Q:

What is GDP per capita?

A:

Quick Answer

According to the World Bank, GDP per capita is equal to the GDP, or gross domestic product, of a country divided by the midyear population of the country. The gross domestic product of a country is the total value added by all the residents in the country in the last period plus any product taxes and minus any subsidies that are not included in the total value of the products.

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Full Answer

According to the World Bank Development Indicator Database, the country with the highest per capita GDP for the year 2013 is Monaco, with a per capita GDP of $163,026. Liechtenstein has the second highest GDP per capita at $134,617. The United States, with GDP per capita of $53,143 stands at 13th place behind Singapore and just above Canada.

These figures do not take into account the differences in the purchasing power of money in various countries. The World Bank also comes out with data on GDP per capita that takes into account the purchasing power of money in different countries. This is known as gross domestic product at purchasing-power parity per capita. Purchasing-power parity figures are calculated on estimates instead of hard facts, and hence, they are not as reliable as the nominal GDP per capita figures.

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