What is the average GDP in America?

The GDP per Capita in the United States is equivalent to 413 percent of the world’s average. GDP per capita in the United States averaged 34922.23 USD from 1960 until 2016, reaching an all time high of 52194.90 USD in 2016 and a record low of 17036.90 USD in 1960.

Also to know is, what was the GDP in 2012?

In the third quarter, current-dollar GDP increased 5.9 percent, or $225.4 billion. 2012 GDP Real GDP increased 2.2 percent in 2012 (that is, from the 2011 annual level to the 2012 annual level), compared with an increase of 1.8 percent in 2011.

What is GDP in the US?

18.57 trillion USD20

What is GDP purchasing power parity?

One way, called GDP at exchange rate, is when the currencies of all countries are converted into USD (United States Dollar). The second way is GDP (PPP) or GDP at Purchasing Power Parity (PPP).

Is China a developed country or a developing country?

China has been the largest contributor to world growth since the global financial crisis of 2008. Yet China remains a developing country (its per capita income is still a fraction of that in advanced countries) and its market reforms are incomplete.

Which countries have the highest GDP per capita?

GDP (Nominal) per capita Ranking 2018RankCountry/economyContinentWorld1LuxembourgEurope2SwitzerlandEurope

What are PPP dollars?

Purchasing power parity (PPP) is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.

How do you calculate the GDP per capita?

GDP per Capita Formula. The formula is GDP/Population. If you’re looking at just one point in time in one country, then you can use regular, “nominal” GDP divided by the current population. If you want to compare GDP per capita between countries, you must use the purchasing power parity GDP.

What is the meaning of GDP per capita PPP?

(international dollars) GDP per capita (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates and divided by total population. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States.

What is the standard of living?

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country.

What is the definition of real GDP per capita?

Real GDP per capita: Real GDP divided by Population. This is the “average” output of the economy per person measured in a base year prices. This ratio is often used as a measure of standard of living in comparisons over time of one country, or between different countries when measured in the same currency.

What was the GDP in 2016?

Current-dollar GDP increased 3.0 percent, or $532.5 billion, in 2016 to a level of $18,569.1 billion, compared with an increase of 3.7 percent, or $643.5 billion, in 2015 (table 1 and table 3). Real GDI increased 1.6 percent in 2016, compared with an increase of 2.5 percent in 2015 (table 1).

What is the average per capita income in the United States?

According to the U.S Census Bureau “The per capita income for the overall population in 2008 was $26,964; for non-Hispanic Whites, it was $31,313; for Blacks, it was $18,406; for Asians, it was $30,292; and for Hispanics, it was $15,674.”

Who has the highest GDP in the world?

GDP (Nominal) Ranking 2018RankCountry/economyContinentWorld1United StatesNorth America2ChinaAsia

Why is GDP important?

The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country’s economy. It represents the total dollar value of all goods and services produced over a specific time period; you can think of it as the size of the economy.

What is GDP and how is it calculated?

The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports). Nominal value changes due to shifts in quantity and price.

What is a GDP in economics?

Gross Domestic Product (GDP) is the broadest quantitative measure of a nation’s total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.

What is the world’s GDP?

In 2014, according to the CIA’s World Factbook, the GWP totalled approximately US$107.5 trillion in terms of purchasing power parity (PPP), and around US$78.28 trillion in nominal terms. The per capita PPP GWP in 2014 was approximately US$16,100 according to the World Factbook.

What is the GDP of the European Union?

Economy of the European UnionStatisticsGDP$17.1 trillion (nominal; 2017) $20.9 trillion (PPP; 2017)GDP growth2.9% (2017)GDP per capita$36,700 (Nominal) (2017) $40,890 (PPP) (2017)GDP by sectorAgriculture: 1.5% Industry: 24.5% Services: 70.7% (2016 est.)

What is the GDP for this economy?

A: The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country’s economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy.

What is the per capita income of UK?

According to the OECD the average household net-adjusted disposable income per capita is $27,029 a year (in USD, ranked 14/36 OECD countries), the average household net financial wealth per capita is estimated at $60,778 (in USD, ranked 8/36), and the average net-adjusted disposable income of the top 20% of the

What is the GDP per capita of the US 2017?

The GDP per Capita in the United States is equivalent to 413 percent of the world’s average. GDP per capita in the United States averaged 34922.23 USD from 1960 until 2016, reaching an all time high of 52194.90 USD in 2016 and a record low of 17036.90 USD in 1960.

How do you calculate per capita income?

Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.