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, 2020
See also: GDP (purchasing power parity) mapRelated News
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Investopedia - 6/23/2022 12:00:00 AM
GDP Purchasing Power Parity (PPP) While not directly ... data from multiple sources, including a country’s statistical agencies and The World Bank. The only drawback to using a Fed database ...
Beyond GDP
China Daily - 7/1/2022 12:11:00 AM
While in 1989, China's GDP was about 50 percent of Russia's, now it is over 700 percent. Last year, it accounted for 18.6 percent of world output, 3 percentage points more than the United States, while Russia's share was only 3.
Poorest Countries of 2015
Global Finance - 6/22/2022 12:00:00 AM
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What the world needs now: A new deal in a reformed global economic system
Global Voices Online - 6/29/2022 10:37:00 AM
"The prosperous East Asian nations (Japan, South Korea, Taiwan, Singapore and Hong Kong, and China at the lower income margins) have been the greatest assets for growth of the world system for some time now.
A Third of Global GDP Now Generated in Non-Democracies
YAHOO!Finance - 7/1/2022 1:35:00 PM
A more fragmented global economy appears to have arrived, with a third of output now generated in non-democratic countries, according to calculations by Bloomberg Economics. In different ways and to different degrees,
Luxembourg has highest EU GDP per capita; 6.5 times Bulgaria
Uruguay News - 6/5/2022 5:16:00 PM
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IMF Projects Negative GDP Growth for Nigeria in 2020
This Day - 6/29/2022 12:00:00 AM
“These countries account for a broadly similar purchasing-power-parity share of the world ... The fund noted that a rebound in GDP growth for the world in 2021 would depend “critically on ...
'BRICS Plus' can boost multilateralism
中国日报网 - 6/21/2022 2:39:00 PM
BRICS member states reflect the growing influence of emerging economies worldwide, which is complemented by the decline in the weight of developed countries in the global economy. The contribution of advanced economies to global GDP (measured in terms of purchasing power parity) fell from 64 percent in 1990 to 40 percent in 2019, a situation which worsened after the COVID-19 pandemic broke out. On the other hand, emerging economies make up three-fifths of the world economy, although their per capita income is still much below that of rich countries. This means that over the last three decades, China, India, Russia, Brazil and South Africa and other emerging and developing economies have gradually increased their political, financial and economic influence throughout the world. Some of them have even become major aid donors to developing countries, and core investors in both emerging and developed economies. China is already one of the world's leading investors. The BRICS members have established the Shanghai-based New Development Bank, and China has played a leading role in establishing the Beijing-based Asian Infrastructure Investment Bank. China, for its part, has increased its contribution to global development through the Belt and Road Initiative, so there is hope that investments by BRICS members can transform the world economy, and make it more equitable. Also, BRICS stands out for its criticism of the conditionalities of the Organization for Economic Co-operation and Development, the International Monetary Fund and the World Bank linked to "good governance", as well as the austerity measures that mostly affect the poorest countries. This constitutes one of the substrates of BRICS' global legitimacy. In addition, the BRICS members promote free trade and multilateral dialogue, which the developed North began to abandon in recent years. Paradoxically, the BRICS members, China in particular, are leading supporters of free trade and multilateralism, and oppose protectionism and unilateralism while upholding the World Trade Organization and the United Nations as the linchpins of the global trade and security systems. South-South cooperation is based on the aspiration to be equitable in terms of negotiating the conditions of development assistance. BRICS has shown signs of taking this aspiration beyond the discursive, as proven by the actions of the NDB, which has not adopted discriminatory or punitive conditionalities as part of its loan policy, and instead has used innovative means such as credit in local currency and quick approval when it comes to issuing loans. As for my country Argentina, it has participated in two BRICS Summits: those held in Brasilia (2014) and Johannesburg (2018). Between July 14 and 17, 2014, the 6th BRICS Summit was held in Fortaleza, Brazil. The host country Brazil specially invited then Argentine president Cristina Fernández de Kirchner to attend the summit. And former Argentine president Mauricio Macri attended the 10th BRICS Summit in Johannesburg, South Africa, in July 2018 as a guest. In this context, it is worth mentioning that the People's Republic of China has invited incumbent Argentine President Alberto Fernández to participate in the "High-Level Dialogue on Global Development", which will take place via video link on Friday. The importance of this move must be realized, because it comes a few weeks after Argentina's participation in the "BRICS Political Parties Forum", where Argentine Ambassador to China Sabino Vaca Narvaja read a message from President Fernández, which said: "The BRICS are for my country an excellent alternative for cooperation in the face of a world order that has been working for the benefit of a few". Likewise, on May 19 this year, during a video meeting with his peers from BRICS member states, Argentine Foreign Minister Santiago Cafiero said: "For Argentina it is important to move towards greater coordination with the BRICS countries. That is why we value this call and make ourselves available to continue building bridges between Argentina and the BRICS." China's initiative to create "BRICS Plus", according to Chinese State Councilor and Foreign Minister Wang Yi, "will represent a new platform for South-South cooperation by holding dialogues with other major developing countries to establish a broader partnership". In this context, "BRICS Plus" will help Argentina to become an integral part of the global value chains, address the global inflation problem, and improve the international financial architecture, all of which would result in emerging economies becoming agents of sustainable global economic recovery. The author is the director of the Asian Affairs Committee, Argentine Council for International Relations, as well as the postgraduate program on China Studies in the Global Era, Argentine Catholic University. The views don't necessarily reflect those of China Daily. If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.
What Is Gross Domestic Product (GDP)? Definition and FAQ
TheStreet.com - 6/29/2022 12:00:00 AM
While not directly a measure of GDP, economists also consider purchasing power parity (PPP ... including a country’s statistical agencies and The World Bank. The only drawback to using a ...
