Breaking News: Economy of Saudi Arabia (population of only 30 million) has overtaken Canada! (income)

[Daywalk]

According to the newest database published by the World Bank, Saudi Arabia's GDP (PPP) has edged out Canada's in 2012.

GDP (PPP) in 2012: GDP ranking, PPP based | Data

Saudi Arabia - 1.462 trillion international dollars
Canada - 1.435 trillion international dollars

This is historical as no country in the past century with a smaller population than Canada's was able to overtake Canada's economic power.
As well, we can see that other major emerging/developing countries, such as Turkey, Iran, Nigeria, Taiwan, and Thailand are quickly catching up to Canada.

However, at market exchange rates, Canada's economy is still way ahead of Saudi Arabia's.

GDP (nominal) in 2012: GDP (current US$) | Data | Table

Canada - US$1.780 trillion
Saudi Arabia - US$0.711 trillion

[botticelli]

No worries. half of Saudi's economy comes from selling oil. Such an economy is not healthy nor sustainable.

Also noticed that China is only 10% less than US and India has surpassed Japan.

[spicymeatball]

Originally Posted by botticelli

No worries. half of Saudi's economy comes from selling oil. Such an economy is not healthy nor sustainable.

Also noticed that China is only 10% less than US and India has surpassed Japan.

Yup. Of course per capita, Japan and the Us are still many times richer than the average Chinese or Indian person.

[fusion2]

Per capita GDP numbers still don't take into account how favourable that rise benefits the average joe. Canada does a much better job of distributing wealth and as such has a more rich and well to do middle class than Saudi Arabia does when accounting for median income. Having said that it is still a good news story for Saudi Arabia and hopefully the wealth will become more and more distributed to the avg joe... but I dunno

[Jesse44]

Originally Posted by botticelli

no worries. Half of saudi's economy comes from selling oil. Such an economy is not healthy nor sustainable.

Quoted for truth.

[mikeyyc]

You quote that Saudi has "only" 30 million people. How many people do you think live in Canada?