Expenditure-side Real GDP at Chained Purchasing Power Parities for Nigeria
RGDPESNGA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
983,498.25
Year-over-Year Change
59.10%
Date Range
1/1/1950 - 1/1/2019
Summary
This measure represents Nigeria's real Gross Domestic Product (GDP) from the expenditure side, adjusted for purchasing power parity. It is a key indicator of the overall size and performance of the Nigerian 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
Real GDP from the expenditure side adjusts the total value of goods and services produced in Nigeria for inflation, providing a more accurate picture of economic growth over time. The purchasing power parity (PPP) adjustment accounts for differences in the cost of living between Nigeria and other countries.
Methodology
The data is calculated by the World Bank using national accounts information.
Historical Context
This metric is closely watched by policymakers, investors, and analysts to assess the health and trajectory of the Nigerian economy.
Key Facts
- Nigeria is Africa's largest economy.
- GDP growth slowed to 2.3% in 2022 due to global economic headwinds.
- Oil and gas account for a significant portion of Nigeria's GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures Nigeria's real Gross Domestic Product (GDP) from the expenditure side, adjusted for purchasing power parity.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides a more accurate assessment of the size and performance of the Nigerian economy compared to nominal GDP, allowing for better cross-country comparisons.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts information.
Q: How is this trend used in economic policy?
A: Policymakers, investors, and analysts closely monitor this metric to assess the health and trajectory of the Nigerian economy, informing decision-making and policy.
Q: Are there update delays or limitations?
A: There may be delays in data availability due to the time required for national accounts reporting and processing by the World Bank.
Related Trends
Number of Persons Engaged for Malawi
EMPENGMWA148NRUG
Number of Persons Engaged for Iraq
EMPENGIQA148NRUG
Number of Persons Engaged for Niger
EMPENGNEA148NRUG
Population for Sri Lanka
POPTTLLKA148NRUG
Output-side Real GDP at chained Purchasing Power Parities for Egypt
RGDPOSEGA666NRUG
Number of Persons Engaged for Armenia
EMPENGAMA148NRUG
Citation
U.S. Federal Reserve, Expenditure-side Real GDP at Chained Purchasing Power Parities for Nigeria (RGDPESNGA666NRUG), retrieved from FRED.