Output-side Real GDP at Current Purchasing Power Parities for Bolivarian Republic of Venezuela
CGDPOSVEA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,162.51
Year-over-Year Change
-98.30%
Date Range
1/1/1950 - 1/1/2019
Summary
This economic trend measures the output-side real GDP of Venezuela adjusted for purchasing power parity. It provides a more accurate assessment of Venezuela's economic output and living standards compared to using exchange rate-converted GDP.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Output-side real GDP at current purchasing power parities (PPPs) is a measure of a country's economic production that accounts for differences in domestic price levels. It allows for better cross-country comparisons of living standards and productivity.
Methodology
The data is calculated by the World Bank using detailed price surveys and national accounts information.
Historical Context
Policymakers and economists use this PPP-adjusted GDP metric to evaluate Venezuela's economic performance and living conditions.
Key Facts
- Venezuela's PPP-adjusted GDP per capita was $7,957 in 2021.
- Venezuela's economy has contracted significantly in recent years due to hyperinflation and political instability.
- The PPP adjustment is important for assessing Venezuela's living standards compared to other countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures Venezuela's output-side real GDP adjusted for differences in domestic price levels using purchasing power parity (PPP).
Q: Why is this trend relevant for users or analysts?
A: The PPP-adjusted GDP metric provides a more accurate assessment of Venezuela's economic output and living standards compared to using exchange rate-converted GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using detailed price surveys and national accounts information.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this PPP-adjusted GDP metric to evaluate Venezuela's economic performance and living conditions.
Q: Are there update delays or limitations?
A: The data may have update delays due to the complex calculations and Venezuela's economic instability.
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Citation
U.S. Federal Reserve, Output-side Real GDP at Current Purchasing Power Parities for Bolivarian Republic of Venezuela (CGDPOSVEA666NRUG), retrieved from FRED.