GDP per Capita by Country 2023

Gross domestic product (also known as GDP) is a metric used to quantify the total value of products and services produced in a particular area and their relationship to the local population.

Although GDP per capita is stated in dollars, GDP per capita is not a measure of the average or median personal income. That country’s total economy and industry are measured by this index based on its GDP per capita.

The GDP of a certain region is divided by the total population size to get the GDP per capita of that area. GDP (gross domestic product) per capita is the outcome of this computation. The GDP per capita varies greatly over the globe.

A country’s gross domestic product (GDP) is directly linked to the strength of its economy and how much money it makes compared to what it spends.

Nominal and purchasing power parity (PPP) is the most common method to measure GDP per person (purchasing power parity). The two methods are extremely similar, but there is one major difference.

Nominal GDP per capita (nominal) does not consider the cost of living differential across countries. As a result, GDP per capita (PPP) considers each country’s inflation rate and relative cost of living. As a result, it is probably more realistic when comparing countries.

Even though GDP is often regarded as an important indicator, some economic situations might skew it. It’s very uncommon for nations with “tax haven” status to overstate their GDP figures.

A list of Tax Haven Countries includes the Netherlands, Hong Kong, Puerto Rico, Singapore, the Cayman Islands, Bermuda, and the British Virgin Islands.

Also See: Fourth World Countries 2022

Ireland may be the most often mentioned example, but the list also includes Switzerland, Luxembourg, Hong Kong, Puerto Rico, and Singapore.