From the new report on the Gross Domestic
Product in Nigeria, it appears that industries are experiencing various
challenges, leading to a low contribution to the Q3 GDP. For clarity, the oil sector
made a 9.38% contribution to the GDP while non-oil sectors contributed 90.62%. The
report indicates that agriculture and services grew by 1.91% and 2.64%
respectively, while industries recorded -0.11%.
According to the report “the
country’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real
terms in the third quarter of 2018. Compared to the third quarter of 2017 which
recorded a growth of 1.17%, there is an increase of 0.64% points. The second
quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points.
Quarter on quarter, real GDP growth was 9.05%.
In the quarter under review,
aggregate GDP stood at N33, 368,049.14 million in nominal terms. This performance
is higher when compared to the third quarter of 2017 which recorded a GDP
aggregate of N29, 377,674.03 million thus, presenting a positive year on year
nominal growth rate of 13.58%.
This growth rate is higher
relative to growth recorded in the third quarter of 2017 by 2.88% points and
higher than the preceding quarter by 0.01% points with growth rates of 10.70%
and 13.57% respectively.”
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