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In the News

India overtakes the UK and becomes 5th largest economy

Geoff Riley

22nd December 2016

Accelerated by the post-Brexit depreciation of sterling against the US dollar but part of a much bigger shift in the centre of gravity in the world economy, the value of Indian GDP has overtaken the UK based on 2016 data.

Here is the basic data:

  • UK’s GDP in 2016 of $1.87 trillion converts to $2.29 trillion at exchange rate of £0.81 per $1
  • India’s GDP of INR 153 trillion converts to $2.30 trillion at exchange rate of INR 66.6 per $1

The French overtook us in the summer - more here

If we measure GDP at PPP exchange rates then the UK is the world’s 9th largest economy, with India, Russia, Brazil and Indonesia now also ahead of the UK - more here from a blog from the House of Commons research department

Here is the league table of the countries with the largest GDP - taken from the IMF World Economic Outlook and produced before the June 23rd referendum and subsequent fall in sterling

Find more statistics at Statista

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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