This article contain details about nigeria current gdp which include Nigeria gdp per capita and growth rate adjusted by both inflation and purchasing power parity (PPP).
Nigeria GDP in 2018: Nigeria Current GDP Growth Rate and GDP Per Capita (Adjusted by Inflation & Purchasing Power Parity).
Below is the current gdp of Nigeria. But before we go into the country’s gdp growth rate and gdp per capita, we shall look into some gdp terms.
Nigeria Current GDP.
According to the latest gdp report release by the National Bureau of Statistics in February 2018 for the 4th quarter (Q4) of 2017, Nigeria gdp for Q4 2017 is N18.79 Trillion Naira.
Nigeria current gdp is $405.1 billion US Dollars for the year 2016. This article will soon be updated to reflect 2017 gdp which is expected to be release soon by national bureau of statistics (NBS).
Keep reading to know how much Nigeria’s economy has grown compare to previous quarter or year.
What is GDP?
The acronym GDP stands for Gross Domestic Product. It is measured quarterly and annually to measure how a country’s economy is growing/falling or the size of the country’s economy.
Gross domestic product of a country is the monetary value of the total goods and services the country produced within a specific period of time (mostly quarterly and annually).
Therefore if you see a statement like the Q1 2018 GDP of Nigeria is up by 2%, it means the economy of Nigeria has grown by 2% over the first quarter of 2018.
You can calculate gdp using the below standard formula and parameters.
GDP = C + I + G + (X-M).
- GDP – Gross Domestic Product.
- C – Personal Consumption Expenditures.
- I – Business Investment.
- G – Government Spending.
- X – Export.
- M – Imports.
Types of GDP.
Now that you know what gdp is and how to calculate it, you should know you can also determine a country’s economy using the two types of gdp.
GDP types are;
- Nominal GDP: a country’s economic output not adjusted for the effects of inflation.
- Real GDP: a country’s economic output adjusted by inflation. It is lower than nominal gdp.
Nigeria’s real gdp for Q4 2017 was N18.79 Trillion Naira while the nominal gdp was N31.58 Trillion Naira.
Negative (-ve) gdp growth means a country is in recession while too high gdp growth indicate inflation.
Nigeria GDP Growth Rate.
A country gdp growth rate is the percentage increase in the gdp of the country from quarter to quarter or year on year.
It is the measure of change in the value of goods and services produced in a country within a specific period of time.
According to the same NBS (National Bureau of Statistics) report as above, gdp growth rate of Nigeria in Q4 2017 is 1.92% as against 1.40% growth rate in Q3 2017, 0.72% in Q2 2017 and -0.91% (Recession) in Q1 2017.
Annual GDP growth rate of Nigeria in 2017 was 0.83% as against -1.58% (Recession) in 2016, 2.79% in 2015 and 6.22% in 2014.
The report shows that Nigeria entered recession in Q1 2016 with -0.67% growth and left recession in Q2 2017 with 0.72% growth.
Nigeria GDP Per Capita.
GDP per capita is use to determine the standard of living of a country.
Economists and analysts believe that GDP is not enough to determine the standard of living because some countries has huge economic output because of their high population.
So to compare the gdp or economy of two countries, gdp per capita is used.
You can easily calculate gdp per capita by dividing the real gdp by the number of residents.
GDP per Capita = Real GDP / Number of Residents.
- Nigeria gdp per capita in 2016 was $2457.80 USD. All time high in 2014 at $2563.10 USD.
- Nigeria’s gdp per capita adjusted by purchasing power parity (PPP) in 2016 was $5438.90 USD. All time high in 2014 at $5671.90 US Dollars.
Whereas in the United States of America, gdp per capita in 2016 was $57,300.
Also Read: Commercial Banks in Nigeria.
There you have it guys on Nigeria gdp, current growth rate in 2018 and gdp per capita. Kindly share this article using the social sharing buttons below.