Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Australia
PGDPUSAUA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.78
Year-over-Year Change
29.53%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic indicator measures Australia's Purchasing Power Parity (PPP) Converted GDP Per Capita relative to the United States. It provides insights into the comparative living standards and productivity levels 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 (PPP) Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Australia is an important metric for evaluating the economic performance and development of Australia compared to the United States. It adjusts for differences in price levels between the two countries to enable a more accurate comparison of real living standards.
Methodology
The data is calculated by the World Bank using the Geary-Khamis (G-K) method to convert GDP per capita to a common currency and adjust for price level differences.
Historical Context
This trend is widely used by economists, policymakers, and international organizations to assess relative economic well-being and productivity across countries.
Key Facts
- Australia's GDP per capita is about 85% of the US level.
- Australia has maintained a relatively stable position compared to the US over the past two decades.
- PPP-adjusted GDP per capita provides a more accurate comparison of living standards than market exchange rates.
FAQs
Q: What does this economic trend measure?
A: This indicator measures Australia's Purchasing Power Parity (PPP) Converted GDP Per Capita relative to the United States. It provides insights into the comparative living standards and productivity levels between the two countries.
Q: Why is this trend relevant for users or analysts?
A: This trend is widely used by economists, policymakers, and international organizations to assess relative economic well-being and productivity across countries. It enables a more accurate comparison of real living standards between Australia and the United States.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis (G-K) method to convert GDP per capita to a common currency and adjust for price level differences.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, analysts, and international organizations to evaluate the comparative economic performance and development of Australia relative to the United States. It informs discussions around living standards, productivity, and international competitiveness.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank with a slight delay. There may be some limitations in accurately capturing price level differences across all goods and services in the two countries.
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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 Australia (PGDPUSAUA621NUPN), retrieved from FRED.