Iceland | 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
Republic of Iceland
Records
63
Source
Iceland | 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
1991
1992
1993
1994
1995 6407343168.568
1996 6662592816.4724
1997 7286026713.2866
1998 7871117925.5877
1999 8198700509.4831
2000 8375644961.8888
2001 9085391496.3584
2002 9375292903.8366
2003 9467594998.4584
2004 10402625519.948
2005 11074925909.581
2006 12059465876.852
2007 12920228876.625
2008 13879915595.102
2009 13333839397.399
2010 12649528506.077
2011 13059433954.083
2012 13471498420.029
2013 14378252058.928
2014 15058763610.431
2015 16276450019.069
2016 17939410954.585
2017 19106258173.122
2018 20174853794.358
2019 21507881219.689
2020 19912086122.673
2021 21715672739.153
2022 26593331732.835

Iceland | 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
Republic of Iceland
Records
63
Source