India ranked 126th in terms of GDP per capita: IMF data

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In the recent report released by International Monetary Fund (IMF), India ranked 126th in terms of per capita gross domestic product (GDP), moving up one position from the previous year.

India-GDP-lowest-IMF
India has the lowest GDP per capita among BRICS nations.

According to the World Economic Outlook data, the change in India’s position from 127th to 126th is due to the rise in the country’s GDP per capita, which reached $7,170 (Rs.4.66 lakh) in 2017 from $6,690 in 2016, the same year in which the GDP per capita of all other BRICS nations was above $10,000.

Among the BRICS countries, Russia is in the top with a GDP per capita of $27,900, followed by China, Brazil and South Africa with GDP per capita of $16,620, $15,500 and $13,400 respectively. India is in the bottom with the lowest per capita GDP among the BRICS countries.

Released as a part of the World Economic Outlook report, the data lists about 200 countries which were ranked based on their per capita GDP on purchasing power parity (PPP).

PPP or purchasing power of a currency is the amount of currency required to buy the same amount of goods and services in other countries. Based on the relative cost of living and rate of inflation, the purchasing power of a country is determined.

The top ten richest countries in terms of per capita GDP include Qatar with the highest per capita GDP of $124,930, followed by Macao, Luxembourg, Singapore, Brunei, Ireland, Norway, Kuwait, UAE, and Switzerland.

Top 10 richest countries in terms of per capita GDP

Rank

Country GDP per capita

1

Qatar

$124,930

2

Macao

$114,430

3

Luxembourg

$109,190

4

Singapore

$90,530

5

Brunei

$76,740

6

Ireland

$72,630

7

Norway

$70,590

8

Kuwait

$69,670

9

United Arab Emirates (UAE)

$68,250

10 Switzerland

$61,360

 

According to the report, the top ranking countries including Brunei and Qatar have oil and gas boosting their economies, while in countries such as Ireland and Iceland economic growth is driven by robust banking systems and investments.

Surprisingly, the United States of America (US) and the United Kingdom (UK) are not among the top ten countries. With a per capita GDP of $59,500, the US ranked in the 13th position, while the UK didn’t even come close.

Read more GDP news here.

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