Nigeria’s GDP grows by 6.21 per cent – NBS

National Bureau of Statistics (NBS)

The performance was 4.55 per cent higher than the figure recorded in the corresponding quarter of 2013.

The National Bureau of Statistics, NBS, on Tuesday reported a growth rate of real gross domestic product, GDP, of 6.21 per cent in the first quarter of 2014.

The bureau, in its 2014 first quarter report issued in Abuja, said that the performance was 4.55 per cent higher than the figure recorded in the corresponding quarter of 2013.

It, however, said that the rate was lower than the 6.77 per cent recorded in the fourth quarter of 2013.

The agency said the country’s nominal GDP (at basic prices) was estimated at N20.17 trillion or N15.44 trillion in real terms.
In the corresponding quarter of 2013, the NBS said the nominal GDP was estimated at N18.295 trillion or N14.54 trillion in real terms.

The report indicated that average daily crude oil production in the opening quarter of 2014 stood at 2.26 million barrels per day, MBPD, down from the 2.29 MBPD recorded in the corresponding quarter of 2013.

In the first quarter of 2014, NBS said oil GDP was valued at N2.61 trillion in nominal terms, compared to N2.76 trillion recorded in the corresponding quarter of 2013.

Real growth in the oil sector was recorded at -6.60 per cent in the first quarter of 2014, indicating better performance, compared to -11.40 per cent growth recorded in the corresponding 2013 quarter and the -9.36 per cent growth recorded in the fourth quarter of 2013.

On sectoral contributions, indications were that non-oil real growth reached 8.21 per cent in the opening quarter of 2014, representing an increase of 0.76 per cent points from the 7.44 per cent growth recorded in the corresponding quarter of 2013.

However, relative to fourth quarter of 2013, non-oil growth was a marginal 0.57 per cent points lower.

The services sector, on the other hand, accounted for the largest share of real GDP in first quarter of 2014, amounting to N818trillion, or 52.99 per cent.

Industry ranked second with a contribution of N422 trillion, or 27.36 per cent, whilst agriculture constituted the smallest sector in the first quarter, representing N3.034 trillion, or 19.65 per cent of GDP.

With respect to sectoral growth, the services sector recorded a growth rate of 7.20 per cent during the first quarter of 2014, followed by Agriculture at 5.53 per cent and Industry at 4.84 per cent.

The dominant non-oil economic sectors in the first quarter of 2014 included trade, which was the largest contributor to real GDP with N2.68 trillion, or 17.35 per cent of real GDP.

This is marginally higher than the 17.34 per cent contribution to GDP recorded in the corresponding quarter of 2013.
The sector saw strong growth of 6.28 per cent in the opening quarter of 2014, marginally higher than the record for the corresponding quarter of 2013. This was as a result of higher agricultural output, a key input for traders.

Crop production was the second highest contributor to real GDP during the period, with N2.64 trillion, or 17.12 per cent of total real GDP, roughly unchanged vis-à-vis first quarter of 2013.

First Quarter 2014 growth was recorded at 5.42 per cent, an increase from 1.78 per cent recorded during the first quarter of 2013 attributable to increased farming activity in combination with high yield seedlings during the dry season.
In real terms, telecommunications contributed N1.28 trillion, or 8.27 per cent to total GDP in the first quarter of 2014, marginally lower from the contribution made to the total GDP in the corresponding period in 2013 by 0.14 percentage points.

In the first quarter 2014, economic activity picked up, witnessing a growth rate of 4.48 per cent, compared to 2.21 per cent in the corresponding period in 2013, as a result of increased consumer activity as the number of active lines.

Real estate represented 6.82 per cent of real GDP in the opening quarter of 2014, exhibiting a notable 1.55 per cent point decline from the 8.37 per cent it represented in the preceding quarter, yet only a marginal 0.20 per cent point decline from that of the corresponding quarter of 2013.

Despite a positive growth rate of 3.17 per cent, this was 6.96 per cent points lower than the 10.13 per cent growth recorded in quarter four of 2013, representing the sharpest decline in growth in the sector since before 2011.

Key Economic Developments in the report showed that chemical and pharmaceutical products experienced the highest growth rate in the first quarter, of 41.61 per cent, contributing an additional N8.0 billion in real terms to the economy from the previous quarter.

The slowest first quarter growth was recorded under oil refining, which exhibited negative real growth of 15.23 per cent as the quantity of refinery output slowed during the quarter.

Other manufacturing activities among the fastest growing, including non-metallic products, motor vehicles and assembly, cement, plastic and rubber products, all of which grew at a rate of over 30 per cent.


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