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Russia breaks into top 5 world economies,displacing Germany

Russia has overtaken Germany as the fifth largest economy in terms ofpurchasing power parity, according to the latest World Bank rankingthat measures 214 economies based on their 2012 GDP performance.

Russia's oil and export driven economy is ranked fifth amongst the topten economies in the world with $3.4 trillion in GDP. In 2011, Germanysurpassed Russia in GDP with $3.227 trillion compared to Russia’s $3.203trillion. In 2005, Russia was in eighth place.

Rank Country Purchasing Power Parity

Published time: July 16, 2013 09:59Edited time: July 17, 2013 10:22

Reuters / Anton Golubev

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1 United States $15.6 trillion

2 China $12.4 trillion

3 India $4.8 trillion

4 Japan $4.5 trillion

5 Russia $3.4 trillion

6 Germany $3.3 trillion

7 Brazil $2.4 trillion

8 France $2.4 trillion

9 United Kingdom $2.3 trillion

10 Mexico $2.0 trillion

The report was published last week in an annual ranking of GDP. TheWorld Bank also updated their ranking of countries in terms of grossnational product (GNP) per capita, grouping Russia in the ‘high income’nation block, with individual yearly income of $12,616 or more.

The United States was ranked by the World Bank as the world's largesteconomy by purchasing power parity last year with $15.7 trillion,followed by China with $12.5 trillion, India with $4.8 trillion, and Japanwith $4.5 trillion.

Prime Minister Dmitry Medvedev publicly lauded the advance onMonday, as did President Vladimir Putin, but warning his country stillneeds to be financially vigilant.

"The World Bank has concluded that Russia has the fifth strongestpurchasing power in the world. According to this indicator, we are ahead ofthe Federal Republic of Germany. But we have a lot of areas that still needspecial attention," Putin said at a socio-economic meeting in the Sakhalinregion, an energy rich Far East island north of Japan where Rosneft justput the final touches on a new drilling platform ‘Orlan’ in the Sea ofOkhotsk. Sakhalin-1, a joint venture with Japan, India, and the US, hasreserves of 2.3 billion barrels of oil and 485 billion cubic meters of gas.

In June, the World Bank cut its growth forecast for Russia to less than 2.2percent in 2013 and 3 percent in 2014, after revising January forecast theeconomy would grow by 3.6 percent in and 3.9 percent in 2014. This isthe 'new normal' for lethargic global demand and momentum,according to the report's author Andrew Burns.

The World Bank rating differs from the International Monetary Fund,where Russia is listed as the eighth largest economy with a GDP of $2trillion. The same matrix calculates the US GDP as the first with $15.7trillion, China second with $8.2 trillion, Japan third with $6 trillion,

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Germany fourth with $3.4 trillion, France fifth with $2.6 trillion, the UnitedKingdom sixth with $2.4 trillion, and Brazil seventh with $2.4 trillion.

The purchasing power parity rate is determined on how many goodsand services $1.00 can buy in different countries.

Rankings were only assigned to economies with confirmed PPP GDPestimates.

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84 comments

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0

Reply27.06 11:13

Jan Lackner

[quote name='Jan Lackner' time='27.06.2014 22:12']But don't worry russian people, more than half of the austrian people want a partnership with russia, not with the united drone states.

The mainstream press is telling lies but smart people know it. Only 27% of Austrian think bad of Putin. More than 50% of Austrian People think bad of their own chancellor :-)[/quote]These where polls from serious sources.

0

Reply27.06 11:12

Jan Lackner

But don't worry russian people, more than half of the austrian people want a partnership with russia, not with the united drone states.

The mainstream press is telling lies but smart people know it. Only 27% of Austrian think bad of Putin. More than 50% of Austrian People think bad of their own chancellor :-)

0

Reply27.06 11:08

Jan Lackner

In Austria 5% own as much as the rest of the country. Normal workers or employees have to get a credit too, to buy an apartment or a car. Its the same, wherever you go in our world

0

Reply2013.08.07 21:17

Cesar Ivan Landero

Very good,,,we all that money ,,nobody shoud be poor,,,or hungry,,,,,,but we have. Evil goverments...they care about themself only.....and while the rest Of the world ,,,goes down........take that....and think about it.......good night????

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