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Russia Takes 5th Place in World GDP Rankings

Russia has been ranked as the world's fifth-largest economy by GDP based on purchasing power parity, winning praise from Prime Minister Dmitry Medvedev on Monday.

The World Bank's new GDP rating, published last week, shows that Russia overtook Germany last year to rank fifth with $3.4 trillion, versus Germany's $3.3 trillion. In 2011, Russia's GDP based on purchasing power parity totaled $3.203 trillion, compared with Germany's $3.227 trillion.

The United States ranked as the world's largest economy by purchasing power parity last year with $15.7 trillion, followed by China with $12.5 trillion, India with $4.8 trillion, and Japan with $4.5 trillion.

"I don't know the methodology that the World Bank used, probably by purchasing power parity, but this is good news," Medvedev said.

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