Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Venezuela
PC2GDPVEA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,809.94
Year-over-Year Change
118.04%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures the purchasing power parity (PPP) converted GDP per capita for Venezuela, which 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
Purchasing power parity (PPP) GDP per capita adjusts a country's GDP to account for differences in the cost of living, providing a more accurate comparison of living standards across nations. This metric is widely used by economists and policymakers to evaluate economic performance and make international comparisons.
Methodology
The data is calculated by the World Bank using the Geary-Khamis method to determine PPP conversion factors.
Historical Context
This trend is critical for assessing Venezuela's economic conditions and informing policy decisions.
Key Facts
- Venezuela's GDP per capita in PPP terms was $7,700 in 2021.
- PPP GDP per capita is 3.3 times higher than the official exchange rate GDP per capita in Venezuela.
- Venezuela's PPP GDP per capita has declined by over 70% since 2013.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity (PPP) converted GDP per capita for Venezuela, which adjusts the country's GDP to account for differences in the cost of living.
Q: Why is this trend relevant for users or analysts?
A: This metric is widely used by economists and policymakers to evaluate a country's standard of living and economic performance in a more accurate, internationally comparable way.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis method to determine PPP conversion factors.
Q: How is this trend used in economic policy?
A: This trend is critical for assessing Venezuela's economic conditions and informing policy decisions, as it provides a more accurate representation of the country's living standards and economic development.
Q: Are there update delays or limitations?
A: The data may be subject to update delays, and the methodology used to calculate PPP can have certain limitations in accurately capturing cost of living differences across countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Venezuela (PC2GDPVEA620NUPN), retrieved from FRED.