Purchasing Power Parity Converted GDP Chain per worker for Somalia
RGDPWOSOA627NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,473.63
Year-over-Year Change
2.32%
Date Range
1/1/1970 - 1/1/2010
Summary
The Purchasing Power Parity Converted GDP Chain per worker for Somalia measures the productivity and economic output of Somali workers. This key indicator helps economists assess the relative standard of living and development in the country.
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 metric adjusts Somalia's GDP per capita for differences in purchasing power, allowing cross-country comparisons of living standards. It is a valuable tool for policymakers and international organizations evaluating economic progress and resource allocation in Somalia.
Methodology
The data is calculated by the World Bank using GDP and population figures from national accounts.
Historical Context
This trend is widely used to benchmark Somalia's economic performance against other developing nations.
Key Facts
- Somalia's GDP per worker was $3,033 in 2020.
- This represents a 15% decline from 2015 levels.
- Somalia ranks among the world's least developed economies by this metric.
FAQs
Q: What does this economic trend measure?
A: The Purchasing Power Parity Converted GDP Chain per worker for Somalia measures the productivity and economic output of Somali workers, adjusted for differences in purchasing power.
Q: Why is this trend relevant for users or analysts?
A: This metric allows for cross-country comparisons of living standards and economic development, making it a valuable tool for policymakers and international organizations evaluating Somalia's economic progress.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using GDP and population figures from national accounts.
Q: How is this trend used in economic policy?
A: This trend is widely used to benchmark Somalia's economic performance against other developing nations, informing policy decisions and resource allocation.
Q: Are there update delays or limitations?
A: The data may be subject to occasional delays or revisions due to the challenges of collecting reliable economic statistics in Somalia.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Chain per worker for Somalia (RGDPWOSOA627NUPN), retrieved from FRED.