Micronesia - GNI, PPP (current international $)

The latest value for GNI, PPP (current international $) in Micronesia was 454,950,100 as of 2020. Over the past 27 years, the value for this indicator has fluctuated between 457,741,300 in 2019 and 236,053,000 in 1997.

Definition: PPP GNI (formerly PPP GNP) is gross national income (GNI) converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GNI as a U.S. dollar has in the United States. Gross national income is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).

Source: World Bank, International Comparison Program database.

See also:

Year Value
1993 244,915,600
1994 249,697,400
1995 259,784,300
1996 255,363,800
1997 236,053,000
1998 243,322,600
1999 256,128,200
2000 274,330,800
2001 284,999,400
2002 290,110,000
2003 299,484,100
2004 301,947,400
2005 319,226,700
2006 328,724,500
2007 333,493,200
2008 327,679,800
2009 343,956,900
2010 348,030,800
2011 364,901,600
2012 370,710,600
2013 374,936,300
2014 372,768,700
2015 433,124,000
2016 433,118,400
2017 441,941,800
2018 409,391,900
2019 457,741,300
2020 454,950,100

Development Relevance: Because development encompasses many factors - economic, environmental, cultural, educational, and institutional - no single measure gives a complete picture. However, the total earnings of the residents of an economy, measured by its gross national income (GNI), is a good measure of its capacity to provide for the well-being of its people.

Statistical Concept and Methodology: Because exchange rates do not always reflect differences in price levels between countries, GNI and GNI per capita estimates are converted into international dollars using purchasing power parity (PPP) rates. PPP rates provide a standard measure allowing comparison of real levels of expenditure between countries, just as conventional price indexes allow comparison of real values over time. PPP rates are calculated by simultaneously comparing the prices of similar goods and services among a large number of countries. In the most recent round of price surveys conducted by the International Comparison Program (ICP) in 2011, 199 economies participated. The PPP conversion factors come from three sources. For 47 high- and upper middle-income countries conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD). For the remaining 2011 ICP countries the PPP estimates are extrapolated from the 2011 ICP benchmark results, which account for relative price changes between each economy and the United States. For countries that did not participate in the 2011 ICP round, the PPP estimates are imputed using a statistical model. More information on the results of the 2011 ICP is available at www.worldbank.org/data/icp.

Aggregation method: Gap-filled total

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: Purchasing power parity