GVA per capita linked to IMF currency holdings
Comparing Gross value added at basic prices (GVA) (current US$), per capita with IMF holdings of currency, US dollar, per capita across 182 countries, 2020–2025.
- Rank correlation
- +0.83
- Holding size constant
- +0.77
- Countries compared
- 182
- Period
- 2020–2025
What might link these
The relationship between GVA per capita and IMF holdings of currency may be driven by a country's economic stability and investment attractiveness, which could influence both indicators. A careful reader should be cautious about potential confounders, such as a country's trade balance. The correlation might also be influenced by other economic factors not accounted for in the analysis.
Why this is not proof of anything
This is a correlation across countries, not an experiment. It cannot show that either indicator causes the other, and both may simply follow a third thing. This correlation could mislead by suggesting a direct relationship between economic output and IMF holdings, when in fact other factors like trade policies or global economic trends may be driving the association.
The second figure above repeats the measurement with national population and income held constant. It is the more conservative number: a relationship that largely disappears there was mostly telling you that larger, richer countries have more of most things.
How this was measured
Both indicators were ranked across every country reporting each, and the two rankings compared — ranks rather than raw values, because a handful of very large countries can otherwise manufacture a relationship on their own. The calculation is arithmetic over figures already published on this site; the commentary above is drafted from the two indicator names and the resulting coefficients.