GDP (official exchange rate): $55.95 billion (2016 est.)
Definition: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at official exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-Ã -vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artificially fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.
Source: CIA World Factbook - This page was last updated on January 20, 2018See Also
- GDP (current US$) - thematic map - World Bank indicator
- GDP (current US$) - country comparison - World Bank indicator
- GDP (purchasing power parity)
- GDP - real growth rate
- GDP - per capita (PPP)
- GDP - composition by sector
Related Data From the International Monetary Fund
Variable: Gross domestic product, current prices
Note: Values are based upon GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). Exchange rate projections are provided by country economists for the group of other emerging market and developing countries. Exchanges rates for advanced economies are established in the WEO assumptions for each WEO exercise. Expenditure-based GDP is total final expenditures at purchasers? prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. [SNA 1993]
Units: U.S. dollars
Country-specific Note: See notes for: Gross domestic product, current prices (National currency).
Source: International Monetary Fund, World Economic Outlook Database, April 2015
|Year||Gross domestic product, current prices||Percent Change|