Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Nigeria
PPCGDPNGA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,629.50
Year-over-Year Change
131.84%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Nigeria' measures the economic productivity and standard of living in Nigeria, adjusted for differences in purchasing power between countries.
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 metric provides a standardized basis for comparing GDP per capita across nations, enabling more accurate assessments of relative economic performance and development levels. It is a key indicator used by economists, policymakers, and international organizations to evaluate Nigeria's economic progress and living standards.
Methodology
The data is calculated by the World Bank using the Geary-Khamis (G-K) method to adjust Nigeria's GDP per capita for purchasing power differences.
Historical Context
This trend is widely referenced in global economic analyses and policy discussions related to Nigeria's economic development and growth strategies.
Key Facts
- Nigeria's 2021 GDP per capita (PPP) was $5,794.
- Nigeria's GDP per capita (PPP) has grown by 47% over the past decade.
- Nigeria accounts for over 47% of West Africa's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures Nigeria's GDP per capita adjusted for differences in purchasing power between countries, providing a more accurate comparison of living standards and economic productivity.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for evaluating Nigeria's economic performance and development progress relative to other nations, informing policymaking and investment decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis (G-K) method to adjust Nigeria's GDP per capita for purchasing power differences.
Q: How is this trend used in economic policy?
A: This trend is widely referenced in global economic analyses and policy discussions related to Nigeria's economic development and growth strategies.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, with a typical update delay of 12-18 months.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Nigeria (PPCGDPNGA620NUPN), retrieved from FRED.