JUST IN:Nigeria’s GDP Shrinks From 1.95% to 1.5% Nn Q2 –NBS

0
380

The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the second quarter of this year, with the economy recording a decline in performance from 1.95 per cent in the first quarter to 1.5 per cent.




The bureau, in the report which was made available to our correspondent, said the second quarter growth rate was constrained by contractions in oil GDP.

It said oil GDP contracted by -3.95 per cent in the second quarter, as against 14.77 per cent in the first quarter of this year and 3.53 per cent in the second quarter of 2017.

The report said for the first time since Nigeria’s exit from recession, growth was driven by the non-oil sector, which grew by 2.05 per cent, representing the strongest growth in non-oil GDP since the fourth quarter of 2015.

The 2.05 per cent growth rate is higher than the 0.76 per cent growth which the sector recorded in the first quarter of this year.

It added that non-oil GDP growth which was 0.72 per cent in the first quarter of 2017, 0.45 per cent, -0.76 per cent, 1.45 per cent in the second, third and fourth quarters of 2017 grew by 2.05 per cent in the second quarter of this year.

The report added, “Non-oil growth was driven by transportation which grew by 21.76 per cent supported by growth in construction which grew by 7.66 per cent and electricity which grew by 7.59 per cent.

“Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51 per cent, water supply and sewage which grew by 11.98 per cent and broadcasting which grew by 21.92 per cent.

“The non oil sector performance was however constrained by agriculture that grew by 1.3 per cent compared to three per cent in Q1 2018 and 3.01 per cent in Q2 2017.”

Add 0802 739 7554 To Receive SKYTREND NEWS Alerts On WhatsApp;
For Adverts Enquiries, Whatsapp 0802 739 7554,
Send Articles & News Stories To editor@skytrendnews.com.



READ ALSO! 14-Year-Old Pregnant Housemaid Dislodges Her Childless Madam, Says I Can’t Share Husband With You

READ ALSO! SHOCKING, ALARMING: Nigerian FRSC Official Engages Woman In Serious Physical Combat (VIDEO)

READ ALSO! How I Stopped Obasanjo From Becoming Nigerian Version Of Mugabe — Atiku

READ ALSO! I’m Happy Leaving My Husband, Nine Children For New Lover — Housewife After 23 Years Of Marriage

READ ALSO! The Smart CEO: Top 5 Websites To Get Cheap Domain Name Registration

READ ALSO! First Bank’s Appalling Customer Service And Utter Disregard For Its Customers

READ ALSO! Between GoDaddy And Namecheap: Making The Best Choice For Domain Name Registrar

READ ALSO! Nigerian Filmmaker, Zuriel Oduwole Makes Forbes List Of 100 Most Influential African Women

READ ALSO! Woman Marries Her Son After Getting Pregnant For Him