Nigeria Current Account to GDP

Nigeria recorded a Current Account surplus of 7.10 percent of the country's Gross Domestic Product in 2013. Current Account to GDP in Nigeria is reported by the Central Bank of Nigeria. Current Account to GDP in Nigeria averaged 1.67 Percent from 1980 until 2013, reaching an all time high of 37.90 Percent in 2008 and a record low of -18.70 Percent in 1986. The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes. This page provides - Nigeria Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-17

Actual Previous Highest Lowest Forecast Dates Unit Frequency
7.10 10.80 37.90 -18.70 6.86 | 2014/12 1980 - 2013 Percent Yearly

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Nigeria Current Account to GDP
LIST BY COUNTRY

Trade Last Previous Highest Lowest Forecast Unit
Current Account to GDP 7.10 2013-12-31 10.80 37.90 -18.70 6.86 2014-12-31 Percent [+]
Balance of Trade 406710.00 2013-06-15 960603.00 2177790.00 -592183.00 523957.36 2013-07-31 Millions Nigerian Naira [+]
Current Account 9035.27 2013-09-30 9163.07 9455.37 -4410.00 5357.85 2013-12-31 USD Million [+]
Crude Oil Production 2370.00 2013-10-15 2420.00 2695.00 675.00 Thousands Barrels per Day [+]
Exports 944492.90 2013-06-15 1476880.00 2648920.00 115556.00 1198459.49 2013-07-31 Millions Nigerian Naira [+]
Imports 537782.90 2013-06-15 516280.00 1554730.00 59635.15 586138.68 2013-07-31 Millions Nigerian Naira [+]
[+]


Current Account to GDP | Notes
The Current account balance as a percent of GDP provides an indication on the level of international competiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes.


RELATED NEWS

Nigerian Inflation Rate Edges Up Slightly in March  
The annual consumer prices in Nigeria accelerated to 7.8 percent in March of 2014, from 7.7 percent recorded in February, as food cost edged up. Compared with the same period a year earlier, the inflation rate slowed down from 8.6 in March of 2013.
Nigeria Central Bank Leaves Rate on Hold and Hikes Reserve Ratio  
The Monetary Policy Committee decided on March 25th to hold the interest rate at 12 percent, as the Central Bank agreed to continue the existing tight monetary policies. It also decided to increase the cash reserves requirement for private sector deposits by 300 bps to 15 percent.
Nigeria Inflation Falls to 6-Year Low  
In February of 2014, Nigeria annual inflation rate decelerated to 7.7 percent, down from 8 percent in January, as all consumer prices slowed. The central bank targets consumer inflation between 6 and 9 percent.
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In January of 2014, Nigeria annual inflation rate remained steady at 8 percent. All major prices were relatively unchanged for the second consecutive month at the single digit rate.
Nigeria’s GDP May Rise after Rebasing Exercise  
Nigeria National Bureau of Statistics will replace the present GDP price structure (base year) for the first time in 23 years with a more recent one to reflect structural changes in the economy.
Nigeria GDP Expands 7.67% in Q4 2013  
According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 7.67 percent year-on-year in the last quarter of 2013, higher than the revised figure of 6.81 and 6.99 percent recorded in the third quarter and the corresponding period of 2012, respectively. For 2013, growth rate was estimated at 6.87 percent, up from 6.58 percent in 2012.
Bank of Nigeria Holds Key Rate at 12%  
In its January 20th and 21st, 2014 meeting, the Monetary Policy Committee of the Central Bank of Nigeria decided to leave the benchmark interest rate unchanged at 12 percent for the fourteenth straight meeting.
Nigeria Inflation Rate Rises in December  
In December of 2013, Nigeria annual inflation rate rose slightly to 8 percent, from 7.9 percent in November. Nigeria's central bank sets 2014 consumer inflation between 6 and 9 percent.
Nigeria Inflation Rate Accelerates in November  
In November of 2013, Nigeria inflation rate edged up for the first time in four months to 7.9 percent, mainly due to higher food prices. The October reading at 7.8 percent was the lowest in more than five years.
Central Bank of Nigeria Leaves Rate Unchanged in November  
In its 19th of November meeting, the Monetary Policy Committee of the Central Bank of Nigeria decided to leave the benchmark interest rate unchanged at 12 percent. The Committee cited attaining price and exchange rates stability, and warned of possible tightening in 2014.
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