Nigeria GDP

The Gross Domestic Product (GDP) in Nigeria was worth 262.61 billion US dollars in 2012. The GDP value of Nigeria represents 0.42 percent of the world economy. GDP in Nigeria is reported by the World Bank. From 1961 until 2012, Nigeria GDP averaged 54.2 USD Billion reaching an all time high of 262.6 USD Billion in December of 2012 and a record low of 4.4 USD Billion in December of 1961. The gross domestic product (GDP) measures of national income and output for a given country's economy. 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. This page provides - Nigeria GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
262.61 243.98 262.61 4.40 287.84 | 2014/06 1961 - 2012 USD Billion Yearly

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Nigeria GDP
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP per capita 1052.34 2012-12-31 1015.56 1052.34 430.97 1110.27 2014-06-30 USD [+]
GDP per capita PPP 2293.54 2012-12-31 2213.39 2293.54 1187.51 2419.80 2014-06-30 USD [+]
GDP 262.61 2012-12-31 243.98 262.61 4.40 287.84 2014-06-30 USD Billion [+]
GDP Constant Prices 284028.72 2013-11-15 259839.44 284028.72 56260.04 279307.92 2014-06-30 NGN Million [+]
GDP Growth Rate 7.72 2013-12-31 6.81 8.60 4.50 6.77 2014-06-30 Percent [+]
GDP Annual Growth Rate 7.72 2013-12-31 6.81 8.60 4.50 6.77 2014-06-30 Percent [+]
Gross Fixed Capital Formation 20700.06 2013-02-15 24236.34 46242.96 17236.65 12768.98 2014-06-30 NGN Million [+]
[+]


GDP | Notes
The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output. GDP can be defined in three ways, which should give identical results. First, it is equal to the total expenditures for all final goods and services produced within the country in a specified period of time (usually a 365-day year). Second, it is equal to the sum of the value added at every stage of production by all the industries, plus taxes and minus subsidies on products. Third, it is equal to the sum of the income generated by production like compensation of employees, taxes on production and imports less subsidies, and gross operating surplus.


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.
Nigeria Inflation Rate Unchanged at 8% in January  
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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US Markit Manufacturing PMI Steady in April  
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South Africa Inflation Rate Back to 6%  
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Singapore Inflation Rate Edges Up in March  
Annual consumer prices rose 1.2 percent in March of 2014, up from a 0.4 percent increase in February, mainly due to a smaller fall in car prices. Contributions from all other major categories, except accommodation, were also slightly higher.
Australia Inflation Rate Accelerates Further in Q1  
Australian annual consumer prices advanced 2.9 percent in the first three months of 2014, up from 2.7 percent in the previous quarter, but below market forecasts. The rise was driven by seasonal increases in cost of healthcare, transport and school fees, and by a large hike in tobacco duties.
Mexico Unemployment Rate Up to 4.8% in March  
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