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GDP per capita
- GDP per capita is a measure of a country's economic output that accounts for its number of people. It divides the country's gross domestic product by its total population.
People also ask
What is GDP per capita and how is it calculated?
What countries have the highest GDP per capita?
How do you calculate the real GDP per person?
Is GDP per capita the same as household income?
Oct 04, 2020 · The gross domestic product per capita, or GDP per capita, is a measure of a country's economic output that accounts for its number of people. It divides the country's gross domestic product by its total population.
Per capita gross domestic product (GDP) is a metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population.
As of 2019, the estimated average GDP per capita (PPP) of all of the countries of the world is Int$ 18,381. For rankings regarding wealth, see list of countries by wealth per adult.
GDP per capita is often considered an indicator of a country's standard of living; however, this is problematic because GDP per capita is not a measure of personal income. Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries.
GDP per capita (current US$) World Bank national accounts data, and OECD National Accounts data files. License : CC BY-4.0. Line Bar Map.
GDP per Capita Gross Domestic Product (GDP) per capita shows a country's GDP divided by its total population. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita.
Mar 09, 2021 · GDP per capita is calculated by dividing GDP by midyear population. GDP is the total market value of all final goods and services produced in a country in a given year. In the Nominal method, market exchange rates are used for conversion.
- Example of GDP Per Capita
- Factors of GDP Per Capita
- Status of GDP Per Capita as of 2019
- Difference Between GDP Per Capita and GDP
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The calculation is very simple and straight forward, there are two components – mainly GDP and the total population of the country. So, the formula for GDP Per Capita is Total GDP / Total Population 1. If we are looking at a particular point in one country, we can use Nominal GDPwhich means that the nominal GDP is measured in current $. 2. Another option is, when we want to compare countries using this measure, we have to Purchasing Power ParityGDP as this measure the value of the same goods and services across the nations. This helps to bring equality and parity in the whole comparison process. 3. Lastly, we can also use Real GDPwhere the economic outcome of the country is adjusted for inflation and is used to compare the standard of living between different nations. You are free to use this image on your website, templates etc, Please provide us with an attribution linkHow to Provide Attribution?Article Link to by Hyperlinked For eg: Source: GDP Per Capita(wallstreetmojo.com)
A country has a nominal GDP of $5 trillion and a population of around 300 million, as of December 2018. Let us try to calculate the GDP per capita using the nominal GDP formula. Solution: The calculation of GDP per capita is shown below.It has many linkages to economic growth, mainly the government can use it to see how the economy is growing in terms of the population.It is very crucial to see each aspect as it helps to assess the domestic influence on the production at a national level.It can be also used to see if the economy is growing or shrinking, the GDP per capita indicates a lot to analyze for the analysts.For instance, if it is decreasing it means that either the population is growing faster than the GDP, or the production is not much enough for the population pulling the Per capita GDP downwards.
Below are the top 10 countries with the highest GDP per capita as of 2019: Source: http://statisticstimes.com/ 1. As we can see from the chart, Luxembourg is the richest amongst all the countries, since it has the highest GDP per capita of $113,196. Also, it has a comparatively low population which helps the nation to stay at the top. As per the current data, it seems that it will maintain this position for next year too since there is a huge difference of $29840 between 1st and 2nd 2. It is pure math, if the denominator (Population) is high is will give a small number (GDP Per Capita) as a result, lower the denominator the better. Or else match the numerator (GDP) to make up for the high denominator.GDP is the total value of goods and services being produced in a country; it is a number that is published officially on the charts to measure the health of an economy.While, it is in a way GDP divided amongst the citizens of the country, which tells us that the overall production of the nation is for the country’s population and how much everyone is entitled to...GDP assists in measuring the health of the economy while they help to know the individual prosperity of its citizens.
All in all, GDP per capita plays a very crucial role in determining the country’s internal growth and prosperity. It also helps to analyze and compare one nation with others on a global scale, every nation allocates the resources for growth or to control the headcount according to this particular number.
This has been a guide to what is GDP per capita and its definition. Here we discuss how to calculate GDP per capita along with examples and its key factors. You can learn more about economics from the following articles – 1. Covered Interest Rate Parity 2. Expenditure Approach for GDP 3. Calculate Debt to GDP Ratio 4. Real GDP Per Capita