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Russia: Russian economy leaves Germany in its wake00:43

Russia: Russian economy leaves Germany in its wake

Russian Federation, Sakhalin
July 16, 2013 at 12:26 GMT +00:00 · Published

Russia: Russian economy leaves Germany in its wake

Speaking at a socio-economic meeting in the Sakhalin region, an energy-rich island north of Japan, Russian President Vladimir Putin commented on the latest figures from the World Bank. The figures place the Russian economy above Germany's in terms of purchasing power parity (PPP), according to the latest World Bank ranking that measures 214 economies based on their 2012 economic performance. Russia's economy ranked fifth in the world last year with $3.40 trillion (€2.60 trillion) in gross domestic product based on PPP, pushing Germany into sixth.

In response, Putin stressed: "The World Bank has concluded that Russia has the purchasing power of the fifth economy in the world. According to this indicator, we are ahead of the Federal Republic of Germany. But we have a lot of areas that still need special attention".

The purchasing power parity rate is determined on how many goods and services $1.00 can buy in different countries. In 2005, Russia was in eighth place in the World Bank's ranking.

Russia: Russian economy leaves Germany in its wake00:43
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Russia: Russian economy leaves Germany in its wake

Speaking at a socio-economic meeting in the Sakhalin region, an energy-rich island north of Japan, Russian President Vladimir Putin commented on the latest figures from the World Bank. The figures place the Russian economy above Germany's in terms of purchasing power parity (PPP), according to the latest World Bank ranking that measures 214 economies based on their 2012 economic performance. Russia's economy ranked fifth in the world last year with $3.40 trillion (€2.60 trillion) in gross domestic product based on PPP, pushing Germany into sixth.

In response, Putin stressed: "The World Bank has concluded that Russia has the purchasing power of the fifth economy in the world. According to this indicator, we are ahead of the Federal Republic of Germany. But we have a lot of areas that still need special attention".

The purchasing power parity rate is determined on how many goods and services $1.00 can buy in different countries. In 2005, Russia was in eighth place in the World Bank's ranking.

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