GDP per capita determines the level of economic development of the country: the higher the GDP per capita in a country the higher the economic wealth of its citizens.
Since the beginning of the century, Luxembourg, Switzerland, and Norway have the sustainable high positions of GDPs per capita at current prices with Luxembourg being the leader. In 2017, Luxembourg's GDP per capita has grown by 3,613 $ compared to 2016 to reach a level of approximately 110,000 US dollars. At that, the real GDP growth of Luxembourg is estimated at 3.5 percent in 2017 which is 2.6 percentage points more than in the previous year.
GDP per capita based on purchasing power parity (PPP) is a more accurate characteristic determining the level of economic development and economic growth. Based on this approach, Qatar has the highest GDP per capita in the world while Luxembourg ranks the second.
According to the definition given by Global Purchasing Power Parities and Real Expenditures International Comparison Program, purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the US dollar (US$) most commonly used as the base or “numeraire” currency".
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