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.

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