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Taiwan's purchasing power parity ranked 28th

Taiwan's purchasing power parity ranked 28th

Taiwan's purchasing power parity (PPP)-converted per capita gross domestic product amounted to US$26,068 in 2005, ranking 28th in a global survey, a government official said yesterday.
According to the official from the Cabinet-level Directorate-General of Budget, Accounting and Statistics, Taiwan trailed five other Asian countries and areas but ranked ahead of South Korea and China in terms of PPP-converted GDP for 2005.
The survey was part of a U.N.-sponsored International Comparison Program aimed at producing internationally comparable price levels, economic aggregates in real terms, and purchasing power parity estimates, the official said, adding that the ICP uses a series of statistical surveys to collect price data for a basket of goods and services.
For meaningful inter-country comparisons, the ICP considers the affordability and price level of necessities and luxuries, which exchange rates ignore, the official said.
The data collected is combined with other economic variables from countries' national accounts to calculate purchasing power parities - a form of exchange rate that takes into account the cost and affordability of common items in different countries, usually expressed in the form of U.S. dollars, the official explained.
The United Nations authorized the World Bank to handle the 2005 version of the PPP-converted per capita GDP survey, the official said, adding that the survey covered 146 countries in six geographic areas around the world.
As the Asian Development Bank, of which Taiwan is a member, was commissioned to coordinate and integrate the survey in the Asia Pacific area, the official said, the Central Bank of the Republic of China managed to persuade the ADB to have Taiwan covered in the survey.
It marked the first time that Taiwan was invited to join the ICP survey, with the DGBAS contracted to execute the project, the official said.
The results of the ICP survey show that the U.S. ranked first in the world in 2005 with a PPP-converted GDP of US$12 trillion, followed by China at US$5.33 trillion and Japan at US$3.87 trillion.
Taiwan's PPP-converted GDP for 2005 amounted to US$590.5 billion, ranking 18th among the 146 countries and areas studied, the official said.
In terms of PPP-converted per capita GDP, Luxembourg ranked first at US$70,014, followed by Qatar at US$68,749.
Among Asian countries and areas, Brunei topped the list at US$47,465, followed by Singapore (US$41,478), Macau (US$37,259), Hong Kong (US$35,680) , Japan (US$30,290) , Taiwan (US$26,068) and South Korea (US$21,342).
China's PPP-converted per capita GDP totaled only about US$4,091 for 2005.