For the first time, China participated in the survey by the International Comparison Program. India piped up for the first time since 1985, which is probably why estimates had been so far off. Less reliable data gathering in the past led to estimates that both countries' GDP's were as much as 40% larger than they actually were.
Still, China is the world's No.2 economy and swelling, with 9% of production, while India rings in at No. 5 with more than 4%. The U.S. still takes the top slot, while Japan and Germany round out the top five.
NPR pointed out Tuesday that the news means China won't be the world's largest economy in 2012 as the World Bank had previously forecast, and it could make a difference with respect to international loans and aid.
The survey also indicated that the top 12 economies account for more than two-thirds of global output — the other seven are the United Kingdom, France, Italy, Spain, Russia, Brazil, and Mexico. — Carolyn Murphy
See World Bank press release
See story from NPR
