Output-side Real GDP at Current Purchasing Power Parities for Republic of Korea
CGDPOSKRA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,156,917.25
Year-over-Year Change
24.70%
Date Range
1/1/1953 - 1/1/2019
Summary
This economic indicator measures the real Gross Domestic Product (GDP) of South Korea, adjusted for purchasing power parity. It provides a comprehensive assessment of the country's economic output and is a key metric for international economic comparisons.
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
Output-side real GDP at current purchasing power parities (PPPs) is a measure of a country's economic activity that accounts for differences in price levels between economies. It allows for more accurate cross-country comparisons of GDP and living standards than using exchange rates alone.
Methodology
The data is calculated by the World Bank using price surveys and national accounts data.
Historical Context
This trend is widely used by economists, policymakers, and international organizations to analyze and compare the relative size and growth of national economies.
Key Facts
- South Korea's GDP was $2.3 trillion in 2021.
- South Korea's GDP per capita was $44,692 in 2021.
- South Korea's economy grew by 4.0% in 2021.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real gross domestic product (GDP) of South Korea, adjusted for differences in purchasing power across countries.
Q: Why is this trend relevant for users or analysts?
A: This trend allows for more accurate comparisons of economic activity and living standards between South Korea and other countries than using exchange rates alone.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using price surveys and national accounts data.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and international organizations to analyze and compare the relative size and growth of national economies.
Q: Are there update delays or limitations?
A: The data is subject to occasional revisions and may have a delay of several months in publication.
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Citation
U.S. Federal Reserve, Output-side Real GDP at Current Purchasing Power Parities for Republic of Korea (CGDPOSKRA666NRUG), retrieved from FRED.