Nigeria’s economy grew 1.40% in Q3–NBS

By Benjamin Umuteme, Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 1.40 per cent (year-on-year) in the third quarter of 2017, the Bureau of Statistics has said.

In its Q3 GDP report released yesterday, the Bureau stated that it is the second consecutive positive growth since the economy emerged from recession in Q2 2017.

This growth is 3.74 per cent higher than the rate recorded in the corresponding quarter of 2016 ( -2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter.

Real growth of the oil sector was 25.89 per cent (year-on-year) in Q3 2017, representing an increase of 48.92 per cent relative to rate recorded in the corresponding quarter of 2016. while Q-on-Q growth in the sector grew by 21.10 per cent in Q3 2017.

Meanwhile, in real term, the non oil sector grew by -0.76% in real terms in the quarter under review lower by -0.79 per cent compared to the rate recorded same quarter, 2016 and -1.20 per cent lower than in the second quarter of 2017.

According to the NBS, this was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.

A further breakdown showed that in Q3, the agricultural sector grew by 3.06% (year-on-year) in real terms, a decrease of -1.47% points from the corresponding period of 2016 and an increase of 0.05% points over the preceding quarter. The sector in the current quarter contributed 29.15% to overall GDP in real terms higher than the contributions in the third quarter of 2016 and second quarter of 2017 which stood at 28.68% and 22.93% respectively.

The Construction sector grew by 16.69% in nominal terms (year on year) in the third quarter of 2017, representing a decline of -0.88 per cent when compared to the rate recorded in the preceding quarter.

The nominal year on year growth rate of Trade in the third quarter of 2017 stood at 0.44%, indicating a decline by -14.93 per cent and -4.38 per cent.

Leave a Reply