Price Level of Government Consumption for Nigeria
PLOGINNGA623NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
46.71
Year-over-Year Change
-92.77%
Date Range
1/1/1950 - 1/1/2010
Summary
The Price Level of Government Consumption for Nigeria measures the relative cost of government goods and services within Nigeria compared to a global reference point.
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
This index represents the purchasing power of the Nigerian government relative to other countries, offering insights into the affordability of public sector expenditures and their role in the broader economy.
Methodology
The data is calculated based on price surveys and national account data by the United Nations.
Historical Context
Policymakers use this index to assess the efficiency of government spending and its impact on economic performance.
Key Facts
- Nigeria's government consumption price level was 31.9 in 2021.
- The index has risen steadily from 21.5 in 2000, indicating increasing public sector costs.
- Nigeria's index is significantly lower than the global average, reflecting relatively affordable government services.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Government Consumption for Nigeria measures the relative cost of government goods and services within the country compared to a global reference point.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into the affordability of public sector expenditures in Nigeria and how they compare to other countries, which is crucial for evaluating fiscal policy and economic performance.
Q: How is this data collected or calculated?
A: The data is calculated based on price surveys and national account data by the United Nations.
Q: How is this trend used in economic policy?
A: Policymakers use this index to assess the efficiency of government spending and its impact on the broader Nigerian economy.
Q: Are there update delays or limitations?
A: The data is subject to the availability and timeliness of national accounts and price survey information collected by the United Nations.
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Citation
U.S. Federal Reserve, Price Level of Government Consumption for Nigeria (PLOGINNGA623NUPN), retrieved from FRED.