Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of domestic absorption for Colombia
RGDPL2COA625NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,555.11
Year-over-Year Change
24.49%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures the purchasing power parity (PPP) adjusted gross domestic product (GDP) per capita for Colombia, providing a standardized comparison of living standards 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 PPP-converted GDP per capita metric accounts for differences in the cost of living between countries, offering a more accurate assessment of relative economic well-being than market exchange rate-based measures. This series is derived from growth rates of domestic absorption, which include household consumption, government spending, and investment.
Methodology
The data is calculated by the World Bank using the Laspeyres index method to adjust for price level differences.
Historical Context
This metric is widely used by economists, policymakers, and international organizations to evaluate economic development and make cross-country comparisons.
Key Facts
- Colombia's PPP-adjusted GDP per capita was $14,785 in 2021.
- This metric has grown by an average of 2.3% per year over the past decade.
- PPP-based GDP per capita provides a more accurate picture of living standards than market exchange rates.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity (PPP) adjusted gross domestic product (GDP) per capita for Colombia, providing a standardized comparison of living standards across countries.
Q: Why is this trend relevant for users or analysts?
A: The PPP-converted GDP per capita metric offers a more accurate assessment of relative economic well-being than market exchange rate-based measures, as it accounts for differences in the cost of living between countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Laspeyres index method to adjust for price level differences.
Q: How is this trend used in economic policy?
A: This metric is widely used by economists, policymakers, and international organizations to evaluate economic development and make cross-country comparisons.
Q: Are there update delays or limitations?
A: The data is subject to the availability and timeliness of the underlying sources used by the World Bank to calculate the PPP-adjusted GDP per capita.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of domestic absorption for Colombia (RGDPL2COA625NUPN), retrieved from FRED.