Sectoral contributions to nigerian gross domestic product using a var approach. United states 35 eurozone 67 germany 89 france 1011 italy 12. Authors contributions this work was carried out in collaboration between both authors. Measuring economic activity gdp and gnpgni output, income and expenditure methods of gdp accounting from gdp to gnp nominal and real gdp nominal and real gnpgni per capita income use of national income figures green gdp what the hell. Real gross domestic product gdp and related measures seasonally adjusted at annual rates share of currentdollar gdp percent change from preceding period percent contribution to percent change in real gdp percentage points 2016 2015 2016 2015 2016. Graph and download economic data for real gdp at constant national prices for nigeria rgdpnanga666nrug from 1950 to 2017 about nigeria, real, gdp, and price.
Following the oil price collapse in 20142016, combined with negative production shocks, the gross domestic product gdp growth rate dropped to 2. Pdf the new rebasing of nigerian gross domestic product gdp by the national. A purchasing power parity ppp between two countries, a and b, is the ratio of the number of units of country as currency needed to purchase in country a the same quantity of a specific good or service as one unit of country bs currency will purchase in country b. World gdp ranking 2015 data and charts ministry of. The economys performance will revert to lower levels, with a projected gdp growth at 3. Real gdp growth across the manufacturing sector heavyweight. The gross domestic product gdp is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. In may 1999, the former junta head olusegun obasanjo 1976 to 1979 took office as elected president. The statistic shows the growth in real gdp in nigeria from 2014 to 2018, with projections up until 2024. Determinants of economic growth in nigeria kazeem b. Revised guidelines were published in march 20 3 in order to take into account recent advances in practices for appropriate storage and distribution of medicinal products in. The empirical results from this study reveal that infrastructural development has a positive and statistically significant impact on nigerias economic growth.
Conditions remain challenging, however, with overall activity weighed on by power shortages, elevated unemployment, high inflation, insecurity and a more subdued global economy. Country report 2017 includes niger real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, gdp composition and breakdown by sector. These five surveys produced the data that was used for the compilation of the quarterly gdp for the four quarters of 2015 q1 q4, 2015 and the first quarter of 2016. Sectoral contribution to nigerias gross domestic product gdp growth rate. Nbs, cbn, pwc analysis20 40 60 80 100 ngnusd vs oil price brent ngnusd black market ngnusd official. Figures before 2000 are backwards projections from the 20002012 numbers, based on historical growth rates, and should be replaced when data becomes available. It is assumed that oil output will follow the path projected in the governments medium term fiscal framework, the fuel subsidy will remain for a 97 naira petrol price, and cash calls will remain at a size equal to a fairly constant share of gdp. Gdp is the single most commonly referenced figure to cover the entirety of a national economy and the trajectory it is on in a single statistic. Ten tips for interpreting economic data whitehouse. They follow the same principles that underlie the guidelines of eudralex. The econom y o f niger ia is a middleincome, mi xed econ omy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors.
Ajide1 this paper investigates the role of frazer economic freedom index on fdigrowth relationship over the period spanning 1980 through 2010 using annual time series data. Ppps can be expressed in the currency of either of the countries. Measured annually, quarterly, or monthly, trends in gdp for a single country or comparisons among peer countries are often called out in popular press, sometimes with alarmist tones that can make one wonder why or how. In the longterm, the nigeria gdp is projected to trend around 450. Nigerian gross domestic product report national bureau of. In the first quarter of 2015, output growth slowed dramatically, but putting that report in the context of other economic growth indicators suggested that the first quarter slowdown was not as large as gdp alone might imply. Real versus nominal gdp inflation can distort economic variables like gdp, so we have two versions of gdp.
The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education that prevail in the country where she lives. On a quarteronquarter basis, the latest figure is higher than the 2. He was re elected in 2003, and the ruling party pdp confirmed its domi nant position in the parliamentary elections. It is designed to highlight how improvements in current health and education outcomes shape the productivity. Gross domestic product 2018 millions of ranking economy us dollars usa 1 united states 20,544,343 chn 2 china,608,152 jpn 3 japan 4,971,323. Nigerias gross domestic product gdp, according to the latest report by the nigerian bureau of statistics nbs, recorded a real annual growth rate of 0.
Real gross domestic product central bank of nigeria. Comparative gdp growth rates yardeni research, inc. Data are for the area controlled by the government of cyprus. Nigerian gross domestic national bureau of statistics. Gross domestic product gdp is the standard measure of the value added created through the production of goods and services in a country during a certain period. The trend of gdp growth in nigeria reflects the economic consequences of various events experienced both in the country and globally. The national statistical institute informs users of statistical information that the annual bilingual bulgarianenglish publication main macroeconomic indicators 2017 is already available. The economy is now on a slow track for the first half 2015 with around 3. Dec 12, 2019 graph and download economic data for total gross domestic product for atlantasandy springsroswell, ga msa ngmp12060 from 2001 to 2018 about atlanta, ga, industry, gdp, and usa.
This publication provides data on quarterly gross domestic product gdp. Nov 20, 2019 the statistic shows the growth in real gdp in nigeria from 2014 to 2018, with projections up until 2024. The common factor for nigeria s gdp was derived based on six. Real gdp of nigeria increased from 76,143 million us dollars in 1969 to 469,376 million us dollars in 2018 growing at an average annual rate of 3. Q1 seasonally adjusted, annual rate gross domestic product0.
Nigerian gross domestic product report africa check. Nigeria gdp annual growth rate 19822019 data 20202022. The gross domestic product gdp measures of national income and output for a given countrys economy. In 2018, nigeria s real gross domestic product increased by around 1. These guidelines are based on the fourth paragraph of. The qf made a commitment to a multiyear journey to address key issues facing the industry and develop best practices. Recently, the national economic and development authority reported that the growth rates of the. Pricewaterhousecoopers limited a nigerian limited liability company, which is a member firm of pricewaterhousecoopers international limited, each member firm of which is a separate legal entity. This article needs additional citations for verification.
Dec 18, 2019 this graph shows the gdp of the atlanta metro area from 2001 to 2018. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about nigeria. Annual gdp growth rates are projected in the range of. Gdp by production approach and by final expenditure. Preface the ipa launched its quality forum qf in april 2015 to help indian pharmaceutical manufacturers to achieve parity with global benchmarks in quality. The new rebased gdp figures may also undergo further refinement in the near future. Between 2000 and 2014, nigerias gross domestic product gdp grew at an average rate of 7% per year. Thus, this study employed a dynamic factor model to forecast gross domestic product gdp growth rate for nigeria.
Nigeria gdp opendata for the national bureau of statistics. In 2018, nigerias real gross domestic product increased by around 1. Nigeria 2015 gdp10%5% 0% 5% 10% 15% 20% q1 2014 q2 2014 q3 2014 q4 2014 q1 2015 q2 2015 q3 2015 q4 2015 sector real gdp growth oil sector manufacturing sector agriculture sector services sector sources. The nigeria economic report ner is a regular publication of the world bank. The atlanta metropolitan area, or metro atlanta, officially. Public disclosure authorized nigeria economic report. Real gdp values output using the prices of a base year. Infrastructure development and economic growth nexus in nigeria. Nigeria gross domestic product gdp growth rate 2024.
Remarks by the statistician general of the federation, dr yemi kale at the signing ceremony of a mou between the national bureau of statistics and the national social safety net coordinating office for the conduct of the national living standard survey. Gross domestic product gdp, total market value of the goods and services produced by a countrys economy during a specified period of time. Measures of economic activity gross domestic product, gross. Nigeria gdp distribution across economic sectors 2018. The commission has published eu guidelines on good distribution practice gdp in 1994 2. The growth rate is the same as in the second estimate released in february. Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector. Global finance magazine niger gdp and economic data. Nigerias gdp drop responsible for decline in regions. Browse additional economic indicators and data sets, selected by global finance editors, to. Strategies of reducing the effect of economic recession in nigeria on low income earners in nigeria a case study of ebonyi state will focus on providing practical strategies to reduce the effect of economic recession those families that fall within the purview of low income index.
Gdp and spending gross domestic product gdp oecd data. It includes all final goods and servicesthat is, those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form. Article pdf available december 2015 with 460 reads. Overview of gdp in quarter two 2015 in the second quarter of 2015, the nations gross domestic product gdp grew by 2. Mar 22, 2016 despite a 70% increase in per capita gross domestic product gdp. This report was prepared by a world bank team led by john litwack lead economist. This is a chart of trend of gross domestic product of nigeria at market prices estimated by the international monetary fund with figures in usd billions. The justification for this approachis anchored on its ability to extract the underliningfactors required in generating robust and reliable forecast of gdp. National bureau of statistics nbs, says the nigerias real gross domestic product gdp growth rate recorded an impressive mark moving to 5. Nbs, cbn, pwc analysis20 40 60 80 100 ngnusd vs oil price brent ngnusd black market. It is ranked as the 27thla rgest ec onomy in the world in terms of nomin al gdp, and the 22ndlargest in t erms of purchasing powe r parity. Total gross domestic product for atlantasandy springs. However, some of this growth will be offset by uncertainty usually associated with election cycles in nigeria4%2% 0% 2% 4% 6% 8% 2014 2015 2016 2017e 2018f contribution to real gdp growth. Nov 17, 2015 the national bureau of statistics reported on tuesday that nigerias gross domestic product gdp grew by 2.
The economy shifted into a higher gear in the final quarter of last year, with annual gdp growth accelerating from 2. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Contribution of agriculture to economic growth in nigeria1. Nominal gdp growth was however lower relative to levels recorded in q4 of 2015 by 14. Global finance magazine nigeria gdp and economic data. The issue contains the results from official statistics work on calculation of main macroeconomic indicators for bulgaria in accordance with the system of national accounts sna 2008 and. Nigeria economic outlook top 10 themes for 2019 global growth is forecast to plateau, while some major nations including the us and china are on track to see marginally slower rates of growth risks on the horizon from rising protectionism as the us imposes import tariffs on goods, as well as the rise of populist politicians in other countries.
Hnlss of 2014 2015 to be conducted by the nbs with assistance from the world bank and other development partners. As such, it also measures the income earned from that production, or the total amount spent on. This page provides nigeria gdp annual growth rate actual values, historical data, forecast, chart, statistics, economic. Nigeria african economic outlook african development bank.
Gdp is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any. Overview of gdp in quarter one 2015 in the opening quarter of 2015, gross domestic product gdp grew by 3. Nigeria economy gdp, inflation, cpi and interest rate. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. But the elections were marred by widespread fraud, violence and open ballot rigging. Gdp at purchasers prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. In 2018, regional gdp per capita, expressed in terms of purchasing power standards pps, ranged from 30% of the european union eu average in mayotte, an overseas region of france, to 263% in luxembourg this information is taken from data released by eurostat, the statistical office of the european union. Pdf sectoral contributions to nigerian gross domestic product. Strategies of reducing the effect economic recession in nigeria. Please help improve this article by adding citations to reliable sources.
Oil price volatility continues to influence nigerias growth performance. Though nigeria real gdp growth fluctuated substantially in recent years, it tended to decrease through 1999 2018 period ending at 1. This page provides the latest reported value for nigeria gdp. Sectoral contribution to nigerias gross domestic product. A study of multicollinearity in aggregated time series data ikenna v. Overview of the nigerian economy african development bank. The united states is the countrys largest foreign investor. The economic reforms and prudent policies have contributed to the consolidation of. The following table presents a listing of nigeria s 36 states ranked in order of their total gdp in 2010. World economics makes available of worlds most comprehensive gdp database covering over countries with historical gdp ppp data from 18702018, building on the lifetimes work of angus maddison. Table of contents table of contentstable of contents april 16, 2020 gdp country charts.
It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 22ndlargest in terms of purchasing power parity. Nigeria gdp economic growth quickens to over fouryear high in q4 2019. Economic growth is seen strengthening only slightly this year, mainly driven by firmer household spending on the back of the minimum wage hike. Learn more about the nigeria economy, including the population of nigeria, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. Country report 2017 includes nigeria real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, gdp composition and breakdown by sector. A multivariate regression approach was employed to estimate augmented growth models. Oye, federal university of technology, school of pure and applied sciences spas, department of mathematics and computer science, p m b 2076, yola. In practice, they are usually computed among large.
Annual percentage growth rate of gdp at market prices based on constant local currency. Doc 20190116 gross domestic product and gross national product 1 definitions the gross domestic product gdp can be defined as the market value of all final goods and services produced within a country in a given period of time1, whereas the gross national product gnp measures the total income earned by a nations permanent. Nigeria is the 50thlargest export market for us goods and the 14thlargest exporter of goods to the us. Strategies of reducing the effect economic recession in. Nigerias gdp and population growth leadership newspaper.
185 550 728 474 728 969 388 925 1632 390 1130 498 1162 1150 1350 1288 704 1155 469 1199 85 1000 189 1012 308 354 1172 566 1279 332 88 1464 751 309 1078 901 810