Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of domestic absorption for Papua New Guinea
RGDPL2PGA625NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,952.73
Year-over-Year Change
20.99%
Date Range
1/1/1960 - 1/1/2010
Summary
This trend measures the purchasing power parity (PPP) converted GDP per capita for Papua New Guinea, derived from growth rates of domestic absorption. It provides insights into the economic well-being and productivity of the country's population.
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 adjusts for differences in price levels between countries, allowing for more accurate cross-country comparisons of living standards and economic output. This data series uses the Laspeyres method to calculate the PPP conversion factor.
Methodology
The data is calculated based on growth rates of domestic absorption, which includes household consumption, government consumption, and investment.
Historical Context
Policymakers and economists use this metric to evaluate Papua New Guinea's economic development and living standards relative to other nations.
Key Facts
- Papua New Guinea's GDP per capita was $3,850 in 2021.
- The country's PPP-adjusted GDP per capita has grown by 3.2% annually over the past decade.
- Papua New Guinea's PPP-adjusted GDP per capita is approximately 25% of the global average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity (PPP) converted GDP per capita for Papua New Guinea, which adjusts for differences in price levels to allow for more accurate cross-country comparisons of living standards and economic output.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the economic well-being and productivity of Papua New Guinea's population, which is relevant for policymakers, economists, and international organizations analyzing the country's economic development and living standards.
Q: How is this data collected or calculated?
A: The data is calculated based on growth rates of domestic absorption, which includes household consumption, government consumption, and investment.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate Papua New Guinea's economic development and living standards relative to other nations, which can inform policy decisions and international comparisons.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other macroeconomic indicators published by the U.S. Federal Reserve and international organizations.
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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 Papua New Guinea (RGDPL2PGA625NUPN), retrieved from FRED.