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Russia ranked 5th largest economy- World Bank
July 16, 2013, 3:27 pm

[Getty images]

Russia has now overtaken Germany as fifth largest economy in terms of PPP [Getty images]

Russia has overtaken Germany as the fifth largest economy in terms of purchasing power parity, World Bank GDP ratings reveal.

The World Bank figures show that Russia’s gross domestic product (GDP) totalled $3.38 trillion last year.

Germany is now at number six in the rankings after recording $3.30 trillion in GDP during the same period.

The United States topped the rankings with $15.68 trillion, followed by China ($12.47 trillion), India ($4.79 trillion) and Japan ($4.49 trillion).

Russia’s Prime Minister Dmitry Medvedev publicly praised the results.

“I’ve just looked at the news story that Russia has moved to fifth place in the ranking of the world’s largest economies by GDP, edging out Germany. I don’t know the methodology that the World Bank used, probably by purchasing power parity, but this is good news,” Medvedev said.

Ukraine performed best among the CIS (Commonwealth of Independent States) countries with $338.2 billion.

The World Bank’s GDP purchasing power parity rating is compiled in international dollars, which have the same purchasing power over GDP as the US dollar has in the United States.

“GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources,” the World Bank explains.

The GDP rating based on PPP is different from the IMF’s nominal GDP rating, where Russia is ranked only eighth with $2 trillion.

Daria Chernyshova in Moscow, Russia for The BRICS POST, with inputs from Agencies

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