Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Russia
PPCGDPRUA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,004.97
Year-over-Year Change
199.72%
Date Range
1/1/1990 - 1/1/2010
Summary
This economic trend measures the purchasing power parity converted GDP per capita for Russia, using the Geary-Khamis (G-K) method and current prices. It provides insights into the relative standard of living and economic development in Russia 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
Purchasing power parity (PPP) is an economic theory and measurement technique that allows for more accurate comparisons of economic indicators, like GDP, across countries by adjusting for differences in prices and cost of living. The G-K method is a specific PPP calculation approach.
Methodology
The data is collected and calculated by the World Bank using survey data and a multilateral price comparison framework.
Historical Context
This metric is widely used by economists, policymakers, and international organizations to assess and compare the economic performance and living standards of different countries.
Key Facts
- Russia's 2021 GDP per capita was $27,653 (PPP, current prices).
- Russia's PPP-adjusted GDP per capita is about 60% of the United States' level.
- PPP conversion factors account 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 Russia, using the Geary-Khamis (G-K) method and current prices. It provides a more accurate comparison of living standards and economic development in Russia relative to other countries.
Q: Why is this trend relevant for users or analysts?
A: This metric is widely used by economists, policymakers, and international organizations to assess and compare the economic performance and living standards of different countries. It allows for better cross-country comparisons by adjusting for differences in prices and cost of living.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using survey data and a multilateral price comparison framework to determine purchasing power parity conversion factors.
Q: How is this trend used in economic policy?
A: This metric is used by economists, policymakers, and international organizations to evaluate and compare the economic development and living standards of different countries. It informs policy decisions and assessments of relative economic performance.
Q: Are there update delays or limitations?
A: The PPP conversion factors used in this metric are updated regularly by the World Bank, but there may be some delay in the most recent data becoming available.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Russia (PPCGDPRUA620NUPN), retrieved from FRED.