According to Trading Economics global macro models and analysts, Nigeria’s GDP is predicted to reach 440.00 USD billion by the end of 2021. According to our econometric models, Nigeria’s GDP will trend around 445.00 USD billion in 2022 and 450.00 USD billion in 2023 in the long run.
What is Nigeria’s current GDP?
Nigeria’s real GDP increased from N70. 01 trillion in 2020 to N72. 39 trillion in 2021, according to the report, indicating a comeback from the recession seen in the second and third quarters of 2020.
What is Nigeria’s GDP from 2010 to 2020?
- Nigeria’s nominal GDP increased to 114.8 billion dollars in December 2020, up from 105.0 billion dollars the previous quarter.
- Nigeria’s nominal GDP is updated quarterly and ranges from March 2010 to December 2020, with an average of 113.2 USD billion.
- The statistics peaked at 151.1 USD billion in December 2014, and peaked at 85.0 USD billion in March 2010.
What accounts for Nigeria’s high GDP?
Nigeria’s economy is a mixed-income, rising market with growing manufacturing, finance, service, communications, technology, and entertainment industries. In terms of nominal GDP, it is the world’s 27th largest economy, and in terms of purchasing power parity, it is the 24th largest. Nigeria has Africa’s largest economy. In 2013, the country’s resurgent manufacturing sector became the continent’s largest, producing a major amount of goods and services for the West African region. Furthermore, as of 2019, the debt-to-GDP ratio was 16.075 percent.
Nigeria’s GDP has nearly tripled in purchasing power parity (PPP) from $170 billion in 2000 to $451 billion in 2012, while estimates of the size of the informal sector (which is not included in official data) put the true amounts closer to $630 billion. Following that, the GDP per capita doubled, rising from $1400 in 2000 to an estimated $2,800 in 2012. Again, when the informal sector is factored in, GDP per capita is projected to be roughly $3,900 per person. The population of the country grew from 120 million in 2000 to 160 million in 2010. When measures were to be reassessed following the rebasing of its economy in April 2014, the GDP statistics were to be revised upwards by as much as 80% (percent).
Despite accounting for two-thirds of governmental revenues, oil only accounts for roughly 9% of GDP. Only about 2.7 percent (percent) of the world’s oil is produced in Nigeria. Despite its importance, as government revenues are still strongly reliant on it, the petroleum sector remains a minor part of the country’s overall economy.
The agricultural industry, which is mostly subsistence, has not kept up with the country’s rapid population expansion. Nigeria used to be a significant net food exporter, but it now imports some of its food. Mechanization has resulted in a renaissance in the manufacture and exporting of food goods, and a shift toward food sufficiency has resulted. Nigeria reached an arrangement with the Paris Club in 2006 to buy back the majority of its unpaid loans in exchange for a cash payment of approximately US$12 billion.
Nigeria would have the highest average GDP growth in the world between 2010 and 2050, according to a Citigroup analysis issued in February 2011. Nigeria is one of only two African countries among the 11 Global Growth Generators.
What will 2021’s GDP be?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
What is the current rate of GDP?
The nominal GDP, or GDP at current prices, for the year 2021-22 is anticipated to be 232.15 lakh crore, compared to a tentative estimate of 197.46 lakh crore for the year 2020-21. The nominal GDP growth rate is expected to be 17.6% in 2021-22.
In 2002, what was the GDP?
The US economy is improving. As can be seen in the ranking of GDP of the 195 nations that we publish, the United States is the world’s leading economy in terms of GDP, with a total of $10,929,100 million in 2002. In comparison to 2001, the US GDP fell $347,200 million in absolute terms.
What causes Nigeria’s poor GDP?
Due to COVID-19-related disruptions, including as reduced oil prices and remittances, increased risk aversion in global capital markets, and mobility limitations, Nigeria’s economy is likely to enter its severe recession since the 1980s in 2020. Nigeria’s gross domestic product (GDP) is projected to contract by about 4% in 2020, grow modestly by 1.1 percent in 2021, and then gradually recover towards the estimated population growth rate of 2.6 percent in our baseline scenario, which assumes further macroeconomic reforms and a gradual recovery in oil prices. Per-capita earnings would continue to decline if economic growth remained below population growth, and better full-time jobs would be much difficult to come by. The impact of the COVID-19 problem on Nigeria’s economy is summarized here.