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.
|3||South Korea||$1.60 trillion||2012|
|12||New Zealand||$130.90 billion||2012|
|14||North Korea||$40.00 billion||2011|
|16||East Timor||$23.19 billion||2012|
|19||Papua New Guinea||$18.68 billion||2012|
|22||Solomon Islands||$1.86 billion||2012|
|26||Federated States of Micronesia||$739.00 million||2012|
|28||Marshall Islands||$469.00 million||2012|
Interesting observations about Economy > GDP > Purchasing power parity
- United States has had the highest GDP > purchasing power parity since 2008.
- 2 of the top 3 countries by GDP > purchasing power parity are Cold countries'.
- European Union has ranked in the top 2 for GDP > purchasing power parity since 2005.
- China has ranked in the top 3 for GDP > purchasing power parity since 2005.
- Japan has ranked in the top 4 for GDP > purchasing power parity since 2005.
- India has ranked in the top 5 for GDP > purchasing power parity since 2005.
- Germany has ranked in the top 6 for GDP > purchasing power parity since 2005.
- United Kingdom has ranked in the top 8 for GDP > purchasing power parity since 2005.
- Russia has ranked in the top 7 for GDP > purchasing power parity since 2008.
- France has ranked in the top 10 for GDP > purchasing power parity since 2005.