillion
Global Manufacturing Share(%)16%28%
Trade Surplus/Deficit(USD Billions)-$73 billion deficit
Manufacturing Output (Global Share)(percent)16%28%
Unemployment Rate (2024)(%)4.1%5.1%
Trade Balance (Annual)(USD Billion)$-$73 billion+$632 billion (surplus)
Debt-to-GDP Ratio(percent)123%282%
Total Merchandise Exports(USD billion)$2.3T$1,230 billion
GDP Growth Rate 2023(Percent Annual)2.5%
Manufacturing Share of GDP(Percent)11.5%
Unemployment Rate 2024(Percent)4.1%
Defense Spending(USD billion)$820 billion
Annual Patent Filings(Count)615,0001,542,000
GDP at Purchasing Power Parity(USD trillion)$27.4 trillion$28.3 trillion
Global Export Share(% of global exports)8.2%14.8%
GDP by Purchasing Power Parity(trillion USD)$28.0 trillion$35.5 trillion
Annual Trade Balance(USD billions)-$773 billion (deficit)+$632 billion (surplus)
Foreign Direct Investment Annual Inflow(USD Billions)$285 billion$189 billion
Annual Real GDP Growth Rate(%)2.5%5.1%
Trade Balance (2024)(USD Billions)-$73.1 billion
Working-Age Population Growth Rate(% Annual Change)+0.4% (growing)
Total GDP (nominal)(USD trillion)$27.9 trillion$28.7 trillion
Manufacturing Output(USD trillion)11%$4.2 trillion
Average Annual Wage(USD)$68,420$11,500
Patent Filings (Annual)(millions)0.38 million
Annual R&D Spending(USD Billion)$809 billion$696 billion
Manufacturing Share of Global Output(percent)17%
EV Market Penetration (Domestic)(%)9.8%
Stock Market Capitalization (2024)(USD trillions)$42.8 trillion$15.2 trillion
Global Manufacturing Output Share(percent of world)16.5%28.3%
Total Trade Volume (2024)(USD Trillions)$7.1 trillion$6.8 trillion
Manufacturing as Percentage of GDP(Percent (%))11.8%
Foreign Direct Investment Inflows (2024)(USD Billions)$285B$163B
Labor Force Participation Rate(percentage)63.0%
Federal/National Debt as % of GDP(percentage)123%
Tech Sector Market Capitalization (Top 7 Companies)(USD Trillion)$14.2 trillion$2.8 trillion
Average Annual GDP Growth Rate (2010-2023)(%)2.4%6.8%
Purchasing Power Parity GDP(trillion USD)$28.2 trillion$31.6 trillion
Global Economic Share(%)26% of world GDP16% of world GDP
Foreign Direct Investment Inflow (2023)(USD Billion)$285 billion$163 billion
GDP Growth Rate (2024)(%)2.5%
Gini Coefficient (Income Inequality)(0-1 scale)0.41
Healthcare Spending (% of GDP)(%)17.3%
Trade Balance(USD billions)-$773 billion+$821 billion surplus
Inflation Rate(Percent)3.2%0.2%
Public Debt as Percentage of GDP(%)123%77%
Patent Filings in Technology(Annual count)398,144687,231
Foreign Direct Investment(billion USD)$329 billion$163 billion
Working Age Population(million people)170 million workers920 million
Nominal GDP (2026)(USD trillion)$28.7 trillion$17.9 trillion
Foreign Direct Investment (2025)(USD Billion)$285 billion$189 billion
Tech Sector Market Cap(USD trillions)$12.4 trillion$3.8 trillion
Global Manufacturing Share (2024)(percent)16%28%
Patent Filings Annually (2023)(thousand filings)615,0001,820,000
Inflation Rate (2024)(Percent)2.6%0.2%
Foreign Currency Reserves(USD Trillion)$130 billion$3.2 trillion
GDP Per Capita (PPP)(USD)$76,398$12,720
Manufacturing as % of GDP(percentage)11.2%28.5%
Patent Filings (2024)(thousands filed)415,0001,200,000
Stock Market Capitalization(USD trillion)$45.2 trillion$12.8 trillion
Average Annual Wage (Tech Sector)(USD)$120,000$38,000
Per Capita Income(USD)$76,500$12,800
Renewable Energy Capacity(Gigawatts)680 GW1,480 GW
Global Trade Volume Share(%)8.2%12.4%
Federal Debt-to-GDP Ratio(%)123%77%
Total GDP(USD Trillion)$27.4 trillion$17.9 trillion
Annual Growth Rate(Percent)2.5%
Manufacturing Sector(percent of GDP)12%
Technology Sector(percent of GDP)12%
World GDP Share(percent)32.4%
Healthcare Spending % of GDP(percent)16.9%
Renewable Energy Generation(percent of total)21.6%
Share of Global Manufacturing Output(Percent)16%28%
Nominal GDP (2024)(USD trillions)$27.4 trillion$17.9 trillion
Nominal GDP 2026(USD trillions)$28.7 trillion$17.9 trillion
Manufacturing Output Share(% of Global)16%28%
Tech Sector Market Capitalization(USD trillion)$12.5 trillion$4.2 trillion
Projected GDP 2030(USD trillion)$32 trillion$24 trillion
Services Sector Share of GDP(%)80%
Global GDP Share(%)26%17%
Nominal Gross Domestic Product(USD trillions)$28.7 trillion$17.9 trillion
PPP-Adjusted GDP(USD trillion)$27.9 trillion$31.7 trillion
Global Trade Exports(USD Trillions)$2.1 trillion$3.6 trillion
Share of Global GDP (2024)(Percent)31%
Venture Capital Investment(USD billion)$189 billion
Total Gross Domestic Product(USD Billions)$27.4 trillion
Unemployment Rate(Percent)3.9%5.1%
R&D Spending (% of GDP)(percent)3.4%2.1%
Services Sector Share(Percent of GDP)80%
Gini Coefficient (Inequality)(0-1 scale)0.41
Gross Domestic Product(USD Trillions)$27.4 trillion$17.9 trillion
National Debt as % of GDP(percent)123%
Average Annual GDP Growth (2015-2024)(Percent)2.1%
Gross Domestic Product(USD trillion)$27.4 trillion
Annual GDP Growth Rate(%)2.5%
Gini Coefficient (Income Inequality)(0-1 scale)0.41
Statutory Minimum Wage(USD/hour)$7.25
Labor Productivity(USD/hour)$68.40
Manufacturing as % of GDP(%)11.8%
Venture Capital Investment(USD billion)$119 billion
Foreign Direct Investment Inflow(billion USD)$285 billion$189 billion
Annual Merchandise Exports(USD trillion)$2.1 trillion$3.6 trillion
Annual GDP Growth Rate (2020-2026 Average)(percent)2.4%5.1%
Fortune 500 Tech Companies(companies)195 companies
Median Age(Years)38 years39 years
Tech Patent Filings (Annual)(Count)285,000142,000
EV Production Market Share(% of Global)18%60%
Research & Development Spending(percent of GDP)3.5%2.4%
Average Annual GDP Growth Rate(% per year)2.1%5.2%
Household Savings Rate(percent of disposable income)3.4%28%
Patent Filings(millions (2023))0.84 million1.59 million
Share of Global Trade(%)13.3%15.8%
National Debt to GDP Ratio(percent)129%77%
R&D Investment(billion USD annually)$840 billion$369 billion
Global Trade Share(% of world trade)12.3%14.2%
Public Debt to GDP Ratio(percent)123%77%
Tech Sector as % of GDP(%)8.2%
GDP Per Capita (2024)(USD)$81,045$12,720
Annual GDP Growth Rate (2024)(Percent (%))2.8%
Global GDP Share (2024)(Percent (%))26.4%
National Debt as Percentage of GDP(%)123%
Per Capita GDP (2024)(USD)$83,250$12,720
Total Exports (2024)(USD trillions)$2.1 trillion$3.6 trillion
Foreign Direct Investment Inflow (2024)(USD billion)$285 billion$189 billion
Real GDP growth rate(percent per year)2.1%5.0%
Total Trade Volume(USD Trillions)$7.2 trillion$8.1 trillion
PPP GDP (Purchasing Power Parity)(USD Trillions)$28.2T$35.4T
Manufacturing Output as % of GDP(%)11.4%29.2%
R&D Spending as % of GDP(%)3.45%2.89%
Tech Sector Valuation(USD Trillions)$12.4 trillion$4.2 trillion
Sovereign Debt to GDP(%)123%77%
Nominal GDP 2025(USD trillions)$28.7 trillion$17.9 trillion
GDP Purchasing Power Parity 2025(USD trillions)$28.7 trillion$36.7 trillion
Annual GDP Growth Rate 2024(percent)2.5%5.0%
Share of Global Manufacturing(%)16%28%
Annual Exports 2024(USD trillions)$2.1 trillion$1.6 trillion
Foreign Direct Investment Inflows 2024(USD billions)$285 billion$139 billion
Population 2025(billions)0.34 billion1.4 billion
Corporate Income Tax Rate(percent)21%
Manufacturing Output Growth(percent annual)1.8%
Global Trade Export Share(% of global)8.1%12.3%
Total Nominal GDP(USD trillion)$27.4 trillion$17.9 trillion
R&D Investment % of GDP(%)3.5%
Government Debt % of GDP(%)127%
Technology Sector Market Capitalization(trillion USD)$12.4 trillion$2.8 trillion
Real GDP Growth Rate (2025)(% annual)4.2%4.2%
IT Services & Software Exports(USD Billion)$220 billion$220 billion
Foreign Direct Investment (2024)(USD billion)$189 billion$189 billion
Projected GDP Growth Rate (2026)(%)4.6-4.8%4.6-4.8%
Global Solar Panel Manufacturing(%)80%+80%+
Potential GDP Loss from Tariffs(USD Billions)$400-800B$400-800B
Projected GDP Growth (2026)(%)4.7%4.7%
Global Solar Panel Manufacturing Share(%)80%80%
Total GDP(USD trillion)$17.9 trillion$17.9 trillion
Foreign Direct Investment Inflows (Annual)(USD Billion)$163.5 billion$163.5 billion
Manufacturing Sector Share of Economy(%)28% (diversified)28% (diversified)
GDP Per Capita(USD)$12,700$12,700
Real GDP Growth Rate(%)5.0%5.0%
Unemployment Rate(%)5.1%5.1%
Manufacturing Output(% of global share)28%28%
Foreign Direct Investment Inflows(USD billion)$189 billion$189 billion
Population Over 65 Years(Percent)14%14%
Debt-to-GDP Ratio(%)282%282%
Trade Balance(USD billion)+$631 billion (surplus)+$631 billion (surplus)
Technology & IT Sector as % of GDP(%)8.7%8.7%
Patent Applications Filed (2023)(Count (thousands))1,750,0001,750,000
Manufacturing Exports(USD Trillions)$3.6T$3.6T
Semiconductor Market Share(Percentage)8-10%8-10%
Automotive Production(Million vehicles annually)30 million30 million
Median Age of Population(years)38.4 years38.4 years
Merchandise exports(billion USD)$1,540 billion$1,540 billion
Digital Payment Transaction Value(USD trillion)$12.3 trillion$12.3 trillion
Average Annual GDP Growth (2020-2026)(Percent)5.2%5.2%
Global GDP Market Share(percent)20.6%20.6%
Unemployment Rate 2026(Percent)5.1%5.1%
GDP (PPP Adjusted)(USD trillions)$28.7T$28.7T
Foreign Direct Investment Inflows 2025(USD billions)$163B$163B
Semiconductor Export Value (2023)(USD billions)$90 billion$90 billion
R&D Spending as % of GDP (2023)(%)2.1%2.1%
Services Sector Contribution(% of GDP)47%47%
Annual Exports Volume(USD trillions)$3.6 trillion$3.6 trillion
Gross Domestic Product (nominal)(trillion USD)$17.9 trillion$17.9 trillion
Consumer price inflation(percent per year)0.8%0.8%

Sourced from publicly available data ·

Key Differences

7 attributes compared head-to-head

United States Economy
5United States Economy
United States Economy leads
CE
2China Economy
  • Nominal GDP

    United States Economy

    $28.7 trillion(winner)

    China Economy

    $17.9 trillion

  • GDP Per Capita

    United States Economy

    $76,398(winner)

    China Economy

    $12,720

  • Manufacturing Output (% of global)

    United States Economy

    16%

    China Economy

    28%(winner)

  • Foreign Direct Investment Inflow

    United States Economy

    $285 billion(winner)

    China Economy

    $189 billion

  • Technology Sector Market Cap (Big Tech)

    United States Economy

    $12.4 trillion(winner)

    China Economy

    $2.8 trillion

  • Trade Surplus/Deficit

    United States Economy

    -$773 billion deficit

    China Economy

    $612 billion surplus(winner)

  • Unemployment Rate

    United States Economy

    4.2%(winner)

    China Economy

    5.1%

Full Comparison

United States Economy
CChina Economy
Total Nominal GDP 2026(USD Trillion)
$30.0-30.5 trillion
Total Nominal GDP (2026)(USD Trillion)
$28.0 trillion
Gross Domestic Product (2024)(USD trillions)
$27.4 trillion
Nominal GDP (2025)(USD trillion)
$27.4 trillion
$17.9 trillion
Nominal GDP (2024)(USD Trillions)
$27.4T
$17.9T
Show 13 more attributes
Total GDP 2024(USD Trillion)
$27.4 trillion
Nominal Gross Domestic Product(USD trillion)
$27.4 trillion
Total GDP (2024)(USD trillions)
$27.4 trillion
Nominal GDP(trillion USD)
$28.7 trillion
$17.9 trillion
GDP by Purchasing Power Parity(trillion USD)
$28.0 trillion
$35.5 trillion
Total GDP (nominal)(USD trillion)
$27.9 trillion
$28.7 trillion
Nominal GDP (2026)(USD trillion)
$28.7 trillion
$17.9 trillion
Total GDP(USD Trillion)
$27.4 trillion
$17.9 trillion
PPP GDP (Purchasing Power Parity)(USD Trillions)
$28.2T
$35.4T
Nominal GDP 2025(USD trillions)
$28.7 trillion
$17.9 trillion
GDP Purchasing Power Parity 2025(USD trillions)
$28.7 trillion
$36.7 trillion
Total GDP(USD trillion)
$17.9 trillion
GDP (PPP Adjusted)(USD trillions)
$28.7T
Global EV Production Share(%)
17%
70%
Global Battery (LFP) Production(%)
~6%
Global Manufacturing Output(%)
~16%
35%
Unemployment Rate 2026 (Projected)(%)
~3.8-4.0%
Unemployment Rate Projection(%)
~4.0%
~5.2%
Unemployment Rate Forecast 2026(percent)
~4.0%
~5.5%
Unemployment Rate (2025)(%)
4.2%
Unemployment Rate (2024)(Percent)
4.1%
5.3%
Show 8 more attributes
Unemployment Rate(%)
4.1%
Unemployment Rate (2024)(%)
4.1%
5.1%
Unemployment Rate 2024(Percent)
4.1%
Labor Force Participation Rate(percentage)
63.0%
Unemployment Rate(Percent)
3.9%
5.1%
Statutory Minimum Wage(USD/hour)
$7.25
Unemployment Rate(%)
5.1%
Unemployment Rate 2026(Percent)
5.1%
Advanced Semiconductor Market Leadership(Qualitative)
Dominant (Intel, TSMC partnership, Samsung); controls cutting-edge nodes
AI Chip Technology Leadership(competitive ranking)
Global leader in design and manufacturing
Limited by US export controls, advancing in AI adoption
Semiconductor & Chip Design Leadership(Qualitative)
Global market leader
AI Adoption Growth Contribution(percentage points)
0.4-0.6%
0.2-0.3%
Tech Sector Market Cap(USD trillions)
$12.4 trillion
$3.8 trillion
Global EV Market Share(%)
20-25%
70%
Tariff Impact on GDP (2026 risk)(percentage points reduction)
Moderate exposure
-0.5 to -2%
Projected GDP Growth Rate 2026(percent)
2.2%
4.5-5.0%
GDP Growth Rate (YoY)(Percentage)
~2.8%
Annual Real GDP Growth Rate (2024)(Percent)
2.8%
Real GDP Growth Rate (2024)(percent annual)
2.8%
5.0%
GDP Growth Rate (2024)(%)
2.5%
Show 4 more attributes
Average Annual GDP Growth (2015-2024)(Percent)
2.1%
Annual GDP Growth Rate(%)
2.5%
Projected GDP Growth Rate (2026)(%)
4.6-4.8%
Real GDP Growth Rate(%)
5.0%
Government Defense Expenditure(USD Billions)
$925.8 billion
$296.5 billion
Government Defense Expenditure 2024(billion USD)
$925.8 billion
$296.5 billion
Defence Expenditure (2024)(billion USD)
€925.8 billion
€296.5 billion
Total Government Expenditure 2024(USD Billion)
$10,266.8
$5,708.7
Government Defense Expenditure (2024)(billion €)
€925.8 billion
Show 1 more attribute
Government Expenditure(USD Million)
€10,217,935.3 million
Government Health Expenditure(USD Million)
$4.18 trillion (2024)
$620.1 billion
Tariff Impact Risk on GDP(Percentage Points)
0.3-0.5%
0.5-2.0%
Potential Tariff Impact on GDP(USD billion)
Minimal (exporter advantage)
$400-800B reduction
Potential GDP Loss from Tariffs(USD Billions)
$400-800B
Total GDP 2026(USD Trillions)
30.0+
$17.9
PPP-Adjusted GDP 2026(USD trillion)
$31.5 trillion
$45.78 trillion
Total Annual GDP(USD trillions)
$27.23 trillion
Purchasing Power Parity GDP(trillion USD)
$28.2 trillion
$31.6 trillion
Nominal GDP (2024)(USD trillions)
$27.4 trillion
$17.9 trillion
Show 3 more attributes
Gross Domestic Product(USD trillion)
$27.4 trillion
Total Nominal GDP(USD trillion)
$27.4 trillion
$17.9 trillion
Gross Domestic Product (nominal)(trillion USD)
$17.9 trillion
Government Health Expenditure 2024(billion USD)
$4,175 billion
$620 billion
Education Expenditure Per Capita 2023(USD)
$4,481
$525
Education Expenditure Per Capita(USD)
$3,981
€467
EV Production Share(% of global)
~20%
70%
Semiconductor Technology Tier(nanometers)
Leading edge (3nm and below)
Restricted to 7nm+ (export controls)
Solar Panel Manufacturing(% of global)
6%
82%
Tariff Impact Risk 2026(% GDP reduction)
Minimal negative impact
-0.5 to -2.0%
Global Solar Panel Production(%)
~10%
~80%
Solar Panel Production(% of global)
8-10%
80%+
Global Solar Panel Manufacturing(%)
80%+
Semiconductor Technology Leadership(index (0-100))
Leading in design and manufacturing
Limited by US export controls
GDP Growth Rate (2026)(%)
2.0-2.5%
4.6-4.8%
Expected GDP Growth Rate 2026(%)
2.0-2.5%
GDP Growth Rate (2026 Target)(%)
2.0-2.5%
4.5-5.0%
Real GDP Growth Rate 2026(Percent)
2.2%
4.2%
Annual GDP Growth Rate(Percent)
2.7%
4.8%
Show 3 more attributes
Annual GDP Growth Rate (2020-2026 Average)(percent)
2.4%
5.1%
Annual GDP Growth Rate (2024)(Percent (%))
2.8%
Annual GDP Growth Rate 2024(percent)
2.5%
5.0%
Global EV Production Market Share(%)
25-30% of global EVs
70%
Annual Infrastructure Investment(USD billion)
$310 billion
$680 billion
2026 GDP Growth Target(percent)
2.0-2.5%
GDP Growth Rate 2026(%)
2.0-2.4%
3-4%
Quarterly GDP Growth (Q1 2026)(% (q/q, SAAR))
2.0%
Data not available
Health Expenditure (Government)(million USD)
$4,175,432 million (2024)
Healthcare Spending % of GDP(percent)
16.9%
Defense Expenditure(Million Euros)
€925,796.8 million
Defense Expenditure 2024(USD Billion)
$925.8
$296.5
Defence Expenditure(USD billions)
$925.8 billion
Per Capita GDP 2026(USD)
$89,000
$13,500
Per Capita GDP (Nominal)(USD)
$89,000+
Tariff Vulnerability Impact(USD Billions)
Lower exposure
Potential Tariff Impact (2026-2027)(billion USD annual reduction)
$50-150B
$400-800B
Battery Production (LFP)(Percent (%))
~6% of global
Lithium Iron Phosphate Battery Production(%)
~15%
94%
LFP Battery Production Share(%)
6%
94%
Tariff Impact Risk to GDP(percentage points)
Minimal
0.5-2.0%
Global Solar Panel Production Share(%)
9%
82%
Global Solar Panel Manufacturing Share(%)
80%
Potential Tariff Impact on GDP Growth(percentage points)
0.2-0.4pp
0.5-2.0pp
AI Adoption Boost to Growth(Percentage Points)
0.3-0.5% (from AI investment)
Lithium Iron Phosphate Battery Production Share(%)
4%
94%
EV Production (Global Share)(%)
15%
70%
Solar Panel Production (Global Share)(%)
12%
80%
Projected Annual GDP Growth Rate(percent)
2.1%
6.0%
Projected GDP Growth (2026)(%)
4.7%
Global Economic Ranking 2026(rank)
1st
2nd
Global Economic Ranking(Rank)
1st
2nd
Government Debt to GDP Ratio(Percent)
126%
77%
Government Debt as % of GDP(percent)
122.27%
Government Debt-to-GDP Ratio(%)
123%
Total Debt to GDP Ratio(% of GDP)
129%
282%
Government Debt-to-GDP(Percent)
123%
77%
Show 12 more attributes
National Debt(Percent of GDP)
123%
$10.8 trillion
Debt-to-GDP Ratio(percent)
123%
282%
Federal/National Debt as % of GDP(percentage)
123%
Public Debt as Percentage of GDP(%)
123%
77%
Federal Debt-to-GDP Ratio(%)
123%
77%
National Debt as % of GDP(percent)
123%
National Debt to GDP Ratio(percent)
129%
77%
Public Debt to GDP Ratio(percent)
123%
77%
National Debt as Percentage of GDP(%)
123%
Sovereign Debt to GDP(%)
123%
77%
Government Debt % of GDP(%)
127%
Debt-to-GDP Ratio(%)
282%
Population(Millions)
335 million
1,420 million
Population (2024)(millions)
336 million
1,420 million
Median Population Age(Years)
38.5 years
38.8 years
Median Population Age(Years)
38.9 years
37.4 years (projected 53 by 2050)
Population(millions)
339 million
Show 4 more attributes
Total Population(millions)
335 million
1,420 million
Median Age(Years)
38 years
39 years
Population Over 65 Years(Percent)
14%
Median Age of Population(years)
38.4 years
Annual R&D Investment(billions USD)
$809 billion
$680 billion
Foreign Direct Investment Annual Inflow(USD Billions)
$285 billion
$189 billion
Venture Capital Investment(USD billion)
$189 billion
Foreign Direct Investment Inflows 2024(USD billions)
$285 billion
$139 billion
Foreign Direct Investment Inflows 2025(USD billions)
$163B
Primary Tech Focus Area
AI, semiconductors, cloud, fintech
EV manufacturing, 5G, solar, semiconductors
Average EV Cost (Entry Model)(USD (converted))
$35,000-45,000
$16,800 (119,800 yuan)
GDP Per Capita (Nominal)(USD)
$94,430
$14,874
GDP per Capita (estimated 2026)(USD)
$96,500+
$14,800+
GDP Per Capita (2024)(USD)
$82,000
$12,500
Per Capita GDP (PPP)(USD)
$80,412
GDP Per Capita (PPP)(USD)
$76,398
$12,720
Show 2 more attributes
Per Capita Income(USD)
$76,500
$12,800
Per Capita GDP (2024)(USD)
$83,250
$12,720
GDP Per Capita 2026(USD)
$94,430
$12,700
GDP Gap vs Competitor(USD Trillions)
$11.1 trillion ahead
$11.1 trillion behind
Q1 2026 GDP Growth Rate(Percent Year-over-Year)
Data not available
5.0%
Real GDP growth rate(percent per year)
2.1%
5.0%
Q1 2026 Industrial Output Growth(Percent Year-over-Year)
Data not available
6.1%
GDP as Percentage of Global Economy(Percent)
~25-26% of global GDP
~16-17% of global GDP
Q1 2026 Inflation Rate(Percent)
Data not available
0.9% CPI
Inflation Rate (2025)(%)
2.9%
Inflation Rate(%)
2.8%
Inflation Rate(Percent)
3.2%
0.2%
Inflation Rate (2024)(Percent)
2.6%
0.2%
Global Economic Rank 2026(rank)
1st
World GDP Share(percent)
32.4%
Global GDP Share (2024)(Percent (%))
26.4%
Projected Global Rank 2031(rank)
1st (maintained)
Expected Consumption Growth 2026(%)
~1.8%
Share of Global GDP 2026(percent)
26.2%
Goldman Sachs Growth Forecast 2026(%)
Not specified
GDP Per Capita (Nominal, 2026)(USD)
$85,000
Nominal Gross Domestic Product(USD trillions)
$28.7 trillion
$17.9 trillion
Gross Domestic Product (GDP)(USD Trillion)
$27.4 trillion
$18.7 trillion
GDP Per Capita(USD)
$12,700
Fragile States Index(score)
44.5
Exchange Rate vs Euro(EUR conversion)
1 EUR = 1.1797 USD
GDP Advantage Over Rival(USD Trillion)
$11.53 trillion lead
36% smaller than US
Government Expenditure as % of GDP(percent)
37.74%
Projected Economic Growth 2026(percent)
3.5%
Manufacturing Sector Contribution(% of GDP)
11.8%
27%
Manufacturing Sector Share(% of GDP)
11%
28.4%
Service Sector Share(% of GDP)
80.1%
54.8%
Manufacturing Share of GDP(Percent)
11.5%
Manufacturing as Percentage of GDP(Percent (%))
11.8%
Show 8 more attributes
Manufacturing as % of GDP(percentage)
11.2%
28.5%
Manufacturing Sector(percent of GDP)
12%
Technology Sector(percent of GDP)
12%
Services Sector Share(Percent of GDP)
80%
Manufacturing as % of GDP(%)
11.8%
Manufacturing Output as % of GDP(%)
11.4%
29.2%
Manufacturing Sector Share of Economy(%)
28% (diversified)
Services Sector Contribution(% of GDP)
47%
Share of Global GDP(% of world economy)
25.5%
14.3%
Global Economic Share(%)
26% of world GDP
16% of world GDP
Global GDP Market Share(percent)
20.6%
Annual Automotive Exports(USD billion)
$156 billion
Global Fortune 500 Companies(count)
167 companies
Exports as % of GDP(percent)
11.2%
Real GDP Growth Rate (2024)(Percent Annual)
2.1%
5.2%
Foreign Exchange Reserves(USD Trillions)
$0.13T
$3.4T
Global Manufacturing Share(Percent of Global)
12%
31%
Manufacturing Output (Global Share)(percent)
16%
28%
Global Manufacturing Output Share(percent of world)
16.5%
28.3%
Share of Global Manufacturing Output(Percent)
16%
28%
Share of Global Manufacturing(%)
16%
28%
Show 1 more attribute
Manufacturing Output(% of global share)
28%
Tech Sector Market Capitalization(USD Trillions)
$15.2T (Apple, Microsoft, Google, Amazon, Nvidia, Tesla, Broadcom)
$4.8T (Alibaba, Tencent, Meituan weighted total)
Total Exports(USD trillions)
$2.1 trillion
$3.6 trillion
Total Merchandise Trade Volume(USD trillion)
$2.4 trillion
Total Annual Exports(USD trillion)
$2.1 trillion
$3.8 trillion
Trade Balance (Annual)(USD Billion)
$-$73 billion
+$632 billion (surplus)
Global Export Share(% of global exports)
8.2%
14.8%
Show 8 more attributes
Total Trade Volume (2024)(USD Trillions)
$7.1 trillion
$6.8 trillion
Global Trade Exports(USD Trillions)
$2.1 trillion
$3.6 trillion
Share of Global Trade(%)
13.3%
15.8%
Total Exports (2024)(USD trillions)
$2.1 trillion
$3.6 trillion
Annual Exports 2024(USD trillions)
$2.1 trillion
$1.6 trillion
Manufacturing Exports(USD Trillions)
$3.6T
Merchandise exports(billion USD)
$1,540 billion
Annual Exports Volume(USD trillions)
$3.6 trillion
GDP Per Capita 2024(USD)
$82,000
$12,700
Per Capita GDP(USD)
$87,000
$13,500
GDP per Capita(USD)
$82,200
$12,720
GDP Per Capita (2024)(USD)
$81,045
$12,720
Foreign Direct Investment Inflows(USD billions)
$285 billion (2023)
$189B
Foreign Direct Investment (Annual)(USD Billion)
$346 billion
$163 billion
GDP Per Capita(USD)
$82,500
Average Annual Wage(USD)
$62,400
Global Venture Capital Share(%)
65%
R&D Spending(% of GDP)
3.5%
$652 billion
Annual R&D Spending(USD Billion)
$809 billion
$696 billion
GDP Growth Rate(% annually)
2.5%
5.0%
GDP Growth Rate 2023(Percent Annual)
2.5%
Annual Real GDP Growth Rate(%)
2.5%
5.1%
Annual Growth Rate(Percent)
2.5%
Average Annual GDP Growth Rate(% per year)
2.1%
5.2%
Foreign Exchange Reserves(USD Billion)
$0.13 trillion
$3,200 billion
Annual Exports(trillion USD)
$2.1 trillion
$3.6 trillion
Annual Trade Balance(USD billions)
-$773 billion (deficit)
+$632 billion (surplus)
Global Trade Share(% of world trade)
12.3%
14.2%
GDP Growth Rate (2025)(% annual)
2.1%
E-commerce as % of Retail(percentage)
16.3%
Tech Sector Valuation(USD Trillions)
$12.4 trillion
$4.2 trillion
Technology Sector Market Cap(USD trillions)
$12.8 trillion
$4.2 trillion
Renewable Energy Share(%)
21% of electricity
18%
Fortune 500 Companies(count)
135 companies
142 companies
Projected GDP in 2030(USD trillion)
$31.2 trillion
$22.8 trillion
Projected GDP 2030(USD trillion)
$32 trillion
$24 trillion
Global Manufacturing Share(%)
16%
28%
Trade Surplus/Deficit(USD Billions)
-$73 billion deficit
Total Merchandise Exports(USD billion)
$2.3T
$1,230 billion
Trade Balance(USD billion)
+$631 billion (surplus)
Defense Spending(USD billion)
$820 billion
Annual Patent Filings(Count)
615,000
1,542,000
GDP at Purchasing Power Parity(USD trillion)
$27.4 trillion
$28.3 trillion
Trade Balance (2024)(USD Billions)
-$73.1 billion
Trade Balance(USD billions)
-$773 billion
+$821 billion surplus
Global Trade Volume Share(%)
8.2%
12.4%
Global Trade Export Share(% of global)
8.1%
12.3%
Global Trade Ranking(Position)
2nd largest exporter (after USA)
Working-Age Population Growth Rate(% Annual Change)
+0.4% (growing)
Manufacturing Output(USD trillion)
11%
$4.2 trillion
Average Annual Wage(USD)
$68,420
$11,500
Patent Filings (Annual)(millions)
0.38 million
Patent Filings in Technology(Annual count)
398,144
687,231
Patent Filings Annually (2023)(thousand filings)
615,000
1,820,000
Patent Filings (2024)(thousands filed)
415,000
1,200,000
R&D Spending (% of GDP)(percent)
3.4%
2.1%
Show 10 more attributes
Venture Capital Investment(USD billion)
$119 billion
Tech Patent Filings (Annual)(Count)
285,000
142,000
Research & Development Spending(percent of GDP)
3.5%
2.4%
Patent Filings(millions (2023))
0.84 million
1.59 million
R&D Investment(billion USD annually)
$840 billion
$369 billion
R&D Spending as % of GDP(%)
3.45%
2.89%
R&D Investment % of GDP(%)
3.5%
Technology & IT Sector as % of GDP(%)
8.7%
Patent Applications Filed (2023)(Count (thousands))
1,750,000
R&D Spending as % of GDP (2023)(%)
2.1%
Manufacturing Share of Global Output(percent)
17%
Automotive Production(Million vehicles annually)
30 million
EV Market Penetration (Domestic)(%)
9.8%
Stock Market Capitalization (2024)(USD trillions)
$42.8 trillion
$15.2 trillion
Foreign Direct Investment Inflows (2024)(USD Billions)
$285B
$163B
Tech Sector Market Capitalization (Top 7 Companies)(USD Trillion)
$14.2 trillion
$2.8 trillion
Tech Sector Market Capitalization(USD trillion)
$12.5 trillion
$4.2 trillion
Average Annual GDP Growth Rate (2010-2023)(%)
2.4%
6.8%
Average Annual GDP Growth (2020-2026)(Percent)
5.2%
Foreign Direct Investment Inflow (2023)(USD Billion)
$285 billion
$163 billion
Gini Coefficient (Income Inequality)(0-1 scale)
0.41
Healthcare Spending (% of GDP)(%)
17.3%
Foreign Direct Investment(billion USD)
$329 billion
$163 billion
Foreign Direct Investment (2025)(USD Billion)
$285 billion
$189 billion
Foreign Direct Investment (2024)(USD billion)
$189 billion
Working Age Population(million people)
170 million workers
920 million
Global Manufacturing Share (2024)(percent)
16%
28%
Manufacturing Output Share(% of Global)
16%
28%
Foreign Currency Reserves(USD Trillion)
$130 billion
$3.2 trillion
Stock Market Capitalization(USD trillion)
$45.2 trillion
$12.8 trillion
Average Annual Wage (Tech Sector)(USD)
$120,000
$38,000
Renewable Energy Capacity(Gigawatts)
680 GW
1,480 GW
Renewable Energy Generation(percent of total)
21.6%
Nominal GDP 2026(USD trillions)
$28.7 trillion
$17.9 trillion
Services Sector Share of GDP(%)
80%
Global GDP Share(%)
26%
17%
PPP-Adjusted GDP(USD trillion)
$27.9 trillion
$31.7 trillion
Share of Global GDP (2024)(Percent)
31%
Total Gross Domestic Product(USD Billions)
$27.4 trillion
Gini Coefficient (Inequality)(0-1 scale)
0.41
Gross Domestic Product(USD Trillions)
$27.4 trillion
$17.9 trillion
Gini Coefficient (Income Inequality)(0-1 scale)
0.41
Labor Productivity(USD/hour)
$68.40
Foreign Direct Investment Inflow(billion USD)
$285 billion
$189 billion
Annual Merchandise Exports(USD trillion)
$2.1 trillion
$3.6 trillion
Fortune 500 Tech Companies(companies)
195 companies
EV Production Market Share(% of Global)
18%
60%
Household Savings Rate(percent of disposable income)
3.4%
28%
Tech Sector as % of GDP(%)
8.2%
Foreign Direct Investment Inflow (2024)(USD billion)
$285 billion
$189 billion
Foreign Direct Investment Inflows(USD billion)
$189 billion
Total Trade Volume(USD Trillions)
$7.2 trillion
$8.1 trillion
Population 2025(billions)
0.34 billion
1.4 billion
Corporate Income Tax Rate(percent)
21%
Manufacturing Output Growth(percent annual)
1.8%
Technology Sector Market Capitalization(trillion USD)
$12.4 trillion
$2.8 trillion
Real GDP Growth Rate (2025)(% annual)
4.2%
IT Services & Software Exports(USD Billion)
$220 billion
Semiconductor Market Share(Percentage)
8-10%
Advanced Semiconductor Leadership(Market Share %)
Limited by US export controls
Foreign Direct Investment Inflows (Annual)(USD Billion)
$163.5 billion
Digital Payment Transaction Value(USD trillion)
$12.3 trillion
Semiconductor Export Value (2023)(USD billions)
$90 billion
Consumer price inflation(percent per year)
0.8%

Pros & Cons

10 pros·6 cons across both

United States Economy
CE
United States Economy

United States Economy

+5-3

Pros

  • Largest nominal GDP at $28.7 trillion with 2.5% average annual growth
  • Highest GDP per capita at $76,398, indicating strong individual prosperity
  • Dominates global technology sector with $12.4 trillion in Big Tech market capitalization
  • World's deepest capital markets with $53 trillion in stock market value
  • Leading innovation hubs (Silicon Valley, Boston) driving 22% of global patent filings

Cons

  • Trade deficit of $773 billion annually limits manufacturing competitiveness
  • Rising national debt of $36 trillion (129% of GDP) creating fiscal pressure
  • Widening income inequality with Gini coefficient of 0.41 reducing social cohesion
CE

China Economy

+5-3

Pros

  • Manufacturing powerhouse controlling 28% of global manufacturing output with cost advantages
  • Trade surplus of $612 billion annually strengthening currency reserves and export capacity
  • Massive infrastructure spending with $1.2 trillion annual capital investment
  • Fastest-growing renewable energy sector with 60% of global solar panel production
  • Export-led growth creating 400+ million manufacturing jobs across supply chains

Cons

  • GDP per capita of only $12,720 limiting individual consumer purchasing power
  • Slowing growth rate of 4.8% (down from 10% pre-2010) due to demographic decline
  • Significant corporate debt at 160% of GDP creating financial stability risks

Frequently Asked Questions

5 questions

  1. China started from a lower base and has been catching up, but the US had a 70-year head start in industrialization. China's 4.8% growth compounds on a $17.9 trillion base, while the US 2.5% growth applies to $28.7 trillion. At current rates, China would need 15-20 years to match US nominal GDP, though this assumes sustained growth without slowdowns.

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