Palau GDP: PPP: 2021 Price

Palau GDP: PPP: 2021 Price data was reported at 291.183 Intl $ mn in 2023. This records an increase from the previous number of 284.870 Intl $ mn for 2022. Palau GDP: PPP: 2021 Price data is updated yearly, averaging 347.771 Intl $ mn from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 363.933 Intl $ mn in 2016 and a record low of 234.566 Intl $ mn in 1993. Palau GDP: PPP: 2021 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Palau – Table PW.World Bank.WDI: Gross Domestic Product: Purchasing Power Parity. This indicator provides values for gross domestic product (GDP) expressed in constant 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 indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2021. 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; The OECD PPP Programme, Organisation for Economic Co-operation and Development (OECD), uri: https://data-explorer.oecd.org/, publisher: OECD; 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);Gap-filled total;

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