Tue, May 29, 2018 - Page 12 News List

Taiwan has 19th-highest GDP by purchasing power

Staff writer, with CNA

Taiwan’s GDP per capita based on purchasing power parity (PPP) ranks 19th in the world, higher than Japan’s and South Korea’s, the latest IMF data showed.

Taiwan’s PPP-based GDP per capita is US$52,304, compared with US$44,430 in Japan and US$41,390 in South Korea, which rank 31st and 32nd in the world, respectively, the data showed.

The IMF releases global income statistics twice a year. PPP-based GDP per capita compares average living standards in different nations by combining nominal incomes with the relative cost of living and inflation rates

The Directorate-General of Budget, Accounting and Statistics has said that the nation’s relatively low cost of living, stable prices and low inflation rate are why it is so high on the PPP index.

The data, which were published last month, put Qatar in the No. 1 spot in terms of PPP-based GDP per capita with US$128,702 per year, followed by Macau with US$122,489, and Luxembourg with US$110,870.

Singapore ranked fourth, with US$98,014, and Hong Kong 10th, with US$64,533.

The Business Insider Web site said that small countries dominate the list because they have small populations compared with the US, China and Germany, which lead the world purely in terms of GDP.

Most of small nations depend heavily on migrant workers, who often do not reside in the country where they work or are not granted resident status, so that they are not included in GDP per capita calculations, the Web site said.

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