Russia Remains World's Fifth-Largest Economy By Purchasing Power Parity In 2022

Russia's GDP by purchasing power parity (PPP) in 2022 for the first time ever exceeded $5 trillion, allowing the country to remain the world's fifth-largest economy, Sputnik calculated on Friday using data from the World Bank

MOSCOW (UrduPoint News / Sputnik - 04th August, 2023) Russia's GDP by purchasing power parity (PPP) in 2022 for the first time ever exceeded $5 trillion, allowing the country to remain the world's fifth-largest economy, Sputnik calculated on Friday using data from the World Bank.

Russia's GDP by PPP reached record $5.33 trillion last year compared to $4.97 trillion in 2021. Russia became the world's fifth-largest economy based on purchasing power parity for the second year in a row. In 1998, it ranked the 12th with $807 billion.

China became the world largest economy by purchasing power parity for the seventh consecutive year. Its GDP grew by 10% in 2022 and for the first time in history exceeded $30 trillion.

The United States, whose economy dropped to the second place in 2016, increased by 9% over the year to $25.5 trillion.

India closes the top three with GDP by PPP of $11.9 trillion, while Japan is in fourth with $5.7 trillion.

Germany remains the sixth with $5.31 trillion, followed by Indonesia with $4 trillion, Brazil with $3.84 trillion, France with $3.77 trillion and the United Kingdom with $3.66 trillion.

The global economy by PPP grew 11% to $164.2 trillion. This is a triple increase on its $54.1 trillion value 20 years ago.

PPP is a macroeconomic indicator that measures the total amount of goods and services that a single unit of a country's currency can buy in another country.