Explore and compare GDP per capita data across over 195 countries worldwide with our indispensable insights from FocusEconomics. Access accurate historical data on GDP per capita in USD terms for various nations, providing a comprehensive view of economic performance over the years 2018, 2019, 2020, 2021, and 2022. This information is valuable for evaluating countries’ economic performances and identifying business opportunities. Our GDP per capita data and forecasts can empower your business with critical insights.
What does GDP mean?
To understand GDP per capita, it is first necessary to understand the concept of GDP, or gross domestic product. GDP includes the total market value of all final goods and services produced in a country in a given time period. It includes private and public consumption, public and private investment, and exports minus imports.
GDP is the most widely used measure of economic activity and is a strong representation of the economic health of a country. However, there are some elements of economic activity that GDP does not encapsulate, including non-market transactions.
What does GDP per capita mean?
GDP per capita stands for Gross Domestic Product (GDP) per capita (per person). It is derived from a straightforward division of total GDP (see definition of GDP) by the population. Per capita GDP is typically expressed in local current currency, local constant currency or a standard unit of currency in international markets, such as the U.S. dollar (USD). At FocusEconomics, we express GDP per capita in USD terms.
GDP per capita is an important indicator of economic performance and a useful unit when making cross-country comparisons of average living standards and economic well being. However, GDP per capita is not a measure of personal income and using it for cross-country comparisons also has some known weaknesses. In particular, GDP per capita does not take into account the income distribution in a country. In addition, cross-country comparisons based on the U.S. dollar can be distorted by exchange rate fluctuations and often don’t reflect the purchasing power in the countries being compared.
Why our reports with GDP per capita data and forecasts are valuable for businesses
Data on GDP per capita is useful for several reasons:
For businesses considering international expansion or investment, GDP per capita is a key indicator. Higher GDP per capita often signifies a more affluent market, making it an attractive destination for investments in sectors like luxury goods or high-end services. Meanwhile, markets which are forecast to have increasing GDP per capita can be ripe business opportunities to capitalise on.
GDP per Capita provides a snapshot of consumers’ economic well-being. Businesses can use this information to assess the economic stability of a market, helping them make informed decisions and mitigate risks associated with economic downturns or tightening consumer budgets.
GDP per capita is often correlated with consumer spending patterns; GDP per capita is one economic factor that influences demand for luxury goods, for example. Businesses can anticipate trends in consumer behavior, preferences, and demand by analysing GDP per capita data data and forecasts, enabling more effective product planning and marketing strategies.
GDP per Capita by Country
FAQs
GDP per Capita in the United States averaged 40171.07 USD from 1960 until 2022, reaching an all time high of 62789.13 USD in 2022 and a record low of 19135.27 USD in 1960.
Where can I find historical GDP data? ›
Gross Domestic Product data can be found in the National Accounts dataset portal, and in the Data Tables tab of the International Financial Statistics dataset portal.
What is the US GDP per capita in US dollars? ›
U.S. gdp per capita for 2021 was $70,219, a 10.53% increase from 2020. U.S. gdp per capita for 2020 was $63,529, a 2.44% decline from 2019. U.S. gdp per capita for 2019 was $65,120, a 3.66% increase from 2018.
What is the USA real GDP historical data? ›
GDP in the United States averaged 8213.43 USD Billion from 1960 until 2022, reaching an all time high of 25439.70 USD Billion in 2022 and a record low of 543.30 USD Billion in 1960.
Why is US GDP per capita so high? ›
The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.
How to find real GDP per capita? ›
Real GDP per capita is calculated by dividing GDP at constant prices by the population of a country or area. The data for real GDP are measured in constant US dollars to facilitate the calculation of country growth rates and aggregation of the country data.
Who has the strongest economy in the world? ›
The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.
What is the richest country in the world? ›
According to the 2023 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes to the mean average wealth per adult at a whopping $685,230.
What country has the highest GDP per capita? ›
Who has the best GDP per capita in the US? ›
For per capita GDP, only two of the above states ranked in the top five in 2022: New York was first, followed by Massachusetts, then Washington, while California ranked fourth.
New York leads in GDP per capita at $95,851, with Massachusetts and Washington coming in second and third, at $91,819 and $87,546 respectively. California is not far behind with the fourth-highest GDP per capita, producing $85,969 of economic output per resident.
Which US state has the highest GDP per capita? ›
GDP per capita was highest in New York, Massachusetts, Washington, California, and North Dakota in 2022. Map of the US showing GDP per capita by state. New York has the highest GDP per capita at $104,100, followed by Massachusetts and Washington. The scale is ranges from $47.6K to $104.1K.
What is China's GDP right now? ›
Nominal (current) Gross Domestic Product (GDP) of China is $17,963,200,000,000 (USD) as of 2022. Real GDP (constant, inflation adjusted) of China reached $12,640,300,000,000 in 2022. GDP Growth Rate in 2022 was 2.99%, representing a change of 474,100,000,000 US$ over 2021, when Real GDP was $15,851,100,000,000.
What is California's GDP per capita? ›
50 states and Washington, D.C.
| State or federal district | Nominal GDP at current prices 2023 (millions of U.S. dollars) | Nominal GDP per capita |
|---|
| 2022 | 2022 |
|---|
| California * | 3,641,643 | $92,190 |
| Texas * | 2,402,137 | $78,456 |
| New York * | 2,048,403 | $104,344 |
43 more rowsQuestion: Over the past 100 years, U.S. real GDP per person has doubled about every 35 years.
What was real per capita GDP in 1933 measured in 2013 prices use the data in the table below to compute your answer? ›
Answer and Explanation:
(1933 per capita GDP in 2013 prices) = (nominal per capita GDP in 1933)/(100/1,400) = $452/(100/1,400) = $6,328.
What has been the average real per capita growth rate in the US over the last about 150 years? ›
Jones from his paper, “The Facts of Economic Growth”: For nearly 150 years,GDP per person in the U.S. economy has grown at a remarkably steady average rate of around 2 percent per year.
