Half Year Real GDP Stands At 12.18% – NBS
The National Bureau of Statistics (NBS) yesterday said the real Gross Domestic Product (GDP) growth rate for the first half of this year was -2.18 per cent year-on-year.
It said in the first quarter (Q1) of this year, Nigeria’s real GDP at basic prices grew by 1.87 per cent but declined in the Q2 by -6.10 per cent on a year on year basis.
The report titled “Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1 – Q4 2019 & Q1 – Q2 2020)”, said: “This brought real GDP growth rate for the first half of 2020 to -2.18 per cent year on year.”
It said compared to 2019, the growth rate in the Q2 2020 was 8.2 per cent points lower than Q2 2019, noting that the growth rate for this first half of 2020 was 4.28 per cent points lower than in 2019.
The NBS said National Disposable Income grew by 2.55 per cent and 0.66 per cent in Q1 and Q2 of 2020 respectively, an average of 1.60 per cent in the six months.
National Disposable income means current personal income, minus personal taxes of the nation.
The Bureau added that for the first half of 2020, real household terms, year-on-year, compared to 2.64 per cent and 1.4 per cent for the corresponding periods in 2019.
The report said Household Consumption Expenditure in Q1 and Q2 2020 grew by -4.03 per cent and -0.08 per cent.
According the NBS, National Disposable Income in Q1 and Q2 2020 grew by 2.55 per cent and 0.66 per cent respectively, in real by -0.34 per cent compared to 7.4 per cent growth in the first half of 2019.
The NBS said Compensation of Employees recorded positive real growth rate of 6.7 per cent in Q1 but contracted second quarter by -6.10 per cent on a year on year basis.
This, said NBS, brought the real GDP growth rate for the periods in 2019.
Government Consumption Expenditure, said NBS, recorded growth rates of 6.8 per cent.
“In the first quarter of 2020, Nigeria’s real GDP at basic prices grew by 1.87 per cent but declined in the percentage points lower than in Q2 2019.
“Furthermore, growth rate for the first half of 2020 was recorded in the corresponding quarters of 2019. For the first half of 2020, net exports contracted -6.47 per cent in Q2 2020, year on year. For the first half of 2020, Compensation of Employees contracted 4.28 percentage points lower than in 2019.
“Compared to 2019, the growth rate in Q2 2020 was 8.2 percent consumption expenditure declined by -1.99 percent compared to -0.94 percent in 2019, while government consumption expenditure grew 77.25 percent, compared to 4.46 percent in 2019,” the report said.
It said Net Exports grew 18.15 per cent in Q1 but declined -61.12 per cent in Q2 2020, compared to 7.08 per cent and 0.00x per cent respectively, in real terms, year on year, compared to -2.68 per cent and 0.75 per cent for the corresponding by -19.89 per cent, compared to growth of 3.56 per cent for the same period in 2019.