Colombia | PPP conversion factor, GDP (LCU per international $)

Purchasing power parity (PPP) conversion factor is a spatial price deflator and currency converter that controls for price level differences between countries, thereby allowing volume comparisons of gross domestic product (GDP) and its expenditure components. This conversion factor is for GDP. Development relevance: PPP can be used to convert national accounts data, like GDP and its expenditure components, into a common currency, while also eliminating the effect of price level differences between countries. They can also be used to derive price level indexes (PLIs), the ratio of a country’s PPP to its market exchange rate, to directly compare price levels across countries. PPPs and the PLIs and real (or PPP-adjusted) expenditures to which they give rise allow for many use-cases, but they are particularly valuable for empirical work involving comparisons of per capita consumption or levels of GDP (or other GDP aggregates) across countries and for the measurement of global poverty and global income inequality. The breadth and depth of ICP data allows its use-cases to cover other areas of economics, including empirical analyses of economic growth, productivity and trade, and even beyond, for instance, to help track global targets such as the UN Sustainable Development Goals related to health, education, energy and emissions and labor. Other applications of ICP data include their use in the construction of indexes, for example cost-of-living measures. Uses-cases can even be extended into the policymaking domain at all levels (global, regional and national) given the increased importance of cross-country benchmarking, among other possibilities. Recommended uses of PPPs include: To make spatial comparisons of GDP and its expenditure components | To make spatial comparisons of price levels | To group countries by their per capita volume indexes and price level indexes Recommended uses of PPPs with limitations include: To analyze changes over time in relative GDP per capita and relative prices | To analyze price convergence | To make spatial comparisons of the cost of living | To use PPPs calculated for GDP and its expenditure components as deflators for other values. Limitations and exceptions: Global PPP estimates provided by ICP are produced by the ICP Global Office and regional implementing agencies, based on data supplied by participating countries, and in accordance with the methodology recommended by the ICP Technical Advisory Group and approved by the ICP Governing Board. As such, these results are not produced by participating countries as part of their national official statistics. PPPs are not recommended use: As a precise measure to establish strict rankings of countries | As a means of constructing national growth rates | As a measure to generate output and productivity comparisons by industry | As an indicator of the undervaluation or overvaluation of currencies | As an equilibrium exchange rate. Statistical concept and methodology: PPPs are both currency conversion factors and spatial price indexes. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by controlling differences in price levels between countries. Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa-Samuelson effect). Market exchange rate-based cross-country comparisons of GDP at its expenditure components reflect both differences in economic outputs (volumes) and prices. Given the differences in price levels, the size of higher income countries is inflated, while the size of lower income countries is depressed in the comparison. PPP-based cross-country comparisons of GDP at its expenditure components only reflect differences in economic outputs (volume), as PPPs control for price level differences between the countries. Hence, the comparison reflects the real size of the countries. The International Comparison Program (ICP) estimates PPPs for the world’s countries. The ICP is conducted as a global partnership of countries, multilateral agencies, and academia. The most recent 2017 ICP comparison covered 176 countries, including 47 Eurostat-OECD countries. For countries that have not participated in ICP comparisons, the PPP are imputed based on a regression model. ICP estimated PPPs cover years from 2011 to 2017. WDI extrapolates 2011 PPPs for years earlier years, and 2017 PPPs for later years. Description of WDI extrapolation approach is available here: https://datahelpdesk.worldbank.org/knowledgebase/articles/665452-how-do-you-extrapolate-the-ppp-conversion-factors For the member countries of Eurostat-OECD PPP Programme, PPP conversion factors are periodically updated based on the organizations’ databases. For Eurostat-OECD PPP Programme, please refer to the following websites. (http://www.oecd.org/sdd/prices-ppp/) (https://ec.europa.eu/eurostat/web/purchasing-power-parities/overview) For more information on the ICP and PPPs, please refer to the ICP website at https://www.worldbank.org/en/programs/icp.
Publisher
The World Bank
Origin
Republic of Colombia
Records
63
Source
Colombia | PPP conversion factor, GDP (LCU per international $)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 174.37028769
1991 214.2160573
1992 256.91201473
1993 313.30658397
1994 374.53801823
1995 435.99954238
1996 500.38373137
1997 574.73667661
1998 652.300924
1999 724.43155689
2000 787.39068237
2001 820.23679268
2002 855.85137528
2003 896.60225671
2004 936.75575186
2005 951.44591967
2006 976.56980098
2007 1000.33692116
2008 1056.86662353
2009 1092.81561261
2010 1120.92454264
2011 1168.24304199
2012 1203.58520508
2013 1206.67907715
2014 1220.6072998
2015 1276.47937012
2016 1298.142605
2017 1328.016627
2018 1322.160543
2019 1330.757328
2020 1297.100384
2021 1353.37981
2022 1390.999847

Colombia | PPP conversion factor, GDP (LCU per international $)

Purchasing power parity (PPP) conversion factor is a spatial price deflator and currency converter that controls for price level differences between countries, thereby allowing volume comparisons of gross domestic product (GDP) and its expenditure components. This conversion factor is for GDP. Development relevance: PPP can be used to convert national accounts data, like GDP and its expenditure components, into a common currency, while also eliminating the effect of price level differences between countries. They can also be used to derive price level indexes (PLIs), the ratio of a country’s PPP to its market exchange rate, to directly compare price levels across countries. PPPs and the PLIs and real (or PPP-adjusted) expenditures to which they give rise allow for many use-cases, but they are particularly valuable for empirical work involving comparisons of per capita consumption or levels of GDP (or other GDP aggregates) across countries and for the measurement of global poverty and global income inequality. The breadth and depth of ICP data allows its use-cases to cover other areas of economics, including empirical analyses of economic growth, productivity and trade, and even beyond, for instance, to help track global targets such as the UN Sustainable Development Goals related to health, education, energy and emissions and labor. Other applications of ICP data include their use in the construction of indexes, for example cost-of-living measures. Uses-cases can even be extended into the policymaking domain at all levels (global, regional and national) given the increased importance of cross-country benchmarking, among other possibilities. Recommended uses of PPPs include: To make spatial comparisons of GDP and its expenditure components | To make spatial comparisons of price levels | To group countries by their per capita volume indexes and price level indexes Recommended uses of PPPs with limitations include: To analyze changes over time in relative GDP per capita and relative prices | To analyze price convergence | To make spatial comparisons of the cost of living | To use PPPs calculated for GDP and its expenditure components as deflators for other values. Limitations and exceptions: Global PPP estimates provided by ICP are produced by the ICP Global Office and regional implementing agencies, based on data supplied by participating countries, and in accordance with the methodology recommended by the ICP Technical Advisory Group and approved by the ICP Governing Board. As such, these results are not produced by participating countries as part of their national official statistics. PPPs are not recommended use: As a precise measure to establish strict rankings of countries | As a means of constructing national growth rates | As a measure to generate output and productivity comparisons by industry | As an indicator of the undervaluation or overvaluation of currencies | As an equilibrium exchange rate. Statistical concept and methodology: PPPs are both currency conversion factors and spatial price indexes. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by controlling differences in price levels between countries. Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa-Samuelson effect). Market exchange rate-based cross-country comparisons of GDP at its expenditure components reflect both differences in economic outputs (volumes) and prices. Given the differences in price levels, the size of higher income countries is inflated, while the size of lower income countries is depressed in the comparison. PPP-based cross-country comparisons of GDP at its expenditure components only reflect differences in economic outputs (volume), as PPPs control for price level differences between the countries. Hence, the comparison reflects the real size of the countries. The International Comparison Program (ICP) estimates PPPs for the world’s countries. The ICP is conducted as a global partnership of countries, multilateral agencies, and academia. The most recent 2017 ICP comparison covered 176 countries, including 47 Eurostat-OECD countries. For countries that have not participated in ICP comparisons, the PPP are imputed based on a regression model. ICP estimated PPPs cover years from 2011 to 2017. WDI extrapolates 2011 PPPs for years earlier years, and 2017 PPPs for later years. Description of WDI extrapolation approach is available here: https://datahelpdesk.worldbank.org/knowledgebase/articles/665452-how-do-you-extrapolate-the-ppp-conversion-factors For the member countries of Eurostat-OECD PPP Programme, PPP conversion factors are periodically updated based on the organizations’ databases. For Eurostat-OECD PPP Programme, please refer to the following websites. (http://www.oecd.org/sdd/prices-ppp/) (https://ec.europa.eu/eurostat/web/purchasing-power-parities/overview) For more information on the ICP and PPPs, please refer to the ICP website at https://www.worldbank.org/en/programs/icp.
Publisher
The World Bank
Origin
Republic of Colombia
Records
63
Source