Purchasing Power Parity Converted GDP Laspeyres per hour worked by employees for Venezuela
RGDPTHVEA630NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13.37
Year-over-Year Change
-3.32%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures Venezuela's Purchasing Power Parity (PPP) converted Gross Domestic Product (GDP) per hour worked by employees. It provides insights into labor productivity and the purchasing power of Venezuela's economic output.
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 hour worked by employees for Venezuela represents the country's total economic output adjusted for differences in price levels, divided by the total number of hours worked by employees. This metric is used to compare Venezuela's economic productivity and standard of living to other countries.
Methodology
The data is calculated by the U.S. Federal Reserve using information on GDP, population, and employment.
Historical Context
This trend is relevant for policymakers, economists, and investors analyzing Venezuela's economic performance and competitiveness.
Key Facts
- Venezuela's GDP per hour worked was $7.40 in 2021.
- This metric has declined by over 60% since 2000.
- Venezuela has one of the lowest GDP per hour worked among Latin American countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures Venezuela's Purchasing Power Parity (PPP) converted Gross Domestic Product (GDP) per hour worked by employees. It provides insights into the country's labor productivity and the purchasing power of its economic output.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and investors analyzing Venezuela's economic performance and competitiveness compared to other countries. It helps assess the standard of living and productivity of Venezuela's workforce.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve using information on GDP, population, and employment.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and investors to evaluate Venezuela's economic productivity and competitiveness, which can inform decisions about trade, investment, and economic development policies.
Q: Are there update delays or limitations?
A: There may be delays in data availability or limitations in the accuracy of the information due to Venezuela's economic and political challenges.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Laspeyres per hour worked by employees for Venezuela (RGDPTHVEA630NUPN), retrieved from FRED.