Micronesia - GDP, PPP (current international $)

The latest value for GDP, PPP (current international $) in Micronesia was 408,706,000 as of 2020. Over the past 30 years, the value for this indicator has fluctuated between 411,096,400 in 2019 and 170,422,400 in 1990.

Definition: PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).

Source: World Bank, International Comparison Program database.

See also:

Year Value
1990 170,422,400
1991 189,271,600
1992 201,343,900
1993 222,895,600
1994 226,438,500
1995 247,403,200
1996 243,915,700
1997 233,229,400
1998 242,577,500
1999 249,462,000
2000 267,367,000
2001 279,154,100
2002 285,120,800
2003 294,981,400
2004 293,592,400
2005 308,919,200
2006 318,009,700
2007 320,556,200
2008 318,920,700
2009 324,864,700
2010 336,075,700
2011 354,035,900
2012 354,089,800
2013 347,045,400
2014 345,315,000
2015 364,716,400
2016 371,860,700
2017 389,013,400
2018 399,196,700
2019 411,096,400
2020 408,706,000

Statistical Concept and Methodology: Because exchange rates do not always reflect differences in price levels between countries, GDP and GDP per capita estimates are converted into international dollars using purchasing power parity (PPP) rates. PPP rates provide a standard measure allowing comparison of real levels of expenditure between countries, just as conventional price indexes allow comparison of real values over time. PPP rates are calculated by simultaneously comparing the prices of similar goods and services among a large number of countries. In the most recent round of price surveys conducted by the International Comparison Program (ICP) in 2011, 199 economies participated. The PPP conversion factors come from three sources. For 47 high- and upper middle-income countries conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD). For the remaining 2011 ICP countries the PPP estimates are extrapolated from the 2011 ICP benchmark results, which account for relative price changes between each economy and the United States. For countries that did not participate in the 2011 ICP round, the PPP estimates are imputed using a statistical model. More information on the results of the 2011 ICP is available at www.worldbank.org/data/icp.

Aggregation method: Gap-filled total

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: Purchasing power parity