Index Methodology

We calculate the GDP impact, business activity impact, jobs supported, and exports generated by the millions of Shopify-powered entrepreneurs in our ecosystem. Then, we compare this impact with the national values of each country or state. To account for the overall number of Shopify-powered entrepreneurs in any given country, we look at the performance of each statistic both at the per capita level and overall. To rank the economies, we use a weighted average of two values for each factor — the absolute value and growth rate.

This methodology highlights the economic impact of entrepreneurs in a given country. It helps identify the regions where entrepreneurs are growing the fastest or making the greatest economic contribution to their overall economy.

Data Methodology

Shopify contracts a third-party economic advisory team at Deloitte, to conduct the data analysis. They use a global, multi-region input-output framework to measure the economic impact of businesses that Shopify enables. This model represents an extension of a single country input-output framework that is a standard approach in economic impact analysis allowing for a clear distinction between direct, indirect, and induced impacts.

Gross Domestic Product (“GDP”): represents the total unduplicated value of goods and services produced by merchants. This includes merchants’ suppliers and their induced impacts.

Jobs Supported: represents the number of jobs supported or sustained from merchants who use Shopify’s platform to produce goods and services. This includes merchants’ suppliers and their induced impacts.

Exports: represents the total amount of money from items that merchants sell to people who live outside of their own country or region.

Business Activity: represents the gross output generated or supported in the economy because of the items that merchants sell on Shopify. This includes not only merchants’ revenue but also the revenue of merchants’ suppliers who provide materials and services to merchants as well as the revenue associated with the supply of household items at the induced level.

*Index ranking calculation is conducted by Shopify, not Deloitte.