Nigeria’s Q4 GDP Hits 2.38% — National Bureau Of Statistics Says

February 12, 2019

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Nigeria’s Q4 GDP Hits 2.3% — National Bureau Of Statistics Says

Nigeria’s Gross Domestic Product ( GDP) recorded a slight notch up, settling at 2.38% in real terms (year-on-year) fourth quarter of 2018 compared to 2017 fourth-quarter growth rate of 2.11%, National Bureau of Statistics ( NBS) announced Tuesday.

The economy recorded an aggregate nominal GDP of N35,230,607.63 million, higher than N31,275,354.08 million recorded in Q4 2017.

The growth rate, NBS said indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018; adding that on a quarter on quarter basis, real GDP growth was 5.31%.

” This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%. It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31%. The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points “, bureau explained.

The economy maintains steady but slight growth since the second quarter of 2017 when the Nigeria economy emerged from a recession having recorded two consecutive negative growth in 2016.

In fourth quarter 2018 under review, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65%.

“For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared to N113,711,634.61million recorded in 2017. The Nigerian economy has been classified broadly into the oil and non-oil sectors “, it added.

On sector by sector analysis, average daily oil production stood at 1.91 million barrels per day (mbpd). The figure was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018.

The oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29% points. On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.

The Oil sector contributed 7.06% to real GDP in Q4 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 7.35% and 9.38% respectively. For 2018, the contribution of the oil sector to aggregate real GDP was 8.60%, slightly lower when compared with 8.67% in 2017.

The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018. ” This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018. On an annual basis, the non-oil sector recorded a growth rate of 2.00% in 2018, performing considerably better than 0.47% seen in 2017″, said NBS.

It listed key performing activities in non-oil sector during the quarter to include, information and communication, transportation & storage, arts & entertainment, agriculture and manufacturing.

Agriculture sector grew by 18.58% year-on-year in nominal terms in Q4 2018, showing an increase of 8.45% points from the same quarter of 2017, and 0.26% points increase from Q3 2018.

Crop Production remains the major driver of the sector, accounting for 89.84% of nominal agriculture GDP. On an annual basis, agriculture GDP grew by 14.27%, higher than 11.29% recorded in 2017.

” The sector contributed 23.08% to nominal GDP in Q4 2018 , which is higher than its contribution in Q4 2017 (21.93%)but lower than it was in Q3 2018 (25.52% ). On an annual basis, the sector contributed 21.42% to nominal GDP in 2018″.

“In real terms, the agricultural sector grew by 2.46% (year-on-year), a decrease by –1.78% points from the corresponding period of 2017, but an increase of 0.55% points from the preceding quarter. Annual 2018 growth was 2.12%, which is lower than the 3.45% recorded in 2017.

The sector contributed 26.15% to overall GDP in real terms during the further quarter, slightly higher than the contribution in the fourth quarter of 2017 (26.13% ), but lower than the third quarter of 2018 (29.25%). Agriculture sector contribution to real GDP in 2018 was recorded at 25.13%, up from 25.08% in 2017”, NBS explained.

New Telegraph