GDP per capita is not a measure of personal income. Comparisons often use purchasing power parity (PPP) to adjust for living costs. Exchange rate fluctuations significantly affect rankings year to year. Non-sovereign entities are included but not ranked
GDP measures market value of final goods and services in a nation. Nominal GDP doesn't account for living costs and exchange rate fluctuations. PPP comparisons adjust for cost of living differences
GDP (PPP) measures domestic production using purchasing power parity. PPP considers local goods, services and inflation rates. More useful for assessing domestic markets than nominal GDP
Top six European countries had combined GDP of $13.833 trillion in 2020. Germany leads with $3.8 trillion GDP, Monaco tops GDP per capita at $190,513. GDP favors larger countries due to ignoring worker and corporation contributions
GDP per capita measures country's economic output per person. Calculated by dividing GDP by population. Used by economists to assess country prosperity
EU has third-largest economy globally with $16.6 trillion GDP in 2022. Germany, France and Italy account for over half of EU's total output. UK would have been second-largest economy at $3.4 trillion