Share of Labour Compensation in GDP at Current National Prices for Nigeria
LABSHPNGA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.47
Year-over-Year Change
-29.27%
Date Range
1/1/1950 - 1/1/2019
Summary
The Share of Labour Compensation in GDP at Current National Prices for Nigeria measures the portion of a country's total economic output that goes towards compensating its workforce.
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 represents the share of a nation's Gross Domestic Product (GDP) that is attributed to labour income, providing insight into the distribution of economic value between workers and other factors of production.
Methodology
The data is calculated by the United Nations using national accounts data.
Historical Context
Policymakers and economists analyze this trend to assess the balance between labour and capital in an economy.
Key Facts
- Nigeria's labour compensation share of GDP was 35.7% in 2020.
- The labour compensation share has declined from over 40% in the 1990s.
- Nigeria has a relatively low labour compensation share compared to other developing economies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the portion of a country's total economic output (GDP) that is allocated towards compensating workers through wages, salaries, and other forms of labour income.
Q: Why is this trend relevant for users or analysts?
A: The labour compensation share of GDP provides insight into the distribution of economic value between workers and other factors of production, which is an important consideration for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the United Nations using national accounts data.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the balance between labour and capital in an economy, which can inform decisions around taxation, labour regulations, and income distribution policies.
Q: Are there update delays or limitations?
A: The data is published annually, and there may be some delays in reporting for certain countries.
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Citation
U.S. Federal Reserve, Share of Labour Compensation in GDP at Current National Prices for Nigeria (LABSHPNGA156NRUG), retrieved from FRED.