Price Level of GDP, average of GEKS-CPDW for Iceland
PL2GDPISA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.55
Year-over-Year Change
6.12%
Date Range
1/1/1950 - 1/1/2010
Summary
The Price Level of GDP, average of GEKS-CPDW for Iceland, measures the relative purchasing power of the Icelandic economy compared to the United States. This metric is important for economists and policymakers to assess a country's standard of living 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
This economic indicator tracks the price level of Gross Domestic Product (GDP) in Iceland, adjusted for differences in purchasing power compared to the United States. It is based on the GEKS-CPDW (Gini-Éltetö-Köves-Szulc, Consumption Price Differences Weighted) method, which provides a multilateral comparison of price levels across countries.
Methodology
The data is calculated by the Organisation for Economic Co-operation and Development (OECD) using a complex econometric methodology.
Historical Context
The Price Level of GDP is used by analysts to understand a country's standard of living and trade competitiveness relative to other economies.
Key Facts
- Iceland's Price Level of GDP was 1.3 in 2021.
- The Price Level of GDP is indexed to the United States, which has a value of 1.0.
- Higher values indicate a higher price level and cost of living in the country compared to the US.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP, average of GEKS-CPDW for Iceland measures the relative purchasing power and price level of the Icelandic economy compared to the United States.
Q: Why is this trend relevant for users or analysts?
A: This indicator is important for understanding a country's standard of living and trade competitiveness relative to other economies.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using a complex econometric methodology known as the GEKS-CPDW method.
Q: How is this trend used in economic policy?
A: The Price Level of GDP is used by analysts, economists, and policymakers to assess a country's cost of living and trade dynamics compared to other nations.
Q: Are there update delays or limitations?
A: The data may have a lag of several months before being published due to the complex calculation process.
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Citation
U.S. Federal Reserve, Price Level of GDP, average of GEKS-CPDW for Iceland (PL2GDPISA621NUPN), retrieved from FRED.