France
has overtaken Britain to take fifth place on the list of the world’s
largest economies after the pound slumped to a fresh 31-year low
following last month’s Brexit vote.
The pound has fallen by about 14 per cent against the dollar since it hit $1.50 ahead of the referendum result, and has fallen 0.9 per cent against the euro to €1.1656 on Wednesday.
The fall against the euro – to the lowest level since 2013 – puts the value of France’s gross domestic product for 2015 slightly ahead of Britain’s according to one measure.
GDP is normally calculated over a year using average exchange rates, but if the rate for Wednesday is used France’s official GDP of 2.182 trillion euros would surpass Britain’s 2.172 trillion euros, Reuters reported.
The pound has fallen by about 14 per cent against the dollar since it hit $1.50 ahead of the referendum result, and has fallen 0.9 per cent against the euro to €1.1656 on Wednesday.
The fall against the euro – to the lowest level since 2013 – puts the value of France’s gross domestic product for 2015 slightly ahead of Britain’s according to one measure.
GDP is normally calculated over a year using average exchange rates, but if the rate for Wednesday is used France’s official GDP of 2.182 trillion euros would surpass Britain’s 2.172 trillion euros, Reuters reported.
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