Gdp per person tells us the income and expenditure of the

GDP per person or GDP per capita is the same thing. It tells us about the value of all the goods and services which are produced in a country, or you can say the economic output of any country that accounts for the number of people living in that country. The formula for GDP per capita is (GDP / Total population).

It tells us whether a country is prosperous or not and how the standard of living is in that particular country.

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Explanation:

The gross domestic product  (GDP) per capita measures the average income and expenditure level of every resident of a country. It is calculated by dividing the total GDP by the total number of people living in the country.

The GDP per capita plus the standard of living give us a good idea of how developed or not a country is. Generally the higher the GDP per capita, the better the standard of living of the people in the country. but that is not always true.

Qatar has the second highest GDP per capita in the world ($124,500 PPP) but the vast majority of its population is poor, only a small percent is extremely rich.

In order to be able to compare the GDP per capita between nations, we can use the purchasing power parity which accounts for the differences in local prices using the US dollar as the base currency for the world.

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