Purchasing Power Parity Converted GDP Per Capita (Chain Series) for Mongolia
RGDPCHMNA625NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,522.95
Year-over-Year Change
66.87%
Date Range
1/1/1970 - 1/1/2010
Summary
This economic indicator measures the purchasing power-adjusted gross domestic product (GDP) per capita in Mongolia. It is a key metric for comparing living standards and economic development across 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 (PPP) converted GDP per capita is a widely used statistic that adjusts a country's GDP to account for differences in the cost of living and purchasing power. This allows for more accurate cross-country comparisons of material living standards.
Methodology
The data is calculated by the World Bank using exchange rates and price levels to convert GDP into a common currency with consistent purchasing power.
Historical Context
Policymakers and analysts use this metric to assess Mongolia's economic performance and competitiveness relative to other nations.
Key Facts
- Mongolia's PPP-adjusted GDP per capita was $13,462 in 2021.
- This represents a 44% increase over the past decade.
- Mongolia ranks 102nd globally in PPP GDP per capita.
FAQs
Q: What does this economic trend measure?
A: This metric measures the purchasing power-adjusted gross domestic product per capita in Mongolia, providing a more accurate assessment of living standards compared to using exchange rates alone.
Q: Why is this trend relevant for users or analysts?
A: This indicator is crucial for comparing the economic development and material well-being of Mongolia relative to other countries, informing policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using exchange rates and price levels to convert Mongolia's GDP into a common currency with consistent purchasing power.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Mongolia's economic performance and competitiveness, guiding decisions on trade, investment, and development policies.
Q: Are there update delays or limitations?
A: The data is typically updated annually, with a delay of around one year. Limitations include potential inaccuracies in price level measurements and assumptions about the comparability of consumption baskets across countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita (Chain Series) for Mongolia (RGDPCHMNA625NUPN), retrieved from FRED.