

China’s economy grew so rapidly in the first half of 2007 that it is likely to overtake Germany as the world’s third-largest by the end of this year, analysts say. China’s sizzling economy expanded even faster than originally thought last year, with the government revising 2006 growth domestic product (GDP) to 11.1 percent from 10.7 percent. China’s statistics bureau said the economy was worth 21.09 trillion yuan in 2006 (USD 2.65 trillion). The revision puts China in striking distance of Europe’s largest economy within months. (AFP)

GDP Per capita (PPP) Chinese are still quite poor on average (although due to high income inequality people in the cities are probably middle income on a global scale and many in the rural areas are quite poor, like $2 a day or less):

87 People’s Republic of China 7,598 2005

Last year the stats according to the IMF were:

Rank Country GDP (millions of USD)
Gross world product 44,384,871
1 United States 12,455,068
2 Japan 4,533,965
3 Germany 2,794,926
4 People’s Republic of China 2,234,297
5 United Kingdom 2,198,789
6 France 2,126,630 a
7 Italy 1,762,519
8 Spain 1,124,640
9 Canada 1,113,810
10 India 805,714