Trend 1950 - 2010. Center for International Comparisons of Production, Income and Prices. Penn World Table 7.1: PPP Converted GDP per Capita (Chain Series) | Country: Iceland, 1950-2010. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. Dataset-ID: 070-005-022.

• Main Author: Center For International Comparisons Of Production, Income
• Format: Article in Journal/Newspaper
• Language: English
• Published: Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. 2015
• Subjects: Purchasing Power; Gross Domestic Product GDP; Social Development; Economic Development; Milton; Iceland
• Online Access: https://dx.doi.org/10.6068/dp14bad9fbc817; http://statisticaldatasets.data-planet.com/dataplanet/Datasheet_DOI_Servlet?ID=14bad9fbc817&type=datasheet&version=1

Center for International Comparisons of Production, Income and Prices (2015). Penn World Table 7.1: PPP Converted GDP per Capita (Chain Series) | Country: Iceland, 1950-2010. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. [Data-file]. Dataset-ID: 070-005-022. Dataset: Real gross domestic product (GDP) per capita (Chain) is a chain index obtained by first applying the component growth rates between each pair of consecutive years, t-1 and t (t=1951 to 2010), to the current price component shares in year t-1 to obtain the domestic absorption (DA) growth rate for each year. (DA is the sum of private consumption, general government consumption, and gross domestic investment.) This DA growth rate for each year t is then applied backwards and forwards from 2005, and summed to the constant price net foreign balance to obtain the series. Constant prices allow figures to be represented so that the effects of inflation are removed. Real GDP in the Penn World Table means GDP converted to international dollars using purchasing power parity (PPP) rates. (An international dollar has the same purchasing power over GDP as a US dollar has in the United States in a given base year, here, 2005.) The Penn World Table (PWT) displays a set of national accounts economic time series covering many countries. Its expenditure entries are denominated in a common set of prices in a common currency so that real quantity comparisons can be made, both between countries and over time. It also provides information about relative prices within and between countries, as well as demographic data and capital stock estimates. Since the regionalization of the United Nations International Comparison Programme (ICP) beginning with the 1980 benchmark, Robert Summers and Alan Heston at the Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania have been using ICP benchmark comparisons as a basis for estimating PPPs (purchasing power parities) for non-benchmark countries and extrapolations backward and forward in time. The Penn World Tables are described in Summers and Heston "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988" (Quarterly Journal of Economics, May 1991, 327-368). The current version of Penn World Tables, PWT 7.1, was prepared by Heston, Summers, and Bettina Akens, and was released in June 2011. V7.1 provides purchasing power parity and national income accounts converted to international prices for 189 countries and territories, 1950-2010, with 2005 as reference year. Major differences between PWT 7.0-7.1 and prior versions include use of the World Bank International Comparison Program data, the 146-country benchmark ICP detailed price comparisons. Other changes include (1) use of actual household consumption vs household consumption expenditures; also, government expenditures on education and health are included in actual but not household consumption, meaning that government expenditures are current expenditures on collective consumption; and (2) domestic Absorption and Gross Domestic Product is provided in each year as one measure. Estimates for non-benchmark countries are derived in a way similar to earlier versions. Category: Industry, Business, and Commerce, International Relations and Trade Source: Center for International Comparisons of Production, Income and Prices The Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania (CICUP) was established in 1990 to continue an intellectual tradition begun at Penn during the 1940s by Simon Kuznets. Kuznets was on the faculty and was further elaborating the system of national accounts that he had helped create. Irving B. Kravis, a student of Kuznets’, moved forward research in the area of spatial national accounts, first with his work for the Organization for European Economic Cooperation with Milton Gilbert. Another Kuznets student, Richard Easterlin, engaged in a number of historical studies of the regional growth of the United States economy. CICUP was established as a center that would include these traditions in addition to other areas of research involving cross-country and inter-area comparisons of incomes and prices. https://pwt.sas.upenn.edu/ Subject: Purchasing Power, Gross Domestic Product (GDP), Social Development, Economic Development