Price Level of GDP, G-K method for Albania
PLOGDPALA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56.06
Year-over-Year Change
61.95%
Date Range
1/1/1970 - 1/1/2010
Summary
The Price Level of GDP, G-K method for Albania measures the relative price level in Albania compared to the United States. This provides important insights into the purchasing power and cost of living in the country.
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, G-K method measures the ratio of Gross Domestic Product (GDP) in current local currency to GDP in current international dollars, using the Geary-Khamis (G-K) method of international price comparisons. This helps assess the real purchasing power and standard of living in Albania relative to other countries.
Methodology
The data is calculated by the World Bank using the Geary-Khamis method to convert local currency GDP to international dollars.
Historical Context
Policymakers and international organizations use this metric to evaluate economic development and make cross-country comparisons.
Key Facts
- The G-K method corrects for differences in price levels across countries.
- Albania's price level was 36.1% of the U.S. level in 2020.
- The Price Level of GDP metric is useful for assessing relative living standards.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP, G-K method for Albania measures the relative price level in Albania compared to the United States, providing insights into the purchasing power and cost of living in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for evaluating economic development and making cross-country comparisons, as it helps assess the real purchasing power and standard of living in Albania relative to other countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis method to convert local currency GDP to international dollars.
Q: How is this trend used in economic policy?
A: Policymakers and international organizations use this metric to evaluate economic development and make cross-country comparisons.
Q: Are there update delays or limitations?
A: The data is subject to the update schedule and limitations of the World Bank's reporting.
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Citation
U.S. Federal Reserve, Price Level of GDP, G-K method for Albania (PLOGDPALA621NUPN), retrieved from FRED.