Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Austria
PC2GDPATA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42,488.85
Year-over-Year Change
57.19%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic indicator measures the purchasing power parity (PPP) converted GDP per capita for Austria, providing a standardized comparison of living standards across countries.
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
The PPP-converted GDP per capita metric adjusts for differences in price levels between countries, allowing for more accurate cross-country comparisons of economic output and living standards. It is widely used by economists, policymakers, and international organizations to evaluate economic development.
Methodology
The data is calculated by the World Bank using the Geary-Khamis 'international dollar' method to convert national GDP figures into a common currency.
Historical Context
This indicator is crucial for evaluating the relative economic performance and living standards of Austria compared to other nations.
Key Facts
- Austria's PPP-adjusted GDP per capita was $53,850 in 2021.
- Austria ranks among the top 15 countries globally by this metric.
- The PPP adjustment accounts for cost-of-living differences across countries.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the purchasing power parity (PPP) converted GDP per capita for Austria, which adjusts the country's economic output for differences in price levels compared to other nations.
Q: Why is this trend relevant for users or analysts?
A: The PPP-adjusted GDP per capita is a crucial metric for evaluating and comparing the relative economic performance and living standards of Austria versus other countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis 'international dollar' method to convert national GDP figures into a common currency.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and international organizations widely use this indicator to assess economic development and living standards across countries.
Q: Are there update delays or limitations?
A: There can be a 1-2 year lag in data availability due to the time required for collection and calculation by statistical agencies.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Austria (PC2GDPATA620NUPN), retrieved from FRED.