Norway vs Venezuela: GDP, PPP
GDP, PPP over time
- Norway
- Venezuela
How they compare
Venezuela currently reports 621.14 billion current international $ against 583.77 billion current international $ in Norway, a difference of 37.36 billion current international $.
That makes Venezuela's figure about 1.1 times Norway's.
Across all 22 years both countries report, Venezuela has been ahead every year.
Globally, Norway ranks 51st and Venezuela ranks 48th of 203 countries.
Individual pages
About this data
This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.