The pressure on sterling following the UK's decision to
leave the European Union has seen France climb above the UK to become the
world's fifth biggest economy.
France and Britain were vying for fifth place on
the list of
the world's biggest economies on Wednesday, with France nudging
ahead after a renewed slump in the pound in the wake of the Brexit vote,
Reuters calculations showed.
Britain's gross domestic product stood at 1.864 trillion
pounds in 2015, according to the last available figures from the International
Monetary Fund.
The average exchange rate for the year in question is
commonly used for comparisons between countries. But using the current exchange
rate, France has pulled slightly ahead.
With the pound falling below 1.17 euros overnight for the
first time since 2013, that means the size of the British economy in 2015 is
now equivalent to 2.172 trillion euros - less than France's official GDP of
2.182 trillion euros last year.
Britain's vote in a referendum on June 23 to quit the EU has
hammered financial markets, rattled businesses and punished the pound, which
was trading at 1.1650 euros as of 1440 GMT on Wednesday.
But volatile exchange rates meant the figures were hard to pin
down. Britain briefly regained fifth spot after the pound broke above 1.17
euros for a few hours on Wednesday, only to sag again in mid-afternoon trade.
The pound did recover somewhat on Thursday to trade at
1.17510.
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