2018 Q1 GDP Grew By 1.95%
Nigeria’s Gross Domestic Product (GDP) went up by 1.95 percent (year-on-year) in real terms in the first quarter of 2018, the latest report from the National Bureau of Statistics (NBS) has revealed.
The statistics agency says the current figure indicates a stronger growth when compared with the first quarter of 2017 which recorded a growth of -0.91 percent indicating an increase of 2.87 percent points.
“Compared to the preceding quarter, there was a decline of -0.16 percent points from 2.11 percent. Quarter on quarter, real GDP growth was -13.40 percent,’the NBS affirmed.
This development is sequel to oil production estimates for the third and fourth quarters of 2017 been revised and oil GDP for those quarters been adjusted by the NBS.
Still on the first quarter of 2018, the nation’s statistics office say that aggregate GDP stood at N28,464,322.01 million in nominal terms. “This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36 percent,” the NBS added.
According to the latest report, this rate of growth is however lower relative to growth recorded in Q1 2017 by -7.70 percent points at 17.06 percent but higher than the preceding quarter by 2.14 percent points at 7.22 percent. “To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors,’ the NBS said.
The NBS estimated crude oil production during the three months period to be 2.0mb/d, 0.05mb/d and 0.25mb/d higher than the 1.95mb/d and 1.75mb/d reported in Q4-17 and Q1-17 respectively. The sector contributed 9.61 percent of total GDP (vs. 7.35 percent and 8.53 percent in Q4-17 and the corresponding quarter of 2017 respectively) during the review period.
The non-oil sector contributed 90.39 percent to total GDP, (vs. 92.65 percent and 91.47 percent in the three months to December 2017 and Q1-17 respectively).
A breakdown of three of the biggest components of the GDP shows that Services contracted by 0.47 percent y/y (vs. 0.10 percent y/y in Q4-17 and 0.37 percent y/y in Q1-17).
Also, Agriculture grew by 3.0 percent y/y, 123 bps and 38 bps lower than growth rates recorded in Q4-17 and Q1-17 respectively. While manufacturing grew by 3.39 percent y/y – 326 bps and 203 bps higher than growth rates recorded in Q4-17 and Q1-17 respectively.
In terms of contribution, services, industries, and agriculture, respectively, accounted for 54.3 percent, 24.0 percent, and 21.7 percent of overall output growth.