What is GDP purchasing power parity?

1 answer:

5 0

Gross domestic product is translated into foreign currency using purchasing power parity rates to get PPP GDP. The purchasing power of a global dollar is equivalent to that of the US dollar in the US in terms of GDP.

The "purchasing power parity" method of measuring prices compares the absolute purchasing power of the national currencies by comparing the costs of certain commodities. The PPP ratio is essentially the price of a basket of goods at one location divided by the price of a similar basket of goods in a different location. The PPP inflation and exchange rate may differ from the market exchange rate as a result of tariffs and other transaction fees. The Gross Domestic Product, labour productivity, and real per capita consumption of various economies can all be compared using the Purchasing Power Parity indicator. It can also be used to compare cost of living data and analyze price convergence in particular circumstances.

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