Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of Consumption, Government Consumption, Investment for Nigeria
RGDPLPNGA625NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,692.78
Year-over-Year Change
50.66%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures Nigeria's purchasing power parity (PPP) converted GDP per capita, derived from growth rates of consumption, government consumption, and investment. It provides insights into the country's economic development and living standards relative to other nations.
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 Per Capita (Laspeyres) trend is an important indicator of a country's economic performance and living standards. It adjusts GDP per capita to account for differences in purchasing power, allowing for more accurate cross-country comparisons.
Methodology
The data is calculated by the World Bank using a Laspeyres index formula and growth rates of key economic components.
Historical Context
This metric is widely used by economists, policymakers, and international institutions to analyze Nigeria's economic progress and compare its development to other countries.
Key Facts
- Nigeria's PPP-adjusted GDP per capita was $5,927 in 2021.
- Nigeria's PPP GDP per capita has grown by an average of 1.3% annually over the past decade.
- Nigeria ranks 146th globally in terms of PPP GDP per capita.
FAQs
Q: What does this economic trend measure?
A: This trend measures Nigeria's purchasing power parity (PPP) converted GDP per capita, which adjusts the country's GDP per capita to account for differences in the cost of living and purchasing power across countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a more accurate comparison of living standards and economic development between Nigeria and other countries, as it takes into account the relative purchasing power of the Nigerian currency.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using a Laspeyres index formula and growth rates of key economic components, such as consumption, government spending, and investment.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and international institutions use this metric to assess Nigeria's economic progress, make cross-country comparisons, and inform policy decisions aimed at improving the country's living standards and economic development.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, with a delay of approximately one year. The metric may not fully capture all aspects of economic well-being, as it focuses solely on GDP per capita adjusted for purchasing power.
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Citation
U.S. Federal Reserve, Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of Consumption, Government Consumption, Investment for Nigeria (RGDPLPNGA625NUPN), retrieved from FRED.