On Wednesday France surpassed Britain in terms of economy and came in fifth place, taking advantage of another weakening of the pound sterling, according to Reuters, citing its own calculations.
According to recent IMF data, the UK GDP in 2015 amounted to £1,864 trillion. The Agency notes that, as a rule, the place of a country is determined by the average exchange rate for the respective year, but at current exchange rates France have bypassed the UK.
The night before the pound for the first time since 2013, fell below EUR 1.17. This means that in 2015, British GDP was equal to €2,172 trillion, less than the official French GDP amounted to €2,182 trillion.
Reuters notes that the volatility in the currency markets leads to the fact that these indicators are constantly changing. For example, the Kingdom briefly regained the fifth place, when the pound for a few hours exceeded EUR 1.17, but after noon, he again fell.
The Agency reminds that according to the population of France and Britain are roughly equal. In the UK as of 2011 lived up 60.8 million people, and in France at the beginning of 2016 64.5 million
Both countries had previously interchanged according to the size of the economy. In 1997, the UK has bypassed on this indicator France, but the financial crisis of 2008 led to the fall of the pound and the loss of fifth place, which once again managed to take only in 2014.
The world’s largest economy is the United States. Followed by China, Japan and Germany. If we consider the European Union as a separate state entity, it is the largest economy in the world according to the world Bank, and the second — according to the IMF.
On June 23 the British referendum voted to secede from the European Union, which led to the depreciation of the pound, which is 16:40 GMT cost €1,1650.