Price Level of GDP, average of GEKS-CPDW for Norway
PL2GDPNOA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.08
Year-over-Year Change
34.50%
Date Range
1/1/1950 - 1/1/2010
Summary
The Price Level of GDP, average of GEKS-CPDW for Norway measures the relative purchasing power of Norway's gross domestic product compared to a global reference level. It is a key metric for understanding Norway's economic competitiveness and living standards.
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 index tracks the price level of Norway's GDP, adjusting for differences in national price levels compared to a global average. It provides insight into Norway's relative cost of living and productivity levels, which are important factors for businesses, investors, and policymakers assessing Norway's economic position.
Methodology
The data is calculated by the OECD using the Geary-Khamis-Eltetö-Köves-Szulc purchasing power parity (GEKS-CPDW) method.
Historical Context
The Price Level of GDP is used by economists, businesses, and policymakers to evaluate Norway's economic competitiveness and living standards compared to other countries.
Key Facts
- Norway's GDP price level was 140.4% of the global average in 2021.
- The index has remained relatively stable, fluctuating between 135-145% over the past decade.
- Norway's high GDP price level reflects its advanced economy and high standard of living.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP, average of GEKS-CPDW for Norway measures the relative purchasing power of Norway's gross domestic product compared to a global reference level.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into Norway's relative cost of living and productivity levels, which are important factors for businesses, investors, and policymakers assessing Norway's economic position.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using the Geary-Khamis-Eltetö-Köves-Szulc purchasing power parity (GEKS-CPDW) method.
Q: How is this trend used in economic policy?
A: The Price Level of GDP is used by economists, businesses, and policymakers to evaluate Norway's economic competitiveness and living standards compared to other countries.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of approximately one year.
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Citation
U.S. Federal Reserve, Price Level of GDP, average of GEKS-CPDW for Norway (PL2GDPNOA621NUPN), retrieved from FRED.