Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Venezuela
PGDPUSVEA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.29
Year-over-Year Change
50.46%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures Venezuela's gross domestic product (GDP) per capita relative to the United States, adjusted for purchasing power parity. It provides insight into the comparative living standards and economic development between the two 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 Purchasing Power Parity Converted GDP Per Capita Relative to the United States metric compares the output of goods and services produced in Venezuela to that of the U.S., taking into account differences in the cost of living. This allows for more accurate cross-country comparisons of economic well-being.
Methodology
The data is calculated using the Geary-Khamis (G-K) method, which adjusts for price level differences across countries.
Historical Context
This trend is widely used by economists, policymakers, and international institutions to evaluate relative economic performance and living standards between nations.
Key Facts
- Venezuela's GDP per capita is currently about 8% of the U.S. level.
- This trend has declined significantly over the past two decades due to Venezuela's economic crisis.
- Purchasing power parity adjustments are crucial for accurately comparing living standards across countries with large price differences.
FAQs
Q: What does this economic trend measure?
A: This trend measures Venezuela's gross domestic product (GDP) per capita relative to the United States, adjusted for differences in purchasing power and cost of living.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the comparative economic well-being and living standards between Venezuela and the United States, which is crucial for policymakers and international institutions.
Q: How is this data collected or calculated?
A: The data is calculated using the Geary-Khamis (G-K) method, which adjusts for price level differences across countries.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and international institutions to evaluate relative economic performance and living standards between nations, informing policy decisions.
Q: Are there update delays or limitations?
A: There may be delays in data reporting due to the complex economic situation in Venezuela, and the metric may not fully capture all aspects of the relative living standards between the two countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Venezuela (PGDPUSVEA621NUPN), retrieved from FRED.