European Union | GDP, PPP (current international $)

This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parity (PPP) conversion factor. GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries. From April 2020, “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD] is used as underlying GDP in local currency unit so that it’s in line with time series of PPP conversion factors for GDP, which are extrapolated with linked GDP deflators. Statistical concept and methodology: 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. For more information on underlying GDP in local currency, please refer to the metadata for “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD]. For more information on underlying PPP conversion factor, please refer to the metadata for "PPP conversion factor, GDP (LCU per international $)" [PA.NUS.PPP]. For the concept and methodology of PPP, please refer to the International Comparison Program (ICP)’s website (https://www.worldbank.org/en/programs/icp).
Publisher
The World Bank
Origin
European Union
Records
63
Source
European Union | GDP, PPP (current 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 6231171763283.3
1991 6535356968978.5
1992 6753117837327.8
1993 6877701399297.9
1994 7212275799644.9
1995 7568711189815.2
1996 7833449243697
1997 8152286965702.6
1998 8548610389230.9
1999 8895740329699.4
2000 9478616390814.8
2001 9961565946290.9
2002 10421714180475
2003 10684269314498
2004 11226328692950
2005 11680233420577
2006 12727256260236
2007 13609060649557
2008 14293258860123
2009 14029054529061
2010 14512360053033
2011 15204388519552
2012 15434325603626
2013 15958559917578
2014 16442088157146
2015 16992955660433
2016 18066101747204
2017 19037983233288
2018 19959783104319
2019 21248680129500
2020 20564554705077
2021 22075621063549
2022 24437856243557

European Union | GDP, PPP (current international $)

This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parity (PPP) conversion factor. GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries. From April 2020, “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD] is used as underlying GDP in local currency unit so that it’s in line with time series of PPP conversion factors for GDP, which are extrapolated with linked GDP deflators. Statistical concept and methodology: 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. For more information on underlying GDP in local currency, please refer to the metadata for “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD]. For more information on underlying PPP conversion factor, please refer to the metadata for "PPP conversion factor, GDP (LCU per international $)" [PA.NUS.PPP]. For the concept and methodology of PPP, please refer to the International Comparison Program (ICP)’s website (https://www.worldbank.org/en/programs/icp).
Publisher
The World Bank
Origin
European Union
Records
63
Source