Price Level of GDP, average of GEKS-CPDW for Burkina Faso
PL2GDPBFA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
46.93
Year-over-Year Change
14.15%
Date Range
1/1/1959 - 1/1/2010
Summary
The Price Level of GDP for Burkina Faso measures the relative purchasing power of the local currency compared to the U.S. dollar. This provides valuable insights into the country's economic development and competitiveness.
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 GDP is an index that compares the price level in a given country to the global average. It offers a standardized measure of a country's cost of living and production costs relative to other nations.
Methodology
The data is calculated by the World Bank using the Geary-Khamis-Elteto-Koves-Szulc (GEKS) method applied to national accounts and price data.
Historical Context
This metric is widely used by economists, policymakers, and international institutions to analyze economic performance and competitiveness.
Key Facts
- Burkina Faso's Price Level of GDP was 0.302 in 2021.
- The Price Level of GDP in Burkina Faso is less than one-third the global average.
- This indicates Burkina Faso has significantly lower production and living costs compared to other countries.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP for Burkina Faso measures the relative purchasing power of the local currency compared to the U.S. dollar.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into Burkina Faso's economic development and competitiveness by comparing its cost of living and production costs to the global average.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis-Elteto-Koves-Szulc (GEKS) method applied to national accounts and price data.
Q: How is this trend used in economic policy?
A: This metric is widely used by economists, policymakers, and international institutions to analyze economic performance and competitiveness.
Q: Are there update delays or limitations?
A: The Price Level of GDP data is typically published with a 1-2 year lag and may be subject to revisions.
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Citation
U.S. Federal Reserve, Price Level of GDP, average of GEKS-CPDW for Burkina Faso (PL2GDPBFA621NUPN), retrieved from FRED.