According to the International Monetary Fund (IMF), real GDP of Nigeria is forecast to grow by 2.7 percent in 2022 and 2.7 percent in 2023.
1) Real GDP growth rate: 2010 – 11.3 percent, 2011 – 4.9 percent, 2012 – 4.3 percent, 2013 – 5.4 percent, 2014 – 6.3 percent, 2015 – 2.7 percent, 2016 – -1.6 percent, 2017 – 0.8 percent, 2018 – 1.9 percent, 2019 – 2.2 percent, 2020 – -1.8 percent and 2021 – 2.6 percent.
Gross domestic product is the market value of all goods and services made in a country in a year. Annual percentages of constant price GDP are year-on-year changes. Expenditure-based GDP is total final expenditures at purchasers’ prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services.
2) Projected real GDP growth rate: 2022 – 2.7 percent, 2023 – 2.7 percent, 2024 – 2.6 percent, 2025 – 2.6 percent and 2026 – 2.7 percent.
3) Nominal GDP in current prices, billions of Nigerian naira (code: NGN; sign: ₦): 2010 – ₦55,469.351 billion, 2011 – ₦63,713.361 billion, 2012 – ₦72,599.631 billion, 2013 – ₦81,009.965 billion, 2014 – ₦90,136.985 billion, 2015 – ₦95,177.736 billion, 2016 – ₦102,575.419 billion, 2017 – ₦114,899.251 billion, 2018 – ₦129,086.908 billion, 2019 – ₦145,639.140 billion, 2020 – ₦154,252.320 billion and 2021 – ₦182,583.008 billion.
4) Projected nominal GDP in current prices, billions of Nigerian naira: 2022 – ₦211,031.424 billion, 2023 – ₦241,582.880 billion, 2024 – ₦272,615.805 billion, 2025 – ₦308,924.937 billion and 2026 – ₦350,202.010 billion.
5) Nominal GDP in current prices, billions of U.S. dollars: 2010 – $369.062 billion, 2011 – $414.095 billion, 2012 – $460.952 billion, 2013 – $514.966 billion, 2014 – $568.499 billion, 2015 – $492.437 billion, 2016 – $404.649 billion, 2017 – $375.745 billion, 2018 – $421.737 billion, 2019 – $448.120 billion, 2020 – $429.423 billion and 2021 – $480.482 billion.
Values are based upon GDP in national currency converted to U.S. dollars using market exchange rates (yearly average).
6) Projected nominal GDP in current prices, billions of U.S. dollars: 2022 – $555.346 billion, 2023 – $635.744 billion, 2024 – $717.410 billion, 2025 – $812.960 billion and 2026 – $921.584 billion.
7) GDP PPP (Purchasing power parity) in current prices, billions of international dollars: 2010 – $755.404 billion, 2011 – $808.786 billion, 2012 – $836.150 billion, 2013 – $897.506 billion, 2014 – $971.492 billion, 2015 – $982.912 billion, 2016 – $973.442 billion, 2017 – $990.700 billion, 2018 – $1,033.870 billion, 2019 – $1,075.606 billion, 2020 – $1,069.036 billion and 2021 – $1,136.795 billion.
GDP PPP = gross domestic product based on purchasing power parity, international dollars. Average consumer price level in the US = 100%.
GDP PPP takes into account differences in the cost of living in different countries. Purchasing power parity means how much money would be needed to buy the same item basket in two different countries. Using a PPP basis is arguably more useful when comparing generalized differences in living standards between nations because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income.
8) Projected GDP PPP in current prices, billions of international dollars: 2022 – $1,199.211 billion, 2023 – $1,260.281 billion, 2024 – $1,322.017 billion, 2025 – $1,386.358 billion and 2026 – $1,453.479 billion.
9) Nominal GDP per capita in current prices, U.S. dollars: 2010 – $2,328.4, 2011 – $2,543.5, 2012 – $2,756.4, 2013 – $2,998.1, 2014 – $3,222.7, 2015 – $2,718.6, 2016 – $2,176.0, 2017 – $1,968.6, 2018 – $2,153.1, 2019 – $2,229.9, 2020 – $2,083.2 and 2021 – $2,272.8.
GDP is expressed in current U.S. dollars per person. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.
10) Projected nominal GDP per capita in current prices, U.S. dollars: 2022 – $2,562.2, 2023 – $2,861.4, 2024 – $3,150.5, 2025 – $3,484.0 and 2026 – $3,854.8.
11) GDP PPP per capita in current prices, international dollars: 2010 – $4,765.9, 2011 – $4,967.8, 2012 – $5,000.0, 2013 – $5,225.2, 2014 – $5,507.2, 2015 – $5,426.3, 2016 – $5,234.7, 2017 – $5,190.4, 2018 – $5,278.2, 2019 – $5,352.2, 2020 – $5,186.0 and 2021 – $5,377.4.
Expressed in GDP in PPP dollars per person. Data are derived by dividing GDP in PPP dollars by total population.
12) Projected GDP PPP per capita in current prices, international dollars: 2022 – $5,532.8, 2023 – $5,672.3, 2024 – $5,805.6, 2025 – $5,941.3 and 2026 – $6,079.6.
13) GDP based on purchasing-power-parity (PPP) share of world total, percent: 2010 – 0.8 percent, 2011 – 0.8 percent, 2012 – 0.8 percent, 2013 – 0.9 percent, 2014 – 0.9 percent, 2015 – 0.9 percent, 2016 – 0.8 percent, 2017 – 0.8 percent, 2018 – 0.8 percent, 2019 – 0.8 percent, 2020 – 0.8 percent and 2021 – 0.8 percent.
Expressed in percent of world GDP in PPP dollars.
14) Projected GDP based on purchasing-power-parity (PPP) share of world total, percent: 2022 – 0.8 percent, 2023 – 0.8 percent, 2024 – 0.8 percent, 2025 – 0.8 percent and 2026 – 0.7 percent.
15) Deflator of Gross domestic product (index to the previous year), percent: 2010 – 112.6 percent, 2011 – 109.5 percent, 2012 – 109.3 percent, 2013 – 105.9 percent, 2014 – 104.7 percent, 2015 – 102.9 percent, 2016 – 109.5 percent, 2017 – 111.1 percent, 2018 – 110.2 percent, 2019 – 110.4 percent, 2020 – 107.8 percent and 2021 – 115.3 percent.
The GDP deflator is derived by dividing current price GDP by constant price GDP and is considered to be an alternate measure of inflation.
16) Projected deflator of Gross domestic product (index to the previous year), percent: 2022 – 112.6 percent, 2023 – 111.5 percent, 2024 – 110.0 percent, 2025 – 110.4 percent and 2026 – 110.4 percent.
17) Ratio of the average price level in Nigeria to the average price level in the United States, percent: 2010 – 48.9 percent, 2011 – 51.2 percent, 2012 – 55.1 percent, 2013 – 57.4 percent, 2014 – 58.5 percent, 2015 – 50.1 percent, 2016 – 41.6 percent, 2017 – 37.9 percent, 2018 – 40.8 percent, 2019 – 41.7 percent, 2020 – 40.2 percent and 2021 – 42.3 percent.
18) Projected ratio of the average price level in Nigeria to the average price level in the United States, percent: 2022 – 46.3 percent, 2023 – 50.4 percent, 2024 – 54.3 percent, 2025 – 58.6 percent and 2026 – 63.4 percent.
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Tags: English, GDP, GDP PPP, projected GDP, IMF
Source: BusinessForecast.by