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4 Aug, 2023 12:15

Russia becomes Europe’s biggest economy – report

The country’s GDP in PPP terms is outperforming that of Germany, according to World Economics
Russia becomes Europe’s biggest economy – report

Russia was among the world’s five largest economies and the largest in Europe in terms of purchasing power parity (PPP) as of the end of 2022, despite Western sanctions, the latest World Economics report has revealed. 

According to estimates based on official country data published by the World Bank and the IMF, Russia's gross domestic product was $5.51 trillion in PPP terms at the end of last year. The figure is 38% larger than the official estimate of $3.993 trillion, the report noted.

It also showed that the Russian economy was ahead of Germany’s when measured in purchasing-power parity, with the latter’s GDP at $5 trillion.

China topped the list as the world’s biggest economy ($31 trillion), followed by the US, India, and Japan. The top 10 also included Indonesia, Brazil, and Türkiye.

The IMF and World Bank both recently raised their forecasts for the Russian economy, saying GDP would continue to grow despite sanctions, underpinned by strong trade and industrial production, as well as higher-than-expected energy revenues.

According to the World Bank, Russia’s growth is expected to turn positive in 2024, but will remain modest at 1.2%.

The Russian government has maintained a positive outlook for the economy. Prime Minister Mikhail Mishustin has predicted that, by 2024, the Russian economy will be able to overtake developed countries in terms of growth.

For more stories on economy & finance visit RT's business section

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