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Spain Set to Surrender Rank of 12th-Biggest Economy to Australia

Australia, driven by the biggest resource-investment expansion since the 19th century, is poised to overtake debt-laden Spain as the world’s 12th largest economy, measured by gross domestic product.

Australia’s $1.379 trillion economy will probably supplant Spain’s $1.386 trillion GDP this quarter, data compiled by Bloomberg from the national statistics agencies of both countries show. The International Monetary Fund projected in January that Australia’s economy would be $3 billion smaller than Spain’s by the end of this year.