In 2018, GDP based on PPP in Australia was 1,318.15 billion international dollars. In the ranking by GDP based on PPP including 189 countries, Australia has the 20th rank that is close to the positions of such countries as Thailand and the Egypt. Compared to China which at the top of the ranking with GDP based on PPP of 25,270.07 billion international dollars in 2018, Australia has 94.78 % percent lower GDP based on PPP.The description is composed by our digital data assistant.
GDP (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or "numeraire" currency.