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 purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
Interesting observations about Economy > GDP > Purchasing power parity per capita
- Bermuda ranked first for GDP > purchasing power parity per capita amongst Hot countries in 2004.
- Qatar ranked first for GDP > purchasing power parity per capita amongst Muslim countries in 2010.
- Liechtenstein ranked first for GDP > purchasing power parity per capita amongst Christian countries in 2008.
- Singapore ranked first for GDP > purchasing power parity per capita amongst Heavily indebted countries in 2010.
- Luxembourg ranked first for GDP > purchasing power parity per capita amongst European Union in 2010.
- Hungary ranked first for GDP > purchasing power parity per capita amongst Emerging markets in 2010.
- Iraq ranked first for GDP > purchasing power parity per capita amongst Failed states in 2010.
- Equatorial Guinea ranked first for GDP > purchasing power parity per capita amongst Sub-Saharan Africa in 2010.
- United States ranked third for GDP > purchasing power parity per capita amongst High income OECD countries in 2010.
- Norway ranked first for GDP > purchasing power parity per capita amongst Sparsely populated countries in 2010.