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 January 1, 2012See also: GDP (purchasing power parity) map
China denies becoming world's largest economy on PPP terms
Economic Times - 1/20/2015 3:01:42 PM
BEIJING: China today refuted claims that it has overtaken the United States as the world's largest economy on purchasing power parity ... remains a developing country with a population of 1.3 billion, which means per capita GDP is still very low, he ...
The real reason China isn’t the world’s biggest economy
Yahoo News - 1/26/2015 10:25:33 PM
Purchasing power parity (PPP) appears to be an elegant concept that measures GDP adjusted for the power money has in terms of a country’s local prices ... appear higher than those in the rest of the world. This conclusion comes not just from anecdotal ...
China Says U.S. Still World’s Largest Economy
chinatopix.com - 1/20/2015 10:36:50 AM
The head of China's National Bureau of Statistics (NBS) said that contrary to reports, China has not overtaken the U.S. as the world's largest ... year based on purchasing power parity (PPP). PPP measures gross domestic product (GDP) in terms of prices ...
UPDATED: Egypt falls 3 places in top 10 cheapest countries compared to US , Burgernomics says
egyptindependent.com - 1/23/2015 8:31:35 AM
It is based on the theory of purchasing-power parity ... currency in the world is Ukraine, where the Big Mac costs $1. 2. This adjusted index addresses the criticism that you would expect average burger prices to be cheaper in poor countries than in ...
Employment Figures Shooting Up: Know your Options in the Indian Finance Sector
GroundReport - 1/23/2015 6:40:03 PM
The Indian Economy- tenth largest economy of the world by nominal GDP and the third largest by purchasing power parity, a member of BRICS ... private banks to discover a potential market in the country. Various private banks can open their branches ...
China argues it's not really world's largest economy
Market Watch - 1/20/2015 11:01:18 PM
HONG KONG (MarketWatch) -- China's statistics agency said Tuesday that the International Monetary Fund is wrong in saying China has topped the U.S. as the largest economy in the world. According to the latest IMF figures based on purchasing power parity ...
We're not world's No.1 economy, says China
中时电子报 - 1/21/2015 8:41:07 AM
Claims that China has overtaken the United States as the world's largest economy were denied ... projected that China would overtake the US in 2014 based on purchasing power parity (PPP), which measures GDP in terms of prices of the same goods between ...
5 rich countries where it’s hard to see a doctor
Life Health Pro - 1/26/2015 10:18:24 PM
Some rich countries ... compiled by the World Health Organization. See also: OECD: U.S. LTC Outlook Not So Bad The analysts found that the United States spent $8,508 per person on health care, after adjusting for purchasing power parity, in 2011.
India’s growth will match or exceed that of China by 2016 says the World Bank and IMF
The Times of India Blogs - 1/20/2015 6:14:58 PM
For instance while the IMF estimates global GDP of the different countries on the basis of purchasing power parity rates the World Bank uses official exchange rates of various currencies to calculate global GDP. The differences in methodologies has other ...
China says it never claimed to be the world’s largest economy
Quartz - 1/20/2015 6:29:17 PM
But based on the IMF’s cost-of-living adjustment, it’s still on track to oust the US as the planet’s biggest economy (the US’s GDP data aren’t out yet). Here’s how the two economies stack up in terms of purchasing power parity (PPP), which the ...
President Xi’s Chinese dream means a more multi-polar world
THE CONVERSATION - 1/21/2015 11:18:36 AM
China begins 2015 as the world’s largest economy, in terms of purchasing power parity, a key milestone in the country’s rise. And one that likely will herald a change in how China engages with the rest of the world. For now, President Xi Jinping’s ...
China’s GDP: The Big Number
CKGSB KNOWLEDGE - 1/21/2015 9:38:23 AM
Nonetheless, China is now the world’s largest economy according to the IMF when measure by purchasing power parity (the ... not the first time the country has been in this position–China has had a huge share of the world’s GDP from time immemorial ...
Why Stupid Politics Is the Cause of Our Economic Problems
The Huffington Post - 1/26/2015 1:11:23 AM
The fall in GDP that followed the increase ... Much of the growth deceleration in emerging and developing countries reflects China's slowdown. China is now the world's largest economy (in terms of purchasing power parity), and it has long been the main ...
India overtakes Japan to become third-largest economy in purchasing power parity
The Economic Times - 4/19/2012 7:06:53 AM
Data just released by the International Monetary Fund (IMF) shows that India's gross domestic product in purchasing power parity ... India's share in world GDP in terms of PPP, a measure of relative consumer prices across countries, stood at 5.65% in ...
India: The next superpower?
Pakistan Defence - 1/26/2015 6:40:39 AM
Even though GDP growth in the third quarter ... according to the International Monetary Fund, and the country has already outpaced Japan as the world’s third largest economy in terms of purchasing price parity, a measure that adjusts for price ...