TEHRAN – Iran is ranked world’s 18th biggest economy in 2017 based on gross domestic product (GDP) measured upon Purchase Power Parities (PPP), ISNA reported on Saturday citing World Bank’s latest data.

As reported by knoema.com, with a GDP totaled at $428 billion in 2017, Islamic Republic of Iran also occupied the 27th place in the world GDP ranking list based on current prices.

The global GDP in current prices is expected to reach $79.3 trillion in 2017, $3.8 trillion more than 2016’s total $75.5 trillion.

Compared upon current-prices-based GDP, The United States, China, Japan, Germany, and France are world’s top five economies followed by Britain, India, Brazil and Canada. 

The U.S. GDP reached a total of $19.362 trillion and China as Asia’s top economy registered $11.938 trillion while Japan’s GDP stood at $4.884 trillion.

According to the report, world’s top five economies account for 50 percent of the global GDP.

Iran's GDP growth stood at 4.5 percent in the first half of the preset Iranian calendar year 1396 (ended September 22, 2017), based on the fixed prices in the Iranian year 1390 (ended March 19, 2012), Central bank of Iran (CBI) reported in mid-January.

EF/MA