Purchasing Power Parity Converted GDP Per Capita Relative to the United States, average GEKS-CPDW, at current prices for Somalia
PGD2USSOA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.18
Year-over-Year Change
-8.81%
Date Range
1/1/1970 - 1/1/2010
Summary
This economic indicator measures Somalia's purchasing power parity (PPP) converted GDP per capita relative to the United States. It provides insights into the country's standard of living and economic development compared to the global superpower.
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 adjusts Somalia's GDP per capita based on the purchasing power of its currency. This allows for more accurate cross-country comparisons of economic output and living standards.
Methodology
The data is calculated using the GEKS-CPDW method, which compares price levels across countries.
Historical Context
This trend is widely used by economists, policymakers, and international organizations to assess Somalia's economic position and potential.
Key Facts
- Somalia's GDP per capita is only about 2% of the U.S. level.
- Somalia's economy is heavily dependent on agriculture and livestock.
- Poverty and inequality remain major challenges in the country.
FAQs
Q: What does this economic trend measure?
A: This indicator measures Somalia's GDP per capita relative to the United States, adjusted for differences in purchasing power between the two countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into Somalia's standard of living and economic development compared to the global superpower, the United States.
Q: How is this data collected or calculated?
A: The data is calculated using the GEKS-CPDW method, which compares price levels across countries to determine purchasing power parity.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and international organizations use this trend to assess Somalia's economic position and potential, informing policy decisions.
Q: Are there update delays or limitations?
A: There may be delays in data reporting and potential limitations in Somalia's statistical capacity compared to more developed economies.
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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 Somalia (PGD2USSOA621NUPN), retrieved from FRED.