Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of Consumption, Government Consumption, Investment for Iceland
RGDPLPISA625NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35,648.50
Year-over-Year Change
-4.53%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures Iceland's per capita gross domestic product (GDP) adjusted for purchasing power parity. It provides a more accurate comparison of living standards across countries than unadjusted GDP.
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 metric accounts for differences in the cost of living between countries, allowing for better international comparisons of economic output and well-being. This data is derived from growth rates of consumption, government spending, and investment.
Methodology
The data is calculated by the OECD using a Laspeyres index formula.
Historical Context
This metric is widely used by economists, policymakers, and international organizations to assess economic development and living standards.
Key Facts
- Iceland's GDP per capita in PPP terms was $54,637 in 2021.
- PPP-adjusted GDP provides a more accurate cost-of-living comparison than nominal GDP.
- Iceland has one of the highest GDP per capita levels in the world.
FAQs
Q: What does this economic trend measure?
A: This trend measures Iceland's gross domestic product (GDP) per capita, adjusted for differences in purchasing power across countries.
Q: Why is this trend relevant for users or analysts?
A: Purchasing power parity (PPP) adjusted GDP per capita provides a more accurate comparison of living standards and economic well-being between countries than unadjusted GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using a Laspeyres index formula to account for differences in price levels across countries.
Q: How is this trend used in economic policy?
A: This metric is widely used by economists, policymakers, and international organizations to assess economic development and living standards across countries.
Q: Are there update delays or limitations?
A: There may be delays in data availability and revisions due to the complex methodology required to calculate purchasing power parity adjustments.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of Consumption, Government Consumption, Investment for Iceland (RGDPLPISA625NUPN), retrieved from FRED.