Purchasing Power Parity Converted GDP Chain per worker for Nigeria
RGDPWONGA627NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,342.03
Year-over-Year Change
51.17%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic indicator measures the Purchasing Power Parity (PPP) converted Gross Domestic Product (GDP) per worker in Nigeria. It provides insights into labor productivity and economic output per employed person, which are key factors for understanding a country's economic development.
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
The Purchasing Power Parity Converted GDP Chain per worker for Nigeria is an important metric used by economists and policymakers to assess the efficiency and productivity of the Nigerian labor force. It allows for cross-country comparisons of economic output adjusted for differences in purchasing power and employment levels.
Methodology
The data is calculated by the U.S. Federal Reserve using GDP and employment figures reported by Nigerian statistical agencies.
Historical Context
This trend is widely used to inform economic policy decisions and evaluate the competitiveness of the Nigerian economy within the global market.
Key Facts
- Nigeria's GDP per worker has grown by over 50% since 2000.
- Nigeria's labor productivity lags behind other major African economies.
- Improving worker productivity is a key policy goal for the Nigerian government.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the Purchasing Power Parity (PPP) converted Gross Domestic Product (GDP) per worker in Nigeria. It provides insights into labor productivity and economic output per employed person.
Q: Why is this trend relevant for users or analysts?
A: This trend is widely used by economists and policymakers to assess the efficiency and productivity of the Nigerian labor force and to make cross-country comparisons of economic output adjusted for differences in purchasing power and employment levels.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve using GDP and employment figures reported by Nigerian statistical agencies.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic policy decisions and evaluate the competitiveness of the Nigerian economy within the global market.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and methodological changes of the Nigerian statistical agencies and the U.S. Federal Reserve.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Chain per worker for Nigeria (RGDPWONGA627NUPN), retrieved from FRED.