Nigeri’s macroeconomic statistics
Is Nigeria a rich nation or a poor nation? Based upon it’s macroeconomic statistics, would you say Nigeria is performing better, worse, or same as a comparable nation? What would be an appropriate nation for comparison? Explain. What are the key elements in the natural resource endowment and in the social-political-economic institutions which explain the macroeconomic position of Nigeria and of the performance of Nigera’smacroeconomy?
ECONOMIC STATISTICS FOR NIGERIA (2014 est)
total GDP (in Purchasing Power Parity) = $1,058 b. – – – ranked 21st largest in the world (out of 230 nations ranked)
(up from $989 b. in 2013)
GDP per capita = $6,100 – – – ranked 160th highest in world (159 out of total of 230 nations)
(up from $5,800 in 2013)
real GDP growth rate = +7.0% – – – ranked 19th highest in world (out of 222 nations)
(up from +5.4% in 2013)
Unemployment Rate = 23.9% (2011 estimate) – – – ranked 171st lowest in world (out of 204 nations)
Inflation Rate = 8.3% – – – no ranking available
(down from 8.5% in 2013)
Distribution of family income – Gini index = 43.7 (in 2003) – – – ranked 47th most unequal in the world (out of 141 nations)
(down from 50.6 in 1997)
Government Budget surplus (+) or deficit (-) =
-2.0% of GDP – – – ranked 149th lowest surplus out of 215 nations)
{note: revenues of $22.77 b. minus expenditures of $34.62 b. = deficit of $11.85 b.}
Public Debt = 11.7% of GDP – – – ranked149th highest in world (out of 164 nations)
(up from 10.5% in 2013)
Exports = $93.01 b. – – – ranked 43rd largest in world (out of 223 nations)
(down from $96.74 b. in 2013)
Imports = $52.59 b. – – – ranked 54th largest in world (out of 223 nations)
(up from $51.38 b. in 2013)
Population below poverty line = 70.0% (in 2010)
poverty line standard is set by Indian government
[source: CIA WORLD FACTBOOK: www.cia.gov]
worldwide median values in 2014:
total GDP (in Purchasing Power Parity) = $34.48 b. (Laos – – – ranked 116th largest out of 230 nations)
GDP per capita = $12,700 (South Africa – – – ranked 115th highest out of 230 nations)
real GDP growth rate = +3.0% (Jordan – – – ranked 112th highest out of 222 nations)
Unemployment Rate = 8.8% (Ukraine – – – ranked 103rd lowest out of 204 nations)
Inflation Rate = no ranking available
Distribution of family income –
Gini index = 38.0(Serbia in 2013 – – – ranked 71st most unequal out of 141 nations)
Government Budget surplus (+) or deficit (-) = -2.8% of GDP (United States of America – – – ranked 108th lowest surplus out of 215 nations)
{note: revenues of $3,029 b. minus expenditures of $3,520 b. = deficit of $491 b.}
Public Debt = 44.3% of GDP (Honduras – – – ranked83rd highest out of 164 nations)
Exports = $5.67 b. (Cuba – – – ranked 112th largest out of 223 nations)
Imports = $8.081 b. (Zambia – – – ranked 111th largest out of 223 nations)
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