Brazil overtakes Canada and Spain to become world’s eighth largest economy
Brazil has overtaken Canada and Spain to become the world’s eighth largest economy, relegating Spain to ninth place, Spanish newspaper Expansión reported Wednesday.
According to the paper, and based on data from Bloomberg, comparing the growth of the world’s top ten economies between the period ranging from the second quarter of 2006 to the first quarter of 2007, and the second quarter of 2009 to the first of 2010, Spain lost its eighth place to Brazil and became the world’s ninth largest economy (by gross domestic product in these periods).
The Brazilian economy also overtook the Canadian economy, which became the tenth-largest (despite officially being a G7 member).
China’s performance was also notable, as it became the second-largest economy in the list of the top ten, relegating Japan to third place.
Out of the top ten countries, just two posted lower GDP in 2010 than at the end of the first quarter of 2007, with the biggest drop posted by the United Kingdom, followed by Italy.
The United States remained in first place, with a GDP of more than double that of China (second) and Japan (third), as well as being bigger than both of these economies combined.