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Nigeria 31st most productive economy in 2022, report

 

Nigeria has been ranked 31 in the list of most productive economies in 2022 based on Gross Domestic Product (GDP) according to a report.

In the ranking, the United States of America came first, followed by China and Japan in the third position.

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.

Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.

Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country’s currency

Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.

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