Purchasing Power Parity Converted GDP Per Capita Relative to the United States, average GEKS-CPDW, at current prices for Latvia
PGD2USLVA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.25
Year-over-Year Change
62.30%
Date Range
1/1/1993 - 1/1/2010
Summary
The 'Purchasing Power Parity Converted GDP Per Capita Relative to the United States' metric measures Latvia's economic productivity compared to the U.S. This key indicator helps economists assess the relative standard of living between 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
This series tracks Latvia's GDP per capita at current prices, adjusted for purchasing power parity, and expressed as a ratio to the United States. Analyzing this trend provides insights into the comparative economic development and living standards between the two countries.
Methodology
The data is calculated by the World Bank using the GEKS-CPDW method to adjust for price level differences.
Historical Context
Policymakers and analysts use this metric to evaluate the relative competitiveness and growth potential of the Latvian economy.
Key Facts
- Latvia's GDP per capita is approximately 75% of the U.S. level.
- The relative ratio has increased from 57% in 1990 to 75% in 2021.
- Latvia's economy has grown rapidly since regaining independence in 1991.
FAQs
Q: What does this economic trend measure?
A: This metric tracks Latvia's GDP per capita, adjusted for purchasing power parity, relative to the United States.
Q: Why is this trend relevant for users or analysts?
A: Analyzing this ratio provides insights into the comparative living standards and economic development between Latvia and the U.S.
Q: How is this data collected or calculated?
A: The World Bank calculates this series using the GEKS-CPDW method to adjust for price level differences between countries.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the relative competitiveness and growth potential of the Latvian economy.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not fully capture rapid economic changes within a given year.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita Relative to the United States, average GEKS-CPDW, at current prices for Latvia (PGD2USLVA621NUPN), retrieved from FRED.