Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Austria
PPCGDPATA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42,488.68
Year-over-Year Change
57.09%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures the purchasing power parity (PPP) converted GDP per capita for Austria, using the Geary-Khamis (G-K) method and current prices. It provides insights into the relative standard of living and economic productivity in Austria compared to other 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 is an important metric for cross-country comparisons, as it adjusts for differences in price levels to better reflect the actual purchasing power and living standards. The G-K method is a widely-used approach for calculating PPP that takes into account a basket of goods and services.
Methodology
The data is collected and calculated by the World Bank using national accounts and price survey information.
Historical Context
This trend is widely used by economists, policymakers, and international organizations to analyze economic development and make informed decisions.
Key Facts
- Austria's PPP-converted GDP per capita was $53,798 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 trend measures the purchasing power parity (PPP) converted GDP per capita for Austria, using the Geary-Khamis (G-K) method and current prices. It provides insights into the relative standard of living and economic productivity in Austria compared to other countries.
Q: Why is this trend relevant for users or analysts?
A: The PPP-converted GDP per capita is an important metric for cross-country comparisons, as it adjusts for differences in price levels to better reflect the actual purchasing power and living standards in a country. This trend is widely used by economists, policymakers, and international organizations to analyze economic development and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and price survey information.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and international organizations to analyze economic development, make cross-country comparisons, and inform policy decisions related to living standards, productivity, and economic growth.
Q: Are there update delays or limitations?
A: The data is subject to the availability of national accounts and price survey information, which can result in occasional update delays. Additionally, the PPP conversion process may have some inherent limitations in accurately capturing all cost-of-living differences across countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Austria (PPCGDPATA620NUPN), retrieved from FRED.