Nigeria's GDP Grew In Real Terms To 2.01% In Q1 2019


Nigeria’s GDP Grew In Real Terms To 2.01% In Q1 2019 By Femi Adeoya Nigeria’s Gross Domestic Product (GDP) has increased in real terms to 2.01% for Quarter 1 (Q1) 2019 when compared to Q1 2018 which recorded 1.89%. However when compared to the immediate past Q4 of 2018 which was put at 2.38%, the GDP is in decline by -0.38%. GDP is a broad measurement of a nation’s overall economic activity. It’s the monetary value of all the finished goods and services produced within the country’s border in a specific time period, in this case a period of 3 months. GDP includes all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs and the foreign balance of trade (exports are added, imports are subtracted). See the full report from the National Bureau of Statistics (NBS) just released for Q1 2019 for the country. Nigerian Gross Domestic Product Report (Q1 2019) Nigeria’s Gross Domestic Product (GDP) grew by 2.01% (year-on-year), in real terms, in the first quarter of 2019. Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the Q1 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by -0.38% points (See figure 1). It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first quarter performance observed since 2015. Aggregate GDP stood at N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28,438,604.23 million, representing a year on year nominal growth rate of 11.80%. The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54% points. For further analysis, the Nigerian economy can be classified broadly into the oil and non-oil sectors. READ ALSO! RenMoney 24-Hour No Collateral Loan: Scam Or Balm? READ ALSO! Is N-Power Truly Empowering Nigerian Youths? READ ALSO! The RenMoney Story: How Real Is The 24-Hour, No Collateral Loan? READ ALSO! How Nigeria’s N-Power Is Empowering Youths: All You Need To Know READ ALSO! Nigeria’s GDP Grew In Real Terms To 2.01% In Q1 2019 READ ALSO! 10million More Nigerians Have Been Lifted From Poverty Under Buhari — Presidency Says READ ALSO! The Smart CEO: Top 5 Websites To Get Cheap Domain Name Registration]]>