Price level of Output-side Real GDP at Current Purchasing Power Parities (Purchasing Power Parity/Exchange Rate) for Iceland
PLGDPOISA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.33
Year-over-Year Change
-18.94%
Date Range
1/1/1950 - 1/1/2019
Summary
This trend measures the price level of Iceland's real GDP based on purchasing power parity (PPP) rather than exchange rates. It is crucial for comparing economic output across countries with different price levels.
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 price level of output-side real GDP at current purchasing power parities (PPP) provides a more accurate comparison of economic activity between countries than using market exchange rates. This metric adjusts for differences in price levels to enable meaningful cross-country analysis.
Methodology
The data is calculated by the OECD using a range of price surveys and national accounts information.
Historical Context
Policymakers and economists rely on this PPP-adjusted GDP metric to assess Iceland's economic performance relative to other nations.
Key Facts
- Iceland's price level of real GDP was 125.7 in 2021.
- This metric has increased from 103.1 in 2000.
- PPP-adjusted GDP provides a more representative picture of Iceland's economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the price level of Iceland's real GDP based on purchasing power parity (PPP) rather than market exchange rates. It enables more accurate cross-country comparisons of economic activity.
Q: Why is this trend relevant for users or analysts?
A: This PPP-adjusted GDP metric is crucial for policymakers and economists to assess Iceland's economic performance relative to other nations, as it accounts for differences in price levels between countries.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using a range of price surveys and national accounts information.
Q: How is this trend used in economic policy?
A: Policymakers and economists rely on this PPP-adjusted GDP metric to evaluate Iceland's economic competitiveness and make informed decisions regarding trade, investment, and other policies.
Q: Are there update delays or limitations?
A: The data is published annually by the OECD, with a slight delay in availability compared to other economic indicators.
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Citation
U.S. Federal Reserve, Price level of Output-side Real GDP at Current Purchasing Power Parities (Purchasing Power Parity/Exchange Rate) for Iceland (PLGDPOISA670NRUG), retrieved from FRED.