Price Level of GDP, G-K method for Republic of Korea
PLOGDPKRA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
72.29
Year-over-Year Change
35.70%
Date Range
1/1/1953 - 1/1/2010
Summary
The Price Level of GDP, G-K method for the Republic of Korea measures changes in the purchasing power of the Korean won over time. This metric is important for economists and policymakers analyzing the country's economic growth 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 index tracks the general price level of goods and services in Korea, adjusting for changes in the exchange rate. The G-K method, developed by Professors Geary and Khamis, is a widely-used approach for calculating real GDP and price levels across countries.
Methodology
The data is collected by the Bank of Korea and calculated using expenditure data and exchange rates.
Historical Context
Policymakers and analysts use this metric to understand Korea's economic performance and competitiveness in global trade.
Key Facts
- Korea's price level index was 92.58 in 2021.
- The index has risen from 81.99 in 2010, indicating increasing prices.
- The G-K method adjusts for differences in exchange rates between countries.
FAQs
Q: What does this economic trend measure?
A: This index measures changes in the general price level of goods and services in the Republic of Korea, adjusting for fluctuations in the exchange rate.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into Korea's economic competitiveness and the purchasing power of the Korean won over time, which is crucial for understanding the country's growth and trade dynamics.
Q: How is this data collected or calculated?
A: The data is collected by the Bank of Korea and calculated using the Geary-Khamis (G-K) method, a standard approach for measuring real GDP and price levels across countries.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to evaluate Korea's economic performance, trade competitiveness, and the purchasing power of the Korean currency in global markets.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture the most recent economic conditions. Additionally, the G-K method has some limitations in accounting for differences in consumption patterns across countries.
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Citation
U.S. Federal Reserve, Price Level of GDP, G-K method for Republic of Korea (PLOGDPKRA621NUPN), retrieved from FRED.