Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Australia
PC2GDPAUA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,460.20
Year-over-Year Change
88.79%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures the purchasing power parity (PPP) adjusted GDP per capita for Australia, providing a more accurate comparison of living standards across 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
Purchasing power parity (PPP) GDP per capita adjusts a country's GDP to account for differences in price levels, allowing for more meaningful international comparisons of economic output and living standards. This metric is widely used by economists and policymakers to evaluate economic development and make cross-country assessments.
Methodology
The data is calculated based on the Geary-Khamis method, using price data to convert GDP to a common currency unit.
Historical Context
This metric informs analyses of global competitiveness, trade, and economic policy decisions.
Key Facts
- Australia's PPP-adjusted GDP per capita was $56,291 in 2021.
- This metric places Australia among the world's wealthiest economies.
- PPP adjustments account for cost-of-living differences across countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity (PPP) adjusted GDP per capita for Australia, providing a more accurate comparison of living standards compared to using market exchange rates.
Q: Why is this trend relevant for users or analysts?
A: PPP-adjusted GDP per capita is a key metric for evaluating economic development and making cross-country comparisons of living standards and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated based on the Geary-Khamis method, using price data to convert GDP to a common currency unit.
Q: How is this trend used in economic policy?
A: This metric informs analyses of global competitiveness, trade, and economic policy decisions by policymakers and economists.
Q: Are there update delays or limitations?
A: There may be lags in data availability, and the methodology relies on price comparisons that can be challenging to measure across countries.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, average GEKS-CPDW, at current prices for Australia (PC2GDPAUA620NUPN), retrieved from FRED.