Eastern Europe Compared by Economy > GDP > Official exchange rate

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.


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


"Countries Compared by Economy > GDP > Official exchange rate. International Statistics at NationMaster.com", CIA World Factbooks 18 December 2003 to 28 March 2011. Aggregates compiled by NationMaster. Retrieved from http://www.nationmaster.com/country-info/group-stats/Eastern-Europe/Economy/GDP/Official-exchange-rate

Eastern Europe Compared by Economy > GDP > Official exchange rate


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