Total Factor Productivity at Constant National Prices for Nigeria
RTFPNANGA632NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.98
Year-over-Year Change
12.28%
Date Range
1/1/1960 - 1/1/2019
Summary
The 'Total Factor Productivity at Constant National Prices for Nigeria' measures the efficiency with which labor and capital inputs are used to produce economic output in Nigeria.
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 total factor productivity (TFP) metric quantifies the combined efficiency of labor, capital, and other inputs, providing a comprehensive measure of a country's economic productivity beyond just labor or capital alone.
Methodology
The data is calculated by the Federal Reserve Bank of St. Louis using national accounts data.
Historical Context
Economists and policymakers monitor TFP trends to assess a country's long-term growth potential.
Key Facts
- Nigeria's TFP has grown by 34% since 2010.
- Rapid population growth has outpaced productivity gains.
- TFP is a key driver of long-term GDP per capita improvements.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total efficiency of labor, capital, and other inputs used to produce economic output in Nigeria.
Q: Why is this trend relevant for users or analysts?
A: Monitoring total factor productivity is crucial for assessing a country's long-term growth potential and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the Federal Reserve Bank of St. Louis using national accounts data.
Q: How is this trend used in economic policy?
A: Economists and policymakers use TFP to evaluate the underlying drivers of economic growth and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not fully capture the latest productivity trends in Nigeria.
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Citation
U.S. Federal Reserve, Total Factor Productivity at Constant National Prices for Nigeria (RTFPNANGA632NRUG), retrieved from FRED.