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, 2019See also: GDP (purchasing power parity) map
Gross Domestic Product Purchasing Power Parity (GDP PPP)
Global Finance - 5/19/2020 12:00:00 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.
EU becomes world’s third by purchasing power parity GDP after Brexit — Kudrin
TASS - 6/17/2019 11:53:00 AM
MOSCOW, June 24. /TASS/. The European Union is now third after China and the United States by the purchasing power parity (PPP) GDP following Brexit, Russia’s ex-Finance Minister and head of the ...
Is China overtaking the US as a financial and economic power?
The Guardian - 5/29/2020 6:00:00 AM
Despite World Bank figures, the US remains far ahead of China in the metric that counts
Who has the world's largest economy?
Zawya - 5/31/2020 4:12:00 AM
Under President Donald Trump, US is surrendering its influence in multilateral organizations such as the WTO, NATO, and the WHO
China overtakes US as No 1 in buying power, but still clings to developing status
South China Morning Post - 5/21/2020 12:30:00 PM
China says it is still the world’s largest ‘developing’ country, despite a World Bank report showing it is the No 1 economy in the world when based on purchasing power parity.
The U.S. is in ‘relative decline’ as ‘Chinese power is rapidly rising,’ warns Ray Dalio
MarketWatch - 5/23/2020 12:11:00 PM
The days of U.S. hegemony are numbered and China is waiting in the wings, argues Ray Dalio, in his most recent missive on LinkedIn.
How Many Countries Does The US Trade With?
WorldAtlas - 5/27/2020 2:16:00 PM
The economy of the United States of America is highly developed and extremely diverse. If we look at the nominal GDP, it is considered to be the world’s largest economy.
World Bank report reaffirms China's standing as the world's largest developing economy
Global Times - 5/20/2020 3:53:00 AM
China is still the largest developing country in the world, as shown by latest World Bank report, the National Statistical Society of China (NSSC) said late on Tuesday. The comment came after the International Comparison Program (ICP) 2017,