timelets

China becomes third largest economy

By Geoff Dyer in Beijing

Published: January 14 2009 14:20 | Last updated: January 14 2009 19:08

China overtook Germany to become the world’s third-largest economy in 2007 after the Chinese authorities revised upwards the figures for growth during that year.

China’s National Bureau of Statistics said on Wednesday that the economy expanded by 13 per cent in 2007, a sharp increase from the 11.9 per cent growth rate the authorities had previously stated.

According to the IMF, Germany’s GDP was $3,321bn in 2007, using market exchange rates for that year. By the new estimate China’s GDP was $3,382bn. US GDP was $13,807bn and Japan $4,382bn. China is also close to surpassing Germany to be the world’s biggest exporter.

http://www.ft.com/cms/s/0/8d9337be-e245-11dd-b1dd-0000779fd2ac.html