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While per capita income can be useful for many economic studies, it is important to keep in mind its limitations. Comparisons of per capita income over time need to consider inflation. Without adjusting for inflation, figures tend to overstate the effects of economic growth.
GDP per capita measures (like aggregate GDP measures) do not account for income distribution (and tend to overstate the average income per capita). For example, South Africa during apartheid ranked high in terms of GDP per capita, but the benefits of this immense wealth and income were not shared equally among its citizens. [ 79 ]
Real GDP per capita is the GDP of the entire country divided by the number of people in the country. Measurement of economic growth uses national income accounting. [4] Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth.
In terms of GNP per capita, a better measure of national income, Ireland ranks below the OECD average, despite significant growth in recent years, at 10th in the OECD-28 rankings. GDP is significantly greater than GNP (national income) due to the large number of multinational firms based in Ireland. [84]
The nominal Gross National Income per capita was the ninth-highest in the world at $68,827 in 2023. Correcting for purchasing power, per capita income was Int$57,781 or 10th-highest globally. [23] The income distribution is relatively equal but inequality has somewhat increased during the last decades. [24]
The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates. [17]
This is an accepted version of this page This is the latest accepted revision, reviewed on 19 December 2024. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) Fiscal year 1 April – 31 March Trade organisations WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others Country group Developed/Advanced High-income economy Statistics Population 5,917,600 (Jun ...
Qatar is now among the richest countries in the world, on a per person basis. [39] Current GDP per capita registered a world record-breaking peak growth of 1,156% in the 70s. [40] This became quickly unsustainable due to the 1980s oil glut, and Qatar's current GDP per capita contracted 53% in the 80s. But rising global oil demand helped current ...