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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 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 ...
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 ...
The State of Global Poverty
PROJECT SYNDICATE - 1/22/2015 11:56:12 PM
WASHINGTON, DC – The economic geography of the world is changing ... global change can be seen when purchasing power parity (PPP) – a measure of the total amount of goods and services that a dollar can buy in each country – is taken into account.
Chinese GDP growth lowest in 24 years
Financial Times - 1/19/2015 11:59:45 PM
The annual expansion of 7.4 per cent in 2014 is the slowest since 1990, when the country ... the World Bank and International Monetary Fund estimated China’s economy would surpass that of the US in 2014 in terms of purchasing power parity.
China's GDP breaks US$10tn but economists cautious
中时电子报 - 1/24/2015 2:53:58 AM
China's National Bureau of Statistics of China (NBS) announced on Jan. 20 that the ... China's purchasing power parity. Therefore, even the predictions involving China's potential to compete with the United States to become the world's largest economy ...
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 denies being world's No.1 economy
Xinhua News Agency - 1/20/2015 12:38:32 PM
BEIJING, Jan. 20 (Xinhua) -- Claims that China has overtaken the United States as the world's largest economy were ... would overtake the U.S. in 2014 based on purchasing power parity (PPP), which measures GDP in terms of prices of the same goods between ...