What Is Per Capita GDP? Per capita gross domestic product (GDP) is a metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population.
GDP per capita is a country's economic output divided by its population. It's a good representation of a country's standard of living. It also describes how much citizens benefit from their country's economy.
GDP per capita is nothing but GDP per person; the country's GDP divided by the total population. ... While the GDP measures only the production and services within a country, GNI also includes net income earned from other countries. Per capital GNI or per capita income is the GNI divided by the population.
(See List of countries by GDP (PPP) per capita.)
...
List of per capita nominal GDP for countries and dependencies.
| Rank | Country/Territory | US$ |
|---|---|---|
| 1 | Luxembourg | 131,782 |
| 2 | Switzerland | 94,696 |
| 3 | Ireland | 94,556 |
| 4 | Norway | 81,995 |
As of 2019, the estimated average GDP per capita (PPP) of all of the countries of the world is Int$18,381.
The percent of Americans working in tertiary (services) and quaternary (research) sectors of the economy are much higher than other nations, so the value of dollars of the goods and services each American produces per year (GDP per capita) is high.
Key Takeaways
Per capita GDP is a global measure for gauging the prosperity of nations and is used by economists, along with GDP, to analyze the prosperity of a country based on its economic growth. Small, rich countries and more developed industrial countries tend to have the highest per capita GDP.
GDP per capita stands for Gross Domestic Product (GDP) per capita (per person). ... 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 income distribution in a country.
One of the main problems with GDP per capita is that it doesn't account for any inequality within a society. ... Another central problem with using GDP per capita as a measure of quality of life is the oversimplification which it represents.
Broadly shared growth in per capita GDP increases the typical American's material standard of living. ... Productivity growth allows people to achieve a higher material standard of living without having to work more hours or to enjoy the same material standard of living while spending fewer hours in the paid labor force.
Yet No Comments