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Purchasing Power Parities and Real Expenditures a Summary Report Purchasing Power Parities and Real Expenditures A Summary Report This report presents the summary results of purchasing power parties (PPP) in the 2011 International Comparison Program in Asia and the Pacific and background information on the concepts that underpin the results. The PPPs are disaggregated by major economic aggregates and enable cross-country comparison on total gross domestic expenditure, which reflects size of economies; per capita real gross domestic expenditure which identifies economies that are rich; real per capita actual final consumption which measures economic well-being; gross fixed capital formation which reflects investment levels; and price level indexes which indicate relative cost of living by economy. About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to two-thirds of the world’s poor: 1.7 billion people who live on less than $2 a day, with 828 million struggling on less than $1.25 a day. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. 2011 INTERNATIONAL COMPARISON PROGRAM IN ASIA AND THE PACIFIC PURCHASING POWER PARITIES AND REAL EXPENDITURES A SUMMARY REPORT ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City 2011 1550 Metro Manila, Philippines 9789292 544805 ASIAN DEVELOPMENT BANK www.adb.org ASIA AND THE PACIFIC PPP-Cover-Blue-ADB-Branding.indd 1 28/03/2014 9:28:08 AM 2011 INTERNATIONAL COMPARISON PROGRAM IN ASIA AND THE PACIFIC PURCHASING POWER PARITIES AND REAL EXPENDITURES A SUMMARY REPORT 2011 ASIA AND THE PACIFIC © 2014 Asian Development Bank All rights reserved. Published in 2014. Printed in the Philippines. ISBN 978-92-9254-480-5 (Print), 978-92-9254-481-2 (PDF) Publication Stock No. RPT146397-3 Cataloging-in-Publication Data Asian Development Bank. Purchasing power parities and real expenditures: A summary report. Mandaluyong City, Philippines: Asian Development Bank, 2014. 1. Purchasing power parity. 2. Asia and the Pacific. I. Asian Development Bank. The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB. Note: In this publication, “$” refers to US dollars, unless otherwise stated. 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines Tel +63 2 632 4444 Fax +63 2 636 2444 www.adb.org For orders, please contact: Public Information Center Fax +63 2 636 2584 [email protected] Printed on recycled paper Contents Box, Tables, and Figures v Foreword vi Acknowledgments viii Abbreviations x 1 Introduction 1 2 The International Comparison Program in Asia and the Pacific 3 The 2005 International Comparison Program (ICP): The Beginning 3 The 2011 ICP: Renewed Commitment 4 3 Purchasing Power Parities of Currencies 5 What is Purchasing Power Parity? 5 Uses and Applications of Purchasing Power Parity 6 Caution in the Use of Purchasing Power Parities 7 4 Main Concepts and Measures 8 Gross Domestic Product 8 Market Exchange Rates 9 Nominal Expenditures 9 Price Level Index 9 Real Expenditures or Volumes 9 Per Capita Expenditures 10 5 Summary of Results in Asia and the Pacific 11 Size and Distribution of Asia and the Pacific Economy 11 Household Final Consumption, Government Final Consumption, and Gross Fixed Capital Formation 17 6 Methodology for the 2011 ICP in the Asia and Pacific 26 Aims of ICP 26 General Approach of ICP 26 Main Steps in the ICP 27 Computing Purchasing Power Parities 31 iii Contents 7 Innovations Introduced in the 2011 International Comparison Program in Asia and the Pacific 34 Full and Complete Participation of the People’s Republic of China in ICP 34 Focus on National Accounts Data 34 Product Lists and Survey Framework 35 New Data Validation Tool 35 Comparison-Resistant Services 35 Linking Asia and the Pacific to the Rest of the World 36 8 Conclusion 37 Appendixes 39 1 Membership of the Regional Advisory Board in ICP Asia and the Pacific 39 2 National Implementing Agencies 40 3 Detailed Tables: 2011 Purchasing Power Parities and Real Expenditures 41 4 Gross Domestic Product and Its Structures, Asia and the Pacific, 2011 62 5 List of Reference Purchasing Power Parities 63 6 Scope and Coverage of Major Gross Domestic Product Aggregates—2005, 2009, and 2011 ICP 66 Glossary 67 References 71 iv Box, Tables, and Figures Box Special Notes 12 Tables 1 Big Mac Index for Hong Kong, China and Malaysia 5 2 Summary Results for Gross Domestic Product, 2011 13 3 Comparison of Real and Nominal Gross Domestic Product, Levels and Economy Shares to Total Asia and the Pacific, 2011 14 4.1 Summary of Household Final Consumption Expenditure, 2011 18 4.2 Summary of Government Final Consumption Expenditure, 2011 20 4.3 Summary of Expenditure on Gross Fixed Capital Formation, 2011 21 5 Per Capita Real Actual Final Consumption by Households, 2011 22 6 Price Level Indexes for Gross Domestic Product and its Major Components, 2011 24 Figures 1 Comparison of Economy Shares (%) within Asia and the Pacific, Real and Nominal Gross Domestic Product, 2011 16 2 Per Capita Real Gross Domestic Product Indexes, 2011 17 v TitleForeword The International Comparison Program (ICP) is a global statistical initiative set up on the recommendation of the United Nations Statistical Commission to enable comparisons of economic aggregates. From a modest beginning with just 10 countries participating in 1970, the ICP has expanded to cover over 180 countries in the latest 2011 benchmark comparisons. The ICP, organized along regional lines, is coordinated by the ICP Global Office in the World Bank. The Asian Development Bank (ADB) is the Regional Coordinating Agency in Asia and the Pacific region. The 2011 ICP in Asia and the Pacific follows a successful benchmark comparison in 2005 and a subsequent update of these results to 2009. Twenty-three economies in Asia and the Pacific region participated in the 2011 ICP. These economies include Bangladesh; Bhutan; Brunei Darussalam; Cambodia; the People’s Republic of China (PRC); Fiji; Hong Kong, China; India; Indonesia; the Lao People’s Democratic Republic; Macao, China; Malaysia; the Maldives; Mongolia; Myanmar; Nepal; Pakistan; the Philippines; Singapore; Sri Lanka; Taipei,China; Thailand; and Viet Nam. Among the important features of the 2011 ICP are the participation of Myanmar for the first time; the national coverage of the PRC price surveys compared to 11 capital cities in the 2005 ICP; and the increased coverage of the price surveys in India and Indonesia. The purchasing power parities (PPPs) obtained through the ICP or benchmark PPPs enable real comparisons of total and per capita gross domestic product (GDP), both across economies within Asia and the Pacific and with other participating economies. The term real comparisons refer to the comparison of volumes of final goods and services between economies, which are free from exchange rate distortions. They also allow cross-economy comparisons of the major components of the real final expenditures on GDP—household consumption expenditure, government consumption expenditure, actual final consumption by household, collective consumption expenditure by government, gross capital formation, and net external trade; and the various subcomponents of these major aggregates. The real comparisons also provide a more reliable picture of relative living standards across economies at a point in time. This publication presents the 2011 Asia and the Pacific regional PPPs and summary results ofreal GDP and its major components for the 23 participating economies. A final report with detailed results, and updates of the 2005 real GDP values, is scheduled for release in June 2014. Several improvements and innovations in methodology and data validation, over the 2005 ICP, have been employed at the regional (and global) level in this round. These developments were designed to improve the accuracy and reliability of the results, and ADB is confident that these have been achieved. Through the ICP, ADB has also enhanced the capacities of economies in national accounts and price statistics and reaffirmed their collaboration and commitment to the program. vi Foreword Sincere appreciation goes to all those who have contributed to the success of this project: the international experts and national consultants, who have assisted ADB in many ways; the dedicated staff of the Economics and Research Department; and most importantly, the national implementing agencies in each of the 23 participating economies for their in-kind contributions, cooperation, and hard work. Juzhong Zhuang Officer-in-Charge Office of the Chief Economist Asian Development Bank vii Acknowledgments The 2011 International Comparison Program (ICP) in Asia and the Pacific was carried out with funding from the Asian Development Bank (ADB) through a technical assistance project (TA 7507-REG). The invaluable support and cooperation of the governments and national statistical offices of the 23 economies that participated in the 2011 ICP contributed to the successful completion of the project.
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