Constant GDP per capita for Albania
NYGDPPCAPKDALB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,726.03
Year-over-Year Change
53.92%
Date Range
1/1/1980 - 1/1/2024
Summary
The Constant GDP per capita for Albania measures the total economic output per person in Albania, adjusted for inflation. It is a key indicator of a country's standard of living and economic development.
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
Constant GDP per capita is a metric that adjusts a country's gross domestic product (GDP) to account for population size and inflation. This allows for meaningful comparisons of economic activity and living standards over time and between countries.
Methodology
The data is calculated by the World Bank using Albania's GDP and population figures.
Historical Context
Constant GDP per capita is widely used by economists, policymakers, and international organizations to assess a country's economic progress and competitiveness.
Key Facts
- Albania's constant GDP per capita was $4,957 in 2021.
- Albania's constant GDP per capita has grown by 58% since 2000.
- Albania is classified as an upper-middle income country by the World Bank.
FAQs
Q: What does this economic trend measure?
A: The Constant GDP per capita for Albania measures the total economic output per person in the country, adjusted for inflation. It provides a standardized metric to track changes in Albania's standard of living and economic development over time.
Q: Why is this trend relevant for users or analysts?
A: Constant GDP per capita is a crucial indicator for economists, policymakers, and international organizations to assess a country's economic progress, competitiveness, and living standards. It allows for meaningful comparisons both over time and between countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using Albania's GDP and population figures.
Q: How is this trend used in economic policy?
A: Constant GDP per capita is widely used by economists, policymakers, and international organizations to evaluate a country's economic development, formulate policies, and benchmark performance against other nations.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 year lag, so the most recent figures may not reflect the current economic situation. Additionally, adjusting for inflation can be challenging and may involve some estimation.
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MIALBA052SCEN
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SPDYNTFRTINALB
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WIALBA475SCEN
Citation
U.S. Federal Reserve, Constant GDP per capita for Albania (NYGDPPCAPKDALB), retrieved from FRED.