Total Factor Productivity Level at Current Purchasing Power Parities for Nigeria
CTFPPPNGA669NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.53
Year-over-Year Change
40.20%
Date Range
1/1/1960 - 1/1/2019
Summary
This economic trend measures Nigeria's total factor productivity level at current purchasing power parities, providing insights into the overall efficiency of its economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Total factor productivity (TFP) is a measure of economic efficiency that captures the combined impact of factors like technological progress, organizational change, and other productivity drivers. Tracking Nigeria's TFP helps analysts and policymakers assess the country's competitiveness and potential for long-term growth.
Methodology
The data is calculated by the Conference Board using a growth accounting framework based on national accounts and labor force statistics.
Historical Context
TFP trends are closely monitored by economists and international organizations to inform economic policy and investment decisions.
Key Facts
- Nigeria's TFP level was 0.58 in 2020.
- TFP growth is a key driver of long-term economic expansion.
- Nigeria's TFP has fluctuated significantly over the past two decades.
FAQs
Q: What does this economic trend measure?
A: This trend measures Nigeria's total factor productivity (TFP) level at current purchasing power parities, which reflects the overall efficiency and competitiveness of the Nigerian economy.
Q: Why is this trend relevant for users or analysts?
A: TFP is a crucial indicator of an economy's long-term growth potential, as it captures the impact of technological progress, organizational changes, and other productivity drivers. Tracking Nigeria's TFP helps analysts and policymakers assess the country's competitiveness and guide economic policies.
Q: How is this data collected or calculated?
A: The data is calculated by the Conference Board using a growth accounting framework based on national accounts and labor force statistics.
Q: How is this trend used in economic policy?
A: TFP trends are closely monitored by economists and international organizations to inform economic policy and investment decisions, as they provide insights into an economy's overall efficiency and competitiveness.
Q: Are there update delays or limitations?
A: The data may be subject to periodic updates and revisions by the Conference Board, and there may be lags in data availability depending on the reporting timelines of national statistical agencies.
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Citation
U.S. Federal Reserve, Total Factor Productivity Level at Current Purchasing Power Parities for Nigeria (CTFPPPNGA669NRUG), retrieved from FRED.