GDP per capita (constant 2015 US$)
Countries By GDP per capita (constant 2015 US$)
Key points
- Monaco has the highest GDP per capita at $166,822.57, reflecting its strong economy and high standard of living.
- Burundi has the lowest GDP per capita at $263.36, indicating significant economic challenges and poverty within the country.
- The average GDP per capita among the listed countries is $14,003.56, providing a benchmark for comparison.
- Disparities in GDP per capita highlight the wide range of economic development levels and living standards across different countries.
- GDP per capita is a useful indicator of a country's economic performance and individual wealth distribution, influencing policies and international relations.
Official Definition of GDP per capita (constant 2015 US$)
GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2015 U.S. dollars.
Importance
GDP per capita (constant 2015 US$) is a crucial macroeconomic statistic that measures the economic performance and standard of living within a country. A high GDP per capita indicates that, on average, each person in the country produces and earns more, reflecting a higher standard of living, better access to goods and services, and a higher level of economic development. This can lead to lower poverty rates, improved healthcare and education systems, better infrastructure, and overall improved quality of life for the citizens. Furthermore, a high GDP per capita can attract investments, enhance international competitiveness, and strengthen the country's bargaining power in global affairs.
Conversely, a low GDP per capita suggests lower productivity, limited access to resources and opportunities, higher poverty rates, and potentially inadequate provision of essential services. Countries with low GDP per capita may struggle to provide sufficient healthcare, education, and infrastructure, leading to socio-economic challenges and potential political instability. Additionally, a lower GDP per capita can hinder a country's ability to attract foreign investments, access financing, and compete in the global market, limiting its overall economic growth and development.
Top 10 Countries by GDP per capita (constant 2015 US$)
Bottom 10 Countries by GDP per capita (constant 2015 US$)
Regions
Europe
The data on GDP per capita (constant 2015 US$) reveals significant disparities among the listed countries. While Luxembourg boasts the highest GDP per capita at $104,616, Moldova has the lowest at $3,189. This discrepancy highlights the wide economic gap within Europe. High GDP per capita, such as in Ireland ($79,442), indicates strong economic development, enabling better living standards and infrastructure. However, it can also lead to high costs of living and potential inflation. Conversely, lower GDP per capita countries like Ukraine ($2,350) may struggle with limited resources for public welfare but can attract cost-effective investments. Understanding these disparities is essential for policymakers to address economic inequalities and foster sustainable growth.
Far East: East Asia, SE Asia, Australia
When analyzing the GDP per capita (constant 2015 US$) for the selected countries, we observe significant disparities. Countries like Australia and Brunei exhibit high GDP per capita figures, indicating strong economic prosperity and development. On the other hand, nations like Cambodia and Myanmar have notably lower GDP per capita figures, reflecting economic challenges and potential for growth. The statistic highlights the varying levels of economic advancement among these countries. While higher GDP per capita signifies better living standards and infrastructure, lower figures suggest the need for targeted development policies to improve the overall well-being of the population. Each country's GDP per capita data provides insights into their economic strengths and weaknesses, guiding future policy decisions for sustainable growth.
ASEAN
The GDP per capita for the selected countries ranges from $1,295 in Myanmar to $59,176 in Singapore. Brunei and Singapore stand out with high GDP per capita figures, indicating advanced economies with high standards of living. Malaysia, Thailand, and Indonesia fall in the mid-range, showing moderate development levels. Cambodia, Laos, and Vietnam have lower GDP per capita, suggesting emerging economies with room for growth. The Philippines and Myanmar have the lowest GDP per capita, indicating development challenges. A high GDP per capita signifies economic prosperity, but it also brings challenges such as income inequality and environmental degradation, while low GDP per capita reflects potential for growth but also indicates possible poverty and lack of infrastructure, affecting each country's overall development trajectory.
Latin America
Among the listed countries, Uruguay has the highest GDP per capita at $16,459, indicating a relatively high standard of living. Chile and Panama also boast relatively high figures at $12,738 and $12,307 respectively. These countries may offer better access to quality healthcare, education, and infrastructure. On the other hand, countries like Nicaragua and Honduras have considerably lower GDP per capita at $1,904 and $2,191 respectively, suggesting lower economic output and potential challenges in providing basic services to their populations. The disparities in GDP per capita highlight the varying levels of economic development and income inequality among the countries, impacting factors like poverty rates, human development, and overall quality of life.
Middle East
The GDP per capita (constant 2015 US$) data reveals significant disparities among the listed countries. On one end, Qatar stands out with the highest GDP per capita, indicating a prosperous economy. This is followed closely by the United Arab Emirates and Bahrain. These countries enjoy high standards of living and robust economic infrastructures. Conversely, countries like Syria, Yemen, and Egypt display much lower GDP per capita figures, highlighting economic challenges and lower living standards. While high GDP per capita signifies economic strength and development, it may also lead to income inequality and over-reliance on specific sectors. Conversely, low GDP per capita poses obstacles in providing adequate resources for citizens' well-being and hinders overall development.
Rivals
Anglosphere v BRICS
When analyzing the GDP per capita (constant 2015 US$) for the listed countries, we observe significant disparities. Australia and the United States lead with high figures, indicating strong economic performance and wealth distribution. Canada and the United Kingdom follow closely, showing stable economies with good living standards. New Zealand also demonstrates a high GDP per capita, reflecting economic prosperity. Meanwhile, Brazil, China, India, Russia, and South Africa have lower values, suggesting varying degrees of economic development and income inequality. The implications of this statistic are profound, impacting each country's development differently. While higher GDP per capita signifies better living standards and economic growth, lower values may indicate challenges in poverty alleviation and infrastructure development.
Russia v Ukraine
When analyzing the GDP per capita statistic for the Russian Federation and Ukraine, we see a stark contrast between the two countries. The Russian Federation boasts a significantly higher GDP per capita of $9714.38 compared to Ukraine's $2350.40. This reflects Russia's larger and more diverse economy as well as its higher standard of living. However, Russia's heavy reliance on oil and natural resources poses a risk to its economic stability. In contrast, despite Ukraine's lower GDP per capita, the country has been diversifying its economy and working towards greater economic stability. Ultimately, the GDP per capita statistic indicates the level of economic prosperity and development in each country, guiding policymakers in their strategic economic decisions.
France v United Kingdom
France has a GDP per capita of $35,806.62, while the United Kingdom's GDP per capita is higher at $42,191.92. The United Kingdom outperforms France in this statistic, indicating a higher average economic output per person. This suggests that the United Kingdom may have a stronger overall economy or more productive workforce compared to France. However, France's slightly lower GDP per capita may also reflect a more equitable distribution of wealth or better social welfare programs. For France, this statistic may indicate potential challenges in economic growth and competitiveness compared to the United Kingdom, while the United Kingdom's higher GDP per capita could signify greater prosperity and investment opportunities for its residents.
Israel v Iran
Iran has a GDP per capita of 5141.08 constant 2015 US$, significantly lower than Israel's GDP per capita of 38176.75 constant 2015 US$. This indicates a considerable disparity in economic prosperity between the two countries. Iran's lower GDP per capita suggests potential challenges in providing a high standard of living for its population, possibly due to economic sanctions and domestic economic policies. On the other hand, Israel's higher GDP per capita reflects a more developed economy with stronger infrastructure and potentially greater access to resources. While Iran may face limitations in funding social programs and infrastructure development, Israel likely enjoys more financial stability and resources for investment and growth.
Saudi Arabia v Iran
Iran has a GDP per capita of $5141.08 while Saudi Arabia has a much higher GDP per capita of $18856.91. This stark contrast indicates Saudi Arabia's stronger economic prosperity compared to Iran. Saudi Arabia enjoys the advantage of higher individual wealth and potentially better living standards for its population. However, this high reliance on oil revenues leaves the country vulnerable to fluctuations in global oil prices, posing a risk to its economy. On the other hand, Iran's lower GDP per capita signifies economic challenges that may hinder its overall development. For Iran, diversification away from oil dependency could lead to more sustainable long-term growth and stability.
India v Pakistan
India has a GDP per capita of $1813.53, while Pakistan has a lower GDP per capita of $1578.43. India's higher GDP per capita indicates a relatively higher standard of living compared to Pakistan. However, both countries face challenges such as income inequality, poverty, and infrastructure limitations. The higher GDP per capita in India may provide its population with better access to resources and opportunities for development. On the other hand, Pakistan's lower GDP per capita may signify a need for more focused economic reforms and investment to improve living standards and drive sustainable growth. Overall, the GDP per capita statistic highlights the disparities in wealth and development between the two countries, emphasizing the importance of effective economic policies and strategies to address these disparities.
Turkey v Greece
Comparing the GDP per capita between Greece and Turkey reveals a significant disparity, with Greece standing at $17,283.25 and Turkey at $12,179.66. Greece's higher GDP per capita indicates a more prosperous economy compared to Turkey. For Greece, this statistic signifies a higher standard of living and potentially better access to services such as healthcare and education, but it also highlights economic inequality and challenges in sustaining growth. Meanwhile, Turkey's lower GDP per capita suggests room for development and improvement in quality of life for its citizens. This statistic is crucial for both countries' development as it reflects their economic performance and highlights areas for policy intervention and growth strategies.
China v Japan
China, People's Republic of, has a GDP per capita of $10,358 while Japan has a substantially higher GDP per capita of $34,650. This signifies that Japan's economic output per person is significantly greater than that of China. Japan's higher GDP per capita suggests a more developed and wealthier economy compared to China. Advantages for Japan include potentially higher standards of living and more resources for social programs. However, this could also lead to higher costs of living and greater income inequality. On the other hand, China may experience advantages such as lower income inequality but could face challenges in providing adequate social services to its large population due to the lower GDP per capita. This statistic is crucial for both countries as it reflects their economic productivity, living standards, and overall development progress.
FAQs
- Q: Which country has the most GDP per capita?
A: Monaco has the highest GDP per capita at $166,822.57. - Q: Which country has the least GDP per capita?
A: Burundi has the lowest GDP per capita at $263.36. - Q: What is the average GDP per capita among the listed countries?
A: The average GDP per capita among the listed countries is $14,003.56. - Q: How is GDP per capita calculated?
A: GDP per capita is calculated by dividing the gross domestic product (GDP) by the midyear population of a country. GDP is the sum of the gross value added by all resident producers in the economy. - Q: Why is GDP per capita an important economic indicator?
A: GDP per capita is a key indicator of a country's economic performance as it provides insight into the average economic output per person. It helps in comparing the economic well-being and standard of living among different countries.