Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Somalia
PGDPUSSOA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.12
Year-over-Year Change
-9.12%
Date Range
1/1/1970 - 1/1/2010
Summary
This economic trend measures Somalia's Gross Domestic Product (GDP) per capita in purchasing power parity (PPP) terms, relative to the United States. It provides insights into the comparative living standards and economic development between the two 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
The Purchasing Power Parity Converted GDP Per Capita Relative to the United States metric allows for cross-country comparisons of living standards and economic output. It adjusts national GDP per capita figures to account for differences in price levels, providing a more accurate assessment of relative prosperity.
Methodology
The data is calculated using the Geary-Khamis (G-K) method, a widely-used approach for converting national accounts.
Historical Context
This trend is valuable for policymakers, economists, and investors analyzing the economic landscape and making informed decisions.
Key Facts
- Somalia's GDP per capita in PPP terms is approximately 2% of the U.S. level.
- This trend has shown gradual improvement over the past decade.
- Relative living standards remain significantly lower in Somalia compared to the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures Somalia's Gross Domestic Product (GDP) per capita in purchasing power parity (PPP) terms, relative to the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the comparative living standards and economic development between Somalia and the United States, enabling more accurate cross-country comparisons.
Q: How is this data collected or calculated?
A: The data is calculated using the Geary-Khamis (G-K) method, a widely-used approach for converting national accounts.
Q: How is this trend used in economic policy?
A: This trend is valuable for policymakers, economists, and investors analyzing the economic landscape and making informed decisions.
Q: Are there update delays or limitations?
A: The data is subject to the availability and timeliness of national accounts information from Somalia.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Somalia (PGDPUSSOA621NUPN), retrieved from FRED.