GDP (Nominal) vs GDP (PPP)

Source International Monetary Fund World Economic Outlook (October-2023)
Date09 Jan 2024

GDP (Gross Domestic Product) is the total market value of all final goods and services produced in a country in a given period. Each country reports its data in its own currency. To compare the data, each country's statistics must be converted into a common currency. The two most common methods to convert GDP into a common currency are nominal and purchasing power parity (PPP).

Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region and to make international comparisons. It is the original concept of GDP. In the Nominal method, market exchange rates are used for conversion. It does not take into account differences in the cost of living in different countries. Fluctuations in the country's currency exchange rates may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.

PPP basis is arguably more useful when comparing differences in living standards between nations. A haircut in New York is more expensive than in Lima; the price of a taxi ride of the same distance is higher in Paris than in Tunis, and a ticket to a cricket game costs more in London than in Lahore. PPP is an exchange rate at which one country's currency is converted into that of the second country to purchase the same volume of goods and services in both countries. If a hamburger is selling in London for £2 and in New York for $4, this will imply a PPP exchange rate of 1 pound to 2 U.S. dollars. PPP exchange rates are relatively stable over time. The drawback of PPP is that PPP is harder to measure than nominal.

Out of 195 countries/economies, 182 have higher GDP on a PPP basis, and 12 have higher nominal. For the United States, both are identical.

Sudan has the highest difference between PPP and nominal gdp calculation. GDP (PPP) of Sudan is 6.039 times greater than GDP (nominal). Eight countries have ppp to the nominal ratio between 4-5, and 24 economies have higher ppp values above three times. This value is the lowest for Norway (0.737).

There is a large gap between nominal and PPP-based GDP in emerging markets and developing countries. But for advanced countries, the difference is much closer. Out of 33 economies with a ratio above 3, 30 have gdp (nominal) per capita below $6000. Out of 12 economies with a ppp to a nominal ratio of less than one (i.e., ppp value is less than nominal), three are among the ten richest, and five are among the 20 richest economies. Remaining seven are small economies ranked below 150. Among the top 33 richest, none have a ppp to nominal ratio above 2.

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GDP (Nominal) vs GDP (PPP)

Code Rank Country/Economy PPP/Nom GDP (2022) GDP per capita (2022)
Nominal (B of $) PPP (B of Int. $) Nominal ($) PPP (Int. $)
NominalRankPPPRank NominalRankPPPRank
AFG5Afghanistan 4.46213.30114159.3441123281941,462191
ERI23Eritrea 3.2052.3831727.6371646521862,091181
PSE126West Bank and Gaza 1.81718.75412634.0781383,6141326,364144
ALB59Albania2.72819.08312452.0661186,6589718,16490
DZA35Algeria2.995195.06056584.271434,30712012,900112
AND143Andorra1.6103.3521675.39717141,0852566,15518
AGO107Angola2.020122.78161247.977673,4381366,944137
ATG160Antigua and Barbuda1.3521.7581782.37618017,4415823,57573
ARG113Argentina1.944630.606231,226.2042913,6206726,48468
ARM61Armenia2.70119.51412152.7151166,5879917,79593
ABW152Aruba1.4633.5451655.18717333,0323348,34138
AUS185Australia0.9571,702.554121,629.3222064,8141062,02622
AUT167Austria1.282471.02633603.6664152,1921666,88916
AZE87Azerbaijan2.29778.72174180.785797,7518817,80092
BHR106Bahrain2.03044.3839390.0969928,7814058,42625
BGD39Bangladesh2.919460.201351,343.253252,7311427,971132
BRB192Barbados0.8825.6851575.01717419,6485317,33995
BLR43Belarus2.88272.83579209.920717,8698622,67975
BEL169Belgium1.269579.05926735.0253749,8431963,26821
BLZ147Belize1.5632.9851684.6661756,7579310,564123
BEN27Benin3.10617.43912854.1601151,3031664,048160
BTN11Bhutan3.7862.65316910.0441613,49213513,219111
BOL63Bolivia2.68244.31595118.840933,7051299,936126
BIH70Bosnia and Herzegovina2.62324.52011364.3141107,0609218,51887
BWA83Botswana2.36820.35211948.1941227,7388918,32388
BRA109Brazil1.9991,920.023113,837.21589,4558318,89783
BRN122Brunei Darussalam1.86516.68213131.10414237,8512670,57612
BGR86Bulgaria2.30589.11571205.4047313,8216631,85761
BFA29Burkina Faso3.06518.93412558.0251138321792,549177
BDI54Burundi2.7523.91816310.782160311195856194
CPV88Cabo Verde2.2892.3081735.2821724,0481249,263129
KHM25Cambodia3.11528.81810889.7631001,8021575,613149
CMR51Cameroon2.79144.32294123.683921,5881614,431156
CAN179Canada1.0602,137.93992,265.3201655,0371358,31626
CAF95Central African Republic2.2022.4631705.4241704911921,081193
TCD79Chad2.48212.09614630.0261466951831,724186
CHL116Chile1.927300.72946579.4094415,1666429,22163
CHN136China1.68917,886.331230,217.113112,6707021,40476
COL48Colombia2.812343.62244966.152326,6589618,72086
COM74Comoros2.5971.2371813.2131781,2941673,363165
CRI118Costa Rica1.91268.37385130.7348913,0756825,00070
HRV96Croatia2.19270.54882154.6558218,3055740,12850
CYP142Cyprus1.64628.46110946.84112431,4593851,77434
CZE129Czech Republic1.787290.52847519.2384626,8324347,95539
CIV71Côte d'Ivoire2.62370.18084184.048782,4731446,486143
COD105Democratic Republic of the Congo2.07365.78487136.349866801841,409192
DNK182Denmark1.044401.12540418.9635368,295971,33210
DJI127Djibouti1.8043.6621646.6071673,6041336,502142
DMA146Dominica1.5710.6271870.9851868,4628513,293109
DOM93Dominican Republic2.252113.87367256.3906510,7117624,11772
ECU108Ecuador2.006115.04964230.808686,38910012,818114
EGY17Egypt3.526475.231321,675.593184,58711916,17497
SLV98El Salvador2.16432.48910270.3161075,12711111,097120
GNQ80Equatorial Guinea2.47911.76714729.1651477,8548719,46581
EST145Estonia1.58637.9519960.19911128,1364244,63042
SWZ65Eswatini2.6704.83716012.9131584,20212111,217119
ETH37Ethiopia2.970120.36962357.506571,1561713,435163
FJI58Fiji2.7314.98015813.6001565,47410814,950101
FIN175Finland1.145283.12448324.2695951,0301858,44524
FRA162France1.3302,780.13673,696.2431042,3502456,30527
GAB123Gabon1.86321.11711739.3481329,7718118,20689
GEO33Georgia3.03524.60611274.6701036,6719520,24379
DEU163Germany1.3144,085.68145,370.287548,7562064,08620
GHA34Ghana2.99872.24380216.618702,2521506,752139
GRC128Greece1.790219.23855392.5145520,9605037,52657
GRD131Grenada1.7621.2161822.14218110,6957718,84385
GTM111Guatemala1.97795.00469187.778775,09811210,076125
GIN97Guinea2.18620.30412044.3901251,3841643,025170
GNB22Guinea-Bissau3.2141.7181795.5211699061762,911171
GUY85Guyana2.32714.52913733.80314018,3535542,69944
HTI125Haiti1.85720.53511838.1421361,7021593,161167
HND94Honduras2.23131.52310470.3301063,0621406,832138
HKG156Hong Kong SAR1.410359.83942507.2384748,1542167,88014
HUN90Hungary2.267180.01357408.1115418,5795442,12146
ISL191Iceland0.90128.06511025.27515174,591867,17615
IND18India3.5113,389.689511,900.71432,3921468,398131
IDN30Indonesia3.0611,318.806164,036.85274,79811614,687102
IRQ115Iraq1.933261.14049504.746486,18110211,948118
IRL168Ireland1.281533.55927683.58040103,3113132,3592
IRN2Islamic Republic of Iran4.666346.479431,616.542214,04312518,86584
ISR186Israel0.957525.00328502.3304954,3371451,99031
ITA150Italy1.5212,012.014103,059.3371334,0853151,82733
JAM110Jamaica1.98517.00313033.7501416,19810112,302116
JPN153Japan1.4504,237.52836,144.602433,8543249,09036
JOR73Jordan2.61347.51991124.178914,61311712,055117
KAZ64Kazakhstan2.675225.52954603.3444211,4097430,52362
KEN57Kenya2.739113.70168311.473612,2451516,151145
KIR170Kiribati1.2460.2241930.2791911,8221562,271180
KOR140Korea1.6611,673.917132,780.2871432,4183553,84530
UVK55Kosovo2.7499.43715225.9421505,33211014,658103
KWT155Kuwait1.420175.39958249.0036636,0922851,23835
KGZ15Kyrgyz Republic3.56711.67214841.6351261,7181586,127146
LAO4Lao P.D.R.4.49815.30413468.8421082,0471549,207130
LVA130Latvia1.78541.1679773.46710421,9474739,16753
LBN14Lebanon3.59221.78011678.2331013,92212714,086107
LSO66Lesotho2.6522.4631716.5311681,1661703,092168
LBR92Liberia2.2563.9741628.9651637491801,690187
LBY12Libya3.78437.796100143.021855,57710721,10478
LTU121Lithuania1.88570.39083132.6948824,9894447,10741
LUX176Luxembourg1.11681.7067291.21698126,5981141,3331
MAC132Macao SAR1.75021.97911538.47313431,5393755,20928
MDG19Madagascar3.47515.14913552.6361175231911,817185
MWI45Malawi2.86912.53714535.9631375671901,628188
MYS50Malaysia2.794407.027361,137.4003112,4667134,83458
MDV103Maldives2.1096.23815513.15615715,9626133,66359
MLI38Mali2.96719.17112256.8801148471772,514178
MLT135Malta1.70618.14012730.95014334,8192959,40823
MHL187Marshall Islands0.9430.2611910.2461935,8401035,497150
MRT26Mauritania3.1139.90315130.8291442,2851487,113135
MUS67Mauritius2.63412.89814233.96913910,2277926,93467
MEX104Mexico2.0901,465.854143,064.0001211,2667523,54874
FSM189Micronesia0.9150.4241900.3881904,0391263,693162
MDA56Moldova2.74414.55013639.9181305,72610415,71099
MNG46Mongolia2.82517.14612948.4451204,95411413,996108
MNE68Montenegro2.6346.10915616.0891559,8208025,86269
MAR53Morocco2.773130.91360363.011563,5701349,900127
MOZ78Mozambique2.52819.15712348.4251215811891,469190
MMR10Myanmar3.94866.15686261.169641,2281694,847154
NAM89Namibia2.28312.60214428.7651484,85411511,080121
NRU190Nauru0.9010.1521940.13719412,0897310,930122
NPL16Nepal3.53540.82898144.337841,3541654,787155
NLD172Netherlands1.2321,010.193181,244.1482857,4281170,72811
NZL178New Zealand1.100242.02452266.2966347,2262251,96232
NIC32Nicaragua3.04815.67113247.7681232,3721477,229134
NER77Niger2.56315.44813339.5961315921871,518189
NGA62Nigeria2.683477.376311,280.700272,2021535,909147
MKD31North Macedonia3.05013.59313941.4561276,6009820,12980
NOR195Norway0.737579.42225427.14452105,826278,0148
OMN139Oman1.665114.66766190.9417623,2404638,69956
PAK9Pakistan4.057374.658411,520.020231,6501606,695140
PLW181Palau1.0450.2461920.25719213,9416514,515106
PAN91Panama2.26376.52377173.1668017,4105939,39751
PNG171Papua New Guinea1.24031.53310339.1111332,6221433,252166
PRY75Paraguay2.59741.72296108.337955,59810614,535105
PER99Peru2.139244.59451523.100457,1599015,310100
PHL40Philippines2.896404.284391,170.968303,62413110,495124
POL82Poland2.378690.680221,642.6141918,3435643,62443
PRT133Portugal1.740252.13050438.6235124,5404542,69245
PRI177Puerto Rico1.115115.01765128.2669036,1232740,28548
QAT165Qatar1.307236.41553308.9896283,5215109,1604
COG124Republic of Congo1.85913.96113825.9541492,8381415,276152
ROU81Romania2.446301.27345737.0023615,8216238,70355
RUS101Russia2.1252,244.24984,769.827615,6466333,25360
RWA41Rwanda2.89113.30914038.4701351,0051742,904172
WSM154Samoa1.4200.8331861.1831854,1431225,883148
SMR151San Marino1.5181.7851772.71017952,4471579,6337
SAU114Saudi Arabia1.9411,108.149172,150.4601734,4413066,83617
SEN69Senegal2.62327.74411172.7761051,5701624,117158
SRB76Serbia2.57863.50288163.707819,5288224,56471
SYC112Seychelles1.9551.9771763.86617619,9835239,07954
SLE8Sierra Leone4.1873.98716116.6951544801932,009183
SGP148Singapore1.540466.78934719.0753882,8086127,5633
SVK120Slovak Republic1.891115.56063218.5346921,2634840,21149
SVN134Slovenia1.70960.11189102.7399628,5274148,75737
SLB180Solomon Islands1.0551.5911801.6781832,2051522,325179
SOM42Somalia2.88810.42015030.0971456671851,928184
ZAF84South Africa2.353405.10638953.209336,6849415,72898
SSD194South Sudan0.7808.5351536.658166585188456195
ESP144Spain1.6011,418.916152,271.7461529,8003947,71140
LKA6Sri Lanka4.26974.84678319.523603,43313714,657104
KNA138St. Kitts and Nevis1.6760.9661841.61918416,5666027,76766
LCA157St. Lucia1.4042.2971743.22517712,7046917,84091
VCT119St. Vincent and the Grenadines1.8990.9471851.7981828,5398416,21696
SDN1Sudan6.03933.752101203.828747231814,366157
SUR28Suriname3.0763.51016610.7981595,68710517,49894
SWE174Sweden1.176591.18924695.3793956,1881266,09119
CHE188Switzerland0.921818.47120753.8463593,657486,2625
STP137São Tomé and Príncipe1.6840.5481880.9231882,4131454,067159
TWN102Taiwan Province of China2.120760.460211,611.9962232,6873469,29013
TJK3Tajikistan4.63310.49314948.6151191,0671734,943153
TZA60Tanzania2.70977.06576208.759721,2531683,394164
THA36Thailand2.992495.424301,482.437247,0709121,15477
BHS166The Bahamas1.30112.89714316.78015332,2993642,02347
GMB24The Gambia3.1722.1611756.8551658421782,670174
TLS117Timor-Leste1.9184.9041599.4071623,6821307,064136
TGO47Togo2.8218.14415422.9721529201752,594176
TON161Tonga1.3410.4981890.6681894,9781136,686141
TTO159Trinidad and Tobago1.36730.05310641.08012921,2534929,05064
TUN20Tunisia3.32946.36192154.323833,82212812,723115
TKM149Turkmenistan1.53777.25275118.7399412,3807219,02882
TUV184Tuvalu0.9830.0591950.0581955,4521095,376151
TUR13Türkiye3.701905.841193,352.6971110,6227839,31452
UGA52Uganda2.77548.24490133.892871,1031723,062169
UKR49Ukraine2.797160.50159448.954504,60711812,886113
ARE141United Arab Emirates1.647507.06429835.1493451,4001784,6576
GBR173United Kingdom1.2063,081.87163,716.621945,4612354,82429
USA183United States1.00025,462.725125,462.725276,343776,3439
URY158Uruguay1.38771.1778198.7199720,0225127,77065
UZB7Uzbekistan4.22680.41873339.812582,2801499,634128
VUT193Vanuatu0.8701.0731830.9331873,3251392,890173
VEN100Venezuela2.13492.10470196.547753,4221387,302133
VNM21Vietnam3.251406.452371,321.240264,08712313,284110
YEM44Yemen2.88023.54811467.8201097071822,035182
ZMB72Zambia2.62129.74210777.9481021,4861633,894161
ZWE164Zimbabwe1.30731.49010541.1681281,9911552,603175
SYRSyria--- ---- --
World 1.637100,149.060 163,896.546 12,834 21,003