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. Figures expressed per capita for the same year.
|31||Bosnia and Herzegovina||$4,243.45||2010|
Interesting observations about Economy > GDP > Official exchange rate per capita
- Qatar ranked first for GDP > official exchange rate per capita amongst Hot countries in 2010.
- United States ranked first for GDP > official exchange rate per capita amongst Heavily indebted countries in 2010.
- Liechtenstein ranked first for GDP > official exchange rate per capita amongst Christian countries in 2008.
- Australia ranked second for GDP > official exchange rate per capita amongst Former British colonies in 2010.
- Luxembourg ranked first for GDP > official exchange rate per capita amongst European Union in 2010.
- Kuwait ranked second for GDP > official exchange rate per capita amongst Muslim countries in 2010.
- Iraq ranked first for GDP > official exchange rate per capita amongst Failed states in 2010.
- Equatorial Guinea ranked first for GDP > official exchange rate per capita amongst Sub-Saharan Africa in 2010.
- Norway ranked third for GDP > official exchange rate per capita globally in 2010.
- Estonia ranked first for GDP > official exchange rate per capita amongst Emerging markets in 2010.