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A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. This is similar to nominal GDP per capita but adjusted for the cost of living in each country.
GDP per capita is often considered an indicator of a country's standard of living; [1] [2] however, this is inaccurate 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 ...
A high-income economy is defined by the World Bank as a country with a gross national income per capita of US$14,005 or more in 2023, calculated using the Atlas method. [1] While the term "high-income" is often used interchangeably with "First World" and " developed country ," the technical definitions of these terms differ.
GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person. If a country's GDP doubled over a certain period, but its population tripled, the increase in GDP may not mean that the standard of living increased for the country's residents; the average person in the country is producing less than they were before.
Per capita income is often used to measure a sector's average income and compare the wealth of different populations. Per capita income is also often used to measure a country's standard of living. When used to compare income levels of different countries, it is usually expressed using a commonly used international currency, such as the euro or ...
Unlike GDP per capita or per capita income, the HDI takes into account how income is turned "into education and health opportunities and therefore into higher levels of human development." Since 1990, Norway (2001–2006, 2009–2019), Japan (1990–1991 and 1993), Canada (1992 and 1994–2000) and Iceland (2007–2008) have had the highest HDI ...
On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. [ 5 ] The rankings of national economies over time have changed considerably; the United States surpassed the British Empire 's output around 1916, [ 6 ] which in turn had surpassed the Qing dynasty in aggregate output decades earlier.
The annual GDP per capita growth in % according to the World Bank is shown for last available year: [ 1] Country. GDP per capita. growth (annual %) Year. Afghanistan. -8.6. 2022. Albania.