GDP (purchasing power parity): $12.38 trillion (2012 est.)
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.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of February 21, 2013See Also
Related Data From the International Monetary Fund
Variable: Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP
Note: These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurement of global growth and Box A.1 in the May 2000 World Economic Outlook for a summary of the revised PPP-based weights, and Annex IV of the May 1993 World Economic Outlook. See also Anne Marie Gulde and Marianne Schulze-Ghattas, Purchasing Power Parity Based Weights for the World Economic Outlook, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1993), pp. 106-23.
Units: Current international dollar
Country-specific Note: See notes for: Gross domestic product, current prices (National currency).
Source: International Monetary Fund - 2011 World Economic Outlook
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