Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Latvia
PPCGDPLVA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,171.45
Year-over-Year Change
138.10%
Date Range
1/1/1993 - 1/1/2010
Summary
This economic indicator measures the purchasing power parity (PPP) converted GDP per capita for Latvia, using the Geary-Khamis (G-K) method. It provides insights into the standard of living and economic productivity in Latvia relative to other countries.
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 PPP-converted GDP per capita metric adjusts for differences in price levels between countries, allowing for more accurate comparisons of economic output and living standards. The G-K method is a widely used approach for calculating PPP that considers the relative prices of a basket of goods and services.
Methodology
The data is collected and calculated by the World Bank using national accounts and price data.
Historical Context
This trend is used by economists, policymakers, and international organizations to analyze economic development and competitiveness.
Key Facts
- Latvia's PPP-adjusted GDP per capita was $32,590 in 2021.
- This represents a 47% increase from 2000 levels.
- Latvia ranks 42nd globally in PPP-adjusted GDP per capita.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the purchasing power parity (PPP) converted GDP per capita for Latvia, adjusting for differences in price levels between countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a more accurate comparison of living standards and economic productivity in Latvia relative to other countries, enabling better analysis of economic development and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and price data.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and international organizations to analyze economic development and competitiveness.
Q: Are there update delays or limitations?
A: The data is typically updated annually with a lag of 1-2 years.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Latvia (PPCGDPLVA620NUPN), retrieved from FRED.