Emissions-weighted carbon price in emissions trading systems by country
This data is expressed in US dollars. It is adjusted for inflation but does not account for differences in the cost of living between countries.
What the numbers show
Emissions-weighted carbon price in emissions trading systems is currently reported for 196 countries. The highest value is 59.71 constant 2021 US$ per tonne of CO₂ equivalents in Germany; the lowest is 0 constant 2021 US$ per tonne of CO₂ equivalents in Vatican.
The median across all reporting countries is 0 constant 2021 US$ per tonne of CO₂ equivalents, and the mean is 5.3 constant 2021 US$ per tonne of CO₂ equivalents.
Over the past decade 32 countries rose and 2 fell. The largest increase was in China (up 1,702.2%), and the largest decrease in Kazakhstan (down 41.5%).
Emissions-weighted carbon price in emissions trading systems: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Germany | 59.71 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 1,014.9% | volatile |
| 2 | Austria | 53.95 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 1,170.7% | volatile |
| 3 | Norway | 53.46 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 616.8% | volatile |
| 4 | Cyprus | 47.62 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 708.3% | volatile |
| 5 | Greece | 47.15 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 690.1% | volatile |
| 6 | Finland | 46.49 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 650.9% | volatile |
| 7 | Bulgaria | 46.14 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 449.5% | volatile |
| 8 | Czechia | 44.44 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 545.1% | volatile |
| 9 | Netherlands | 40.76 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 587.5% | volatile |
| 10 | Slovakia | 39.98 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 500.0% | volatile |
| 12 | Spain | 38.54 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 600.8% | volatile |
| 13 | Denmark | 37.2 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 659.3% | volatile |
| 14 | Poland | 35.64 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 515.8% | volatile |
| 15 | Sweden | 35.35 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 709.2% | volatile |
| 16 | Portugal | 34.27 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 508.8% | volatile |
| 17 | Italy | 34.26 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 708.3% | volatile |
| 18 | Croatia | 32.48 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 565.6% | volatile |
| 19 | Slovenia | 31.28 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 549.9% | volatile |
| 20 | Belgium | 31.12 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 671.4% | volatile |
| 21 | Romania | 30.51 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 336.0% | volatile |
| 22 | New Zealand | 30.26 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 562.0% | volatile |
| 24 | France | 28 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 791.3% | volatile |
| 25 | Estonia | 26.78 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 429.7% | volatile |
| 26 | Lithuania | 25.18 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 429.4% | volatile |
| 27 | Hungary | 23.26 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 363.7% | volatile |
| 28 | United Kingdom | 20.26 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 328.4% | volatile |
| 29 | Latvia | 16.61 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 400.1% | volatile |
| 30 | Australia | 15.99 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | volatile |
| 31 | Switzerland | 13.47 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 586.0% | volatile |
| 33 | South Korea | 6.39 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | down 4.4% | volatile |
| 34 | China | 4.72 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 1,702.2% | volatile |
| 35 | Iceland | 2.68 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 73.4% | volatile |
| 36 | United States | 2.23 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 133.0% | volatile |
| 37 | Canada | 2.01 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | up 110.7% | volatile |
| 38 | Kazakhstan | 0.5616 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | down 41.5% | volatile |
| 39 | Indonesia | 0.1542 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | volatile |
| 40 | Afghanistan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Angola | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Albania | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Andorra | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | United Arab Emirates | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Argentina | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Armenia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Antigua and Barbuda | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Azerbaijan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Burundi | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Benin | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Burkina Faso | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bangladesh | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bahrain | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bahamas | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bosnia and Herzegovina | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Belarus | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Belize | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bolivia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Brazil | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Barbados | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Brunei | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Bhutan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Botswana | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Central African Republic | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Chile | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Cote d'Ivoire | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Cameroon | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Democratic Republic of Congo | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Congo | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Colombia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Comoros | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Cape Verde | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Costa Rica | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Cuba | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Djibouti | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Dominica | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Dominican Republic | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Algeria | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Ecuador | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Egypt | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Eritrea | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Ethiopia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Fiji | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Micronesia (country) | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Gabon | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Georgia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Ghana | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Guinea | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Gambia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Guinea-Bissau | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Equatorial Guinea | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Grenada | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Guatemala | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Guyana | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Hong Kong | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Honduras | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Haiti | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | India | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Iran | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Iraq | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Israel | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Jamaica | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Jordan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Japan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Kenya | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Kyrgyzstan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Cambodia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Kiribati | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Saint Kitts and Nevis | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Kuwait | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Laos | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Lebanon | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Liberia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Libya | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Saint Lucia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Sri Lanka | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Lesotho | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Macao | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Morocco | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Monaco | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Moldova | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Madagascar | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Maldives | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mexico | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Marshall Islands | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | North Macedonia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mali | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Myanmar | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Montenegro | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mongolia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mozambique | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mauritania | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Mauritius | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Malawi | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Malaysia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Namibia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Niger | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Nigeria | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Nicaragua | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Nepal | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Nauru | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Oman | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Pakistan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Panama | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Peru | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Philippines | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Palau | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Papua New Guinea | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Puerto Rico | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | North Korea | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Paraguay | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Palestine | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Qatar | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Russia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Rwanda | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Saudi Arabia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Sudan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Senegal | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Singapore | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Solomon Islands | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Sierra Leone | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | El Salvador | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | San Marino | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Somalia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Serbia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | South Sudan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Sao Tome and Principe | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Suriname | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Eswatini | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Seychelles | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Syria | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Chad | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Togo | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Thailand | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Tajikistan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Turkmenistan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | East Timor | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Tonga | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Trinidad and Tobago | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Tunisia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Turkey | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Tuvalu | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Tanzania | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Uganda | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Ukraine | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Uruguay | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Uzbekistan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Saint Vincent and the Grenadines | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Venezuela | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Vietnam | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Vanuatu | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Samoa | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Yemen | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | South Africa | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Zambia | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Zimbabwe | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Taiwan | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Western Sahara | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
| 40 | Vatican | 0 constant 2021 US$ per tonne of CO₂ equivalents | 2025 | — | flat |
About this data
This data is expressed in US dollars. It is adjusted for inflation but does not account for differences in the cost of living between countries.