Australia GDP: PPP

Australia GDP: PPP data was reported at 1,936,797.839 Intl $ mn in 2024. This records an increase from the previous number of 1,879,379.921 Intl $ mn for 2023. Australia GDP: PPP data is updated yearly, averaging 763,412.360 Intl $ mn from Dec 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 1,936,797.839 Intl $ mn in 2024 and a record low of 296,612.834 Intl $ mn in 1990. Australia GDP: PPP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Gross Domestic Product: Purchasing Power Parity. This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.;International Comparison Program (ICP), World Bank (WB), uri: https://www.worldbank.org/en/programs/icp/data, note: This information is for ICP’s PPPs utilized in WDI, publisher: International Comparison Program (ICP), date accessed: May 30, 2024, date published: May 30, 2024; The Eurostat PPP Programme, Eurostat (ESTAT), uri: https://ec.europa.eu/eurostat/databrowser/explore/all/all_themes, publisher: Eurostat, date accessed: Periodical update; The OECD PPP Programme, Organisation for Economic Co-operation and Development (OECD), uri: https://data-https://data-explorer.oecd.org/, publisher: OECD, date accessed: Periodical update; Staff estimates, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD); World Economic Outlook database, International Monetary Fund (IMF);;

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