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 in the year noted. 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 differences between the OER- and PPP-denominated GDP values for most of the wealthy industrialized countries are generally much smaller.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of January 1, 2020See also: GDP (purchasing power parity) map
The Top 25 Economies in the World
Investopedia - 11/9/2021 7:58:00 PM
Throughout most of the world, countries’ GDPs fluctuate ... such as nominal GDP, real GDP, GDP per capita, and purchasing power parity. The U.S. has the largest GDP in the world and China ...
Gross Domestic Product Purchasing Power Parity (GDP PPP)
Global Finance - 8/14/2020 3:09:00 AM
A background on Gross Domestic Product Purchasing Power Parity (GDP PPP) from the World Bank ... To measure the real size of the world’s economy and to compare costs of living across countries, we need to adjust for differences in purchasing power.
The World's Richest and Poorest Countries 2022
Global Finance - 9/2/2022 12:00:00 AM
Click here to read more about the world's poorest countries ... That is why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity, which helps us take into account the inflation rates and the price of goods ...
China is the World’s Largest Economy: Get Over It
CounterPunch - 9/19/2022 5:32:00 AM
It is common for politicians and pundit types to speculate on when or whether China’s economy will pass the US economy as the world’s largest. The latest
Making sense of GDP growth and poverty
The New Indian Express - 9/18/2022 6:48:00 PM
The fifth-largest aggregate GDP is based on official exchange rates. If PPP exchange rates are used for conversion, Indian GDP is already the third-largest.
Methodology: How the 2022 Best Countries Were Ranked
U.S. News & World Report on MSN.com - 9/27/2022 4:01:41 AM
Behind a country's wealth and success are the policies that create possibilities, the people that drive the effort and the history that shapes the environment and perspective. Globalization has expanded a country's presence beyond its physical borders,
Will China’s economy ever overtake America’s?
The Economist - 9/8/2022 6:41:00 PM
China’s population is over four times bigger than America’s. Its economy could therefore surpass America’s in scale long before it matches it in sophistication. Its GDP per person needs to reach only a quarter of America’s for its total GDP to become the biggest in the world.
Sunanda K. Datta-Ray | The other side of life in the 5th largest economy
Deccan Chronicle - 9/27/2022 6:35:00 PM
Proud moment for India to pip the United Kingdom, our colonial ruler, as the fifth largest economy: India $3.5 trillion vs the UK $3.2 trillion”, gushed Kotak Mahindra Bank’s managing director, Uday Kotak.
The World Bank in Ghana
World Bank - 9/28/2022 12:00:00 AM
Ghana consistently ranks in the top three African countries for freedom ... as high domestic inflation erodes the purchasing power of consumers. The fiscal deficit is projected to remain high in 2023 (9.2 percent of GDP) and beyond. Indeed, improvements ...