The U.S. economy lost the title of “world’s biggest” to the euro zone this week as the value of the dollar slumped in currency markets.
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Taking official estimates of 2007 GDP — $13,843,800 billion for the United States and 8,847,889.1 billion euros for the euro zone — the economy of the latter passed the United States once converted into dollars, shortly after the euro topped $1.56.
The dollar sank to $1.5688 per euro late in European trading hours on Friday, at which rate the euro zone’s 2007 GDP equates to $13,880,568.4 billion.
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Weak dollar costs U.S. economy its No. 1 spot | Reuters
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