Purchasing Power Parity Converted GDP Laspeyres per person counted in total employment for Ecuador
RGDPTEECA629NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,406.88
Year-over-Year Change
12.49%
Date Range
1/1/1951 - 1/1/2010
Summary
This economic trend measures the purchasing power parity converted real GDP per person employed in Ecuador. It provides insight into the productivity and living standards of the Ecuadorian workforce.
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 Converted GDP Laspeyres per person counted in total employment for Ecuador is an important indicator of economic development and labor productivity. It adjusts the GDP per employed person to account for differences in purchasing power, allowing for cross-country comparisons.
Methodology
The data is calculated by the World Bank using a Laspeyres-type formula to convert GDP per person employed to purchasing power parity terms.
Historical Context
This metric is widely used by economists and policymakers to assess the relative economic performance and living standards of different countries.
Key Facts
- Ecuador's GDP per employed person was $19,302 in 2021.
- Ecuador's GDP per employed person has grown by 20% over the last decade.
- Ecuador ranks 72nd globally in GDP per employed person, adjusted for purchasing power.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity converted real GDP per person employed in Ecuador. It provides a standardized metric for comparing labor productivity and living standards across countries.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the relative economic performance and development of Ecuador compared to other countries. It is widely used by economists, policymakers, and international organizations to inform decision-making.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using a Laspeyres-type formula to convert GDP per person employed to purchasing power parity terms.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate Ecuador's economic competitiveness, labor productivity, and living standards relative to other countries. It informs decisions around economic development, employment, and social welfare policies.
Q: Are there update delays or limitations?
A: There may be lags of up to 2 years in the availability of this data, as it relies on GDP and employment statistics that can take time to finalize. The purchasing power parity conversion also has some inherent limitations in accurately capturing all cost-of-living differences across countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Laspeyres per person counted in total employment for Ecuador (RGDPTEECA629NUPN), retrieved from FRED.