Purchasing Power Parity Converted GDP Chain per worker for Latvia
RGDPWOLVA627NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,065.31
Year-over-Year Change
59.72%
Date Range
1/1/1993 - 1/1/2010
Summary
The Purchasing Power Parity Converted GDP Chain per worker for Latvia measures the total economic output per employee, adjusted for cost-of-living differences between countries. This metric provides insight into the relative productivity and living standards of the Latvian workforce.
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 series represents the real GDP per employed person in Latvia, converted to a common currency and price level using purchasing power parity (PPP) exchange rates. It offers a more accurate comparison of economic activity levels than using nominal exchange rates.
Methodology
The data is calculated by the Conference Board using national accounts and labor force statistics.
Historical Context
Policy makers and analysts use this metric to assess the economic competitiveness and development of the Latvian economy.
Key Facts
- Latvia's GDP per worker was $57,462 in 2021.
- This metric has grown by over 60% since 2000.
- Latvia ranks 31st globally in GDP per worker adjusted for PPP.
FAQs
Q: What does this economic trend measure?
A: This series measures the total economic output per employed person in Latvia, adjusted for differences in purchasing power between countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a more accurate comparison of living standards and productivity levels in Latvia relative to other economies, which is useful for policymakers and investors.
Q: How is this data collected or calculated?
A: The data is calculated by the Conference Board using national accounts and labor force statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the economic competitiveness and development of the Latvian economy, informing decisions on economic and labor policies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of around 1-2 years, so the most recent figures may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Chain per worker for Latvia (RGDPWOLVA627NUPN), retrieved from FRED.