Eastern Europe Compared by Economy > GDP > Official exchange rate
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DEFINITION:
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.
CONTENTS
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# | COUNTRY | AMOUNT | DATE | GRAPH | HISTORY |
---|---|---|---|---|---|
1 | Russia | $2.00 trillion | 2012 | ||
2 | Poland | $483.20 billion | 2012 | ||
3 | Czech Republic | $193.00 billion | 2012 | ||
4 | Ukraine | $173.90 billion | 2012 | ||
5 | Romania | $167.10 billion | 2012 | ||
6 | Hungary | $124.00 billion | 2012 | ||
7 | Slovakia | $90.67 billion | 2012 | ||
8 | Azerbaijan | $67.87 billion | 2012 | ||
9 | Belarus | $62.40 billion | 2012 | ||
10 | Croatia | $55.71 billion | 2012 | ||
11 | Bulgaria | $50.33 billion | 2012 | ||
12 | Slovenia | $44.81 billion | 2012 | ||
13 | Serbia and Montenegro | $38.92 billion | 2010 | ||
14 | Serbia | $38.02 billion | 2012 | ||
15 | Bosnia and Herzegovina | $17.09 billion | 2012 | ||
16 | Georgia | $15.62 billion | 2012 | ||
17 | Albania | $12.38 billion | 2012 | ||
18 | Armenia | $9.78 billion | 2012 | ||
19 | Moldova | $7.15 billion | 2012 | ||
20 | Kosovo | $6.36 billion | 2012 | ||
21 | Montenegro | $4.16 billion | 2012 |