Price Level of GDP, G-K method for Norway
PLOGDPNOA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.42
Year-over-Year Change
35.71%
Date Range
1/1/1950 - 1/1/2010
Summary
The Price Level of GDP, G-K method for Norway measures the overall price level of goods and services produced within the Norwegian economy. This metric is crucial for economists and policymakers to assess the country's economic performance and make informed decisions.
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 represents the relative price level in Norway compared to a reference country or base year. The G-K method, developed by Summers and Heston, is a sophisticated approach to calculating purchasing power parity and comparing real economic output across countries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national accounts information and other sources.
Historical Context
This trend is widely used by international organizations, central banks, and economists to evaluate Norway's economic competitiveness and living standards relative to its trading partners.
Key Facts
- Norway's price level was 121.7 in 2021, above the U.S. level.
- This index has increased by 23% since 2000, indicating rising Norwegian prices.
- The G-K method adjusts for differences in the quality and availability of goods across countries.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP, G-K method for Norway measures the overall price level of goods and services produced within the Norwegian economy, adjusted for differences in purchasing power.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for economists and policymakers to assess Norway's economic performance and competitiveness relative to its trading partners.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national accounts information and other sources.
Q: How is this trend used in economic policy?
A: This trend is widely used by international organizations, central banks, and economists to evaluate Norway's economic competitiveness and living standards.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not fully capture recent economic changes in Norway.
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Citation
U.S. Federal Reserve, Price Level of GDP, G-K method for Norway (PLOGDPNOA621NUPN), retrieved from FRED.