Purchasing Power Parity Converted Domestic Absorption Per Capita, average GEKS-CPDW, at current prices for Nigeria
PCDGDPNGA620NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,515.65
Year-over-Year Change
90.55%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures the purchasing power parity converted domestic absorption per capita in Nigeria. It provides insight into the overall economic well-being and standard of living within the country.
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
Purchasing power parity (PPP) conversion factors are used to estimate the real value of goods and services produced in a country, adjusting for differences in price levels between countries. This PPP-adjusted domestic absorption per capita metric gives a more accurate picture of Nigeria's economic activity and development compared to relying on nominal figures alone.
Methodology
The data is calculated by the World Bank using the Geary-Khamis method to determine PPP conversion factors.
Historical Context
This trend is closely monitored by policymakers and economists to gauge Nigeria's economic progress and living standards relative to other nations.
Key Facts
- Nigeria is Africa's largest economy by GDP.
- Purchasing power parity accounts for differences in cost of living between countries.
- This metric provides a more accurate picture of Nigeria's standard of living.
FAQs
Q: What does this economic trend measure?
A: This trend measures the purchasing power parity converted domestic absorption per capita in Nigeria. It provides insight into the overall economic well-being and standard of living within the country.
Q: Why is this trend relevant for users or analysts?
A: This PPP-adjusted metric gives a more accurate picture of Nigeria's economic activity and development compared to relying on nominal figures alone, making it highly relevant for policymakers, economists, and analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using the Geary-Khamis method to determine purchasing power parity conversion factors.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers and economists to gauge Nigeria's economic progress and living standards relative to other nations, informing policy decisions.
Q: Are there update delays or limitations?
A: There may be some delays in data updates, and the metric may not fully capture all aspects of Nigeria's economic and social development.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted Domestic Absorption Per Capita, average GEKS-CPDW, at current prices for Nigeria (PCDGDPNGA620NUPN), retrieved from FRED.