ECO ASSIGNMENT
GDP per capita (Local Constant Unit)
We obtained the GDP per capita from the WDI(World Development Index).
YEAR
GDP per capita
1991
222,734.46
1992
227,241.78
1993
216,999.65
1994
207,645.33
1995
202,255.69
1996
205,483.76
1997
206,249.23
1998
206,316.20
1999
202,311.39
2000
207,000.51
AVERAGE INCOME
Using GDP per capita as average income, the average income of the GDP per capita gotten is the
sum of all the previous average incomes/GDP per capita divided by the sum of the years.
Average Income= sum of GDP per capita over the years
the Total number of years
Sum of GDP per capita from 1991 to 2000
222734.46+227241.78+216999.65+207645.33+202255.69+205483.76+206249.23+206316.20+
202311.39+207000.51 = 2,104,238
the Total number of years = 10 years
Therefore, average = 2,104,238
10
THE GROWTH RATE OF THE GDP PER CAPITA OVER THE YEARS
To show how the GDP per capita has grown over the years, we will find the growth rate of the
GDPs.
Growth rate= new GDP per capita - old GDP per capita
Old GDP per capita
Growth rate from 1991 to 1992
= 227241.78 - 222734.46
222734.46
= 2.02%
x
100
Growth rate from 1992 to 1993
= 216999.65 - 227241.78
227241.78
= -4.51%
x
100
Growth rate from 1993 to 1994
= 207645.33 - 216999.65
216999.65
= -4.32%
x
100
Growth rate from 1994 to 1995
= 202255.69 - 207645.33
207645.33
= -2.6%
x
Growth rate from 1995 to 1996
100
x 100
= 205483.76 - 202255.69
202255.69
= 1.6%
x
100
Growth rate from 1996 to 1997
= 206249.23 - 205483.76
205483.76
= 0.37%
x
100
Growth rate from 1997 to 1998
= 206316.20 - 206249.23
206249.23
= 0.032%
x
100
Growth rate from 1998 to 1999
= 202311.39 - 206316.20
206316.20
= -1.9%
x
100
Growth rate from 1999 to 2000
= 207000.51 - 202311.39
202311.39
= 2.32%
x
100
Growth rate from 1991 to 2000
= 207000.51 - 222734.46
222734.46
= -7.06%
x
100
YEAR
GDP PER CAPITA GROWTH RATE
1991
0%
1992
2.02%
1993
-4.51%
1994
-4.32%
1995
-2.6%
1996
1.6%
1997
0.37%
1998
0.032%
1999
-1.9%
2000
2.32%
CONCLUSION
According to the growth rates obtained, there was an initial decrease in GDP per capita from
1991 to 1995, followed by a positive increase from 1996 to 1998. Then, in 1999, there was a
drop in GDP per capita, resulting in a -1.9% increase. The growth rate then turned positive in
2000, with a 2.32% increase.
In general, there are ten years between 1991 and 2000, and within those ten years, that is, from
1991 to 2000, there was a 7.06% decline in Nigeria's GDP per capita.