Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Iceland
PPCGDPISA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40,099.37
Year-over-Year Change
25.19%
Date Range
1/1/1950 - 1/1/2010
Summary
The Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Iceland measures the total economic output of Iceland divided by its population, adjusted for price differences between 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
This economic indicator provides a more accurate comparison of living standards and productivity across countries by accounting for variations in the cost of living. It is a widely used metric for analyzing the relative economic performance and development of different nations.
Methodology
The data is calculated by the Penn World Table using the Geary-Khamis (G-K) method to convert GDP to a common currency and adjust for price level differences.
Historical Context
Policymakers and international organizations rely on this indicator to inform decisions on trade, aid, and economic policies.
Key Facts
- Iceland's GDP per capita was $55,302 in 2020.
- Iceland's GDP per capita is among the highest in the world.
- The G-K method accounts for differences in the cost of living across countries.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total economic output of Iceland divided by its population, with adjustments made to account for differences in purchasing power and price levels between countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a more accurate comparison of living standards and productivity across countries, allowing for better analysis of economic performance and development.
Q: How is this data collected or calculated?
A: The data is calculated by the Penn World Table using the Geary-Khamis (G-K) method to convert GDP to a common currency and adjust for price level differences.
Q: How is this trend used in economic policy?
A: Policymakers and international organizations use this indicator to inform decisions on trade, aid, and economic policies by comparing the relative economic performance and development of different nations.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and may have a delay in availability compared to other economic indicators.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Iceland (PPCGDPISA620NUPN), retrieved from FRED.