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The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The empire's largest economy in 1913 was the United Kingdom with an 8.22% share of world GDP, followed by British India with a 7.47% share. [20]
Evolution of the GDP per capita for selected European countries between 1830 and 1890, according to Bairoch. The following estimates were made by the economic historian Paul Bairoch. [24] Unlike other estimates on this page, the GNP (PPP) per capita is given here in 1960 US dollars. Unlike Maddison, Bairoch allows for the fluctuation of borders ...
First estimation of India's national income by Dadabhai Naoroji; 1870 India's economy had a 9.2% share of world income under the British Empire. [18] 1900 Under the British Empire, India's share of manufacturing declined to 2% of global industrial output. [12] 1913 India's economy had a 5.4% share of world income under the British Empire. [18] 1930
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
Latin American and the Caribbean countries by GDP per capita PPP (2019). This is a list of Latin American and the Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund 's estimates in the October 2023 World Economic Outlook database.
Railway map of India in 1871 CE Railway map of India in 1909 CE. British investors built a modern railway system in the late 19th century—it became the then fourth-largest in the world and was renowned for the quality of construction and service. [118] The government was supportive, realising its value for military use and for economic growth.
On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. [5] The rankings of national economies over time have changed considerably; the economy of the United States surpassed the British Empire's output around 1916, [6] which in turn had surpassed the economy of the Qing dynasty in aggregate output decades earlier.
Paul Bairoch, for example, cites British colonialism in India as a primary example, but also argues that European colonialism played a major role in the deindustrialization of other countries in Asia, the Middle East, and Latin America, and contributed to a sharp economic decline in Africa. [141]