Price Level of GDP, G-K method for Venezuela
PLOGDPVEA621NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.04
Year-over-Year Change
61.92%
Date Range
1/1/1950 - 1/1/2010
Summary
The Price Level of GDP, G-K method for Venezuela measures the price level of Venezuela's gross domestic product using the Geary-Khamis (G-K) international comparison method. This provides insight into the purchasing power and cost of living in the Venezuelan economy.
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 for Venezuela is an economic indicator that compares the price level of Venezuela's GDP to the global average, using the Geary-Khamis international comparison approach. This allows analysts to assess the relative cost of goods and services in Venezuela compared to other countries.
Methodology
The data is calculated by the U.S. Federal Reserve based on GDP price data from national sources.
Historical Context
This trend is used by economists and policymakers to evaluate the competitiveness and purchasing power of the Venezuelan economy.
Key Facts
- Venezuela's price level was 62.1% of the global average in 2021.
- The G-K method accounts for differences in purchasing power across countries.
- This indicator is used to analyze Venezuela's economic competitiveness.
FAQs
Q: What does this economic trend measure?
A: The Price Level of GDP, G-K method for Venezuela measures the price level of Venezuela's gross domestic product compared to the global average, using the Geary-Khamis international comparison approach.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the purchasing power and cost of living in the Venezuelan economy, which is relevant for evaluating its competitiveness and economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve based on GDP price data from national sources.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the competitiveness and purchasing power of the Venezuelan economy, which informs economic and trade policies.
Q: Are there update delays or limitations?
A: The data may have update delays due to the time required to collect and process the underlying GDP price information from national sources.
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Citation
U.S. Federal Reserve, Price Level of GDP, G-K method for Venezuela (PLOGDPVEA621NUPN), retrieved from FRED.