Comparison of 2017 results with revised 2011 results
widely—from three economies in North America to 46 economies in Europe and Central Asia. Generally, the variation in index of expendi ture per capita was much greater than the varia tion in price levels. One exception was the vari ability of education price levels, which was driven by the CV of 93 percent for Europe and Central Asia, the largest CV for the PLI of any expenditure component at the regional level. The machinery and equipment component exhibited the lowest price variation at both the regional and global levels, which is explained by its highly tradable character. However, the vari ability of the index of expenditure per capita for machinery and equipment exceeded that for most, if not all, other expenditure components across regions and for the world. Services such as health and education, as well as consumption expenditure by government, showed the largest price level variations both across the globe and across most regions. Hous ing, too, had high PLI variances. It is notewor thy that these expenditure components are also the most difficult to measure.
This section presents summary charts compar ing 2017 results to the revised 2011 results. Revised 2011 results are provided in appendix E. The set of economies that participated in the 2017 cycle differed somewhat from the set of economies in the 2011 cycle. Thus the results from the two years can be compared with some caution. The income grouping used for both years reflects the World Bank’s fiscal year 2020 classification of economies. Figure 1.18 shows the regional and income group shares of GDP in both PPP terms and mar ket exchange rate terms as well as their respec tive shares of the global population. Compared with 2017, highincome economies had a higher share of GDP both in PPP terms and in market exchange rate terms in 2011. Correspondingly, both lowermiddle and uppermiddleincome economies increased their share between the two cycles. This mostly reflects the increases in the shares of East Asia and Pacific and South Asia.
Figure 1.18 Share of global PPP-based and market exchange rate–based GDP and share of global population, by region and income group, 2011 and 2017 East Asia and Pacific Europe and Central Asia Latin America and the Caribbean Middle East and North Africa North America South Asia Sub-Saharan Africa
High income Upper-middle income Lower-middle income Low income 0
10
20
30
40
50
60
Share of global GDP, PPP-based (%)
70
0
10
20
30
2011 Source: ICP 2017. Note: PPP = purchasing power parity.
14
40
50
60
Share of global GDP, market exchange rate–based (%)
Purchasing Power Parities and the Size of World Economies
2017
70
0
10
20
30
40
50
60
Share of global population (%)
70