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 Is Now the World's Largest Economy Based on Purchasing Power Parity, Says the IMF
The Christian Post - 10/9/2014 7:27:01 PM
According the IMF, the purchasing power parity measure is a type of cross-country comparison that ... form in many countries around the world," it continued. The new figures show China's economy with a total GDP of $17.6 trillion in 2014, just ahead ...
Comparing Economies of Key Countries Using Purchasing Power Parity
Seeking Alpha - 12/26/2006 2:53:19 AM
The following three charts present data about the top 15 countries in terms of the Purchasing Power Parity of their GDP in 2005 as estimated by the ... bodes well for world economic growth – short of a major global military shock which would put ...
High commodity prices and pro-growth reforms played equal role in LatAm economic boom
Domican Today - 4/17/2015 5:07:35 PM
Favorable external conditions including high commodity prices and a stable macroeconomic environment, as well as pro-growth reforms boosted GDP per capita in Latin America and the Caribbean by about 5 percentage points (in purchasing power parity terms ...
Countries with the highest GDP (purchasing power parity)
Mongabay - 1/24/2010 11:57:35 PM
A nation's GDP at purchasing power parity (PPP) exchange rates is the sum ... 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 ...
Nigeria: U.S. Lists Nigeria Amongst 20 Largest Economies By 2030
AllAfrica - 4/13/2015 11:53:11 PM
The U.S. Department of Agriculture has listed Nigeria as the only African country that will ... likely to number among the world's 15 largest economies by 2050 when GDP is projected to exceed $4.5 trillion in purchasing power parity terms," said Aurelien ...
NZ Ranked World’s 5th Most Socially Advanced Country
Scoop - 4/9/2015 1:32:11 AM
Measuring a country’s social progress outcomes ... GDP per capita definition The Social Progress Index uses the World Bank definition: “GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international ...
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 ...
China's social security system is developing quickly with more than 70% of the population now covered by health schemes
Live-PR - 4/9/2015 4:41:17 PM
(live-PR.com) - China is the world´s largest country, based on population. Despite being the second-largest economy in terms of nominal GDP and purchasing power parity after the US, its development is not uniform. China is continuously trying to improve ...
Minimum Wage And Purchasing Power Parity: Only Nine Countries Have A Higher Minimum Wage Than The US’ [Infographic]
International Business Times - 9/3/2013 3:26:45 PM
Australia might have the highest hourly minimum wage in the world ... buying power, or Purchasing Power Parity (PPP), that $16 is worth only about $9.77 -- which is still quite a bit higher than the U.S. hourly minimum wage of $7.25. The country with ...
South African developers some of the best paid in the world
MyBroadband - 4/9/2015 1:28:00 PM
South African developers are the second-best paid in the world after adjusting their salaries for ... “The Economist’s Big Mac Index is a measure of purchasing power parity that can be used to compare the true value of compensation between workers ...
Whatever happened to Obama’s pivot to Asia?
Washington Post - 4/16/2015 11:13:50 PM
Of the four largest economies, three are in Asia, if measured by purchasing-power parity ... the Philippines and other countries. But an excellent new academic volume, “The Next Great War?: The Roots of World War I and the Risk of U.S.-China Conflict ...
Australia the most expensive place in the world… again
Australian Times - 4/16/2015 2:59:55 PM
... ranked as the world’s most expensive country in Deutsche Bank’s ‘Mapping the World’s Prices’ report. The fourth annual survey of global prices found that Australia tops the purchasing power parity (PPP) index, meaning that one USD has the ...
World's 10 biggest economies, India at No 3
Rediff India Abroad - 8/12/2013 11:59:37 PM
Photographs: Carlos Barria/Reuters Germany has sixth-largest economy by purchasing power parity. Besides being ... United Kingdom is a developed country and has the world's sixth-largest economy by nominal GDP. The service sector contributes to 73 per ...
De-jargoned: Purchasing Power Parity
Live Mint - 10/19/2014 4:01:53 PM
Given that the basic product you are buying, i.e. Big Mac, is the same throughout the world, this index, which compares prices of the burger across about 50 countries ... lies in the concept of purchasing power parity (PPP). What is PPP?
Nigeria To Be Among World's Largest Economies by 2030
naij.com - 4/14/2015 7:52:48 AM
Nigeria will be the only African country that would be among ... Nigeria is likely to number among the world’s 15 largest economies by 2050 when GDP is projected to exceed $4.5 trillion in purchasing power parity terms,” said Aurelien Mali, VP ...