Nigeria’s real GDP grows marginally in first quarter of 2019, says NBS

Rice Farmers Photo Credit: Agro Nigeria
Rice Farmers used to illustrate the story [Photo Credit: Agro Nigeria]

Nigeria’s real gross domestic product (GDP) grew marginally in the first quarter of 2019, compared to the rate in the last quarter of last year.

The latest Nigerian Gross Domestic Product Report by the National Bureau of Statistics showed the country’s economy grew by 2.01 percent (year-on-year) in real terms.

Compared to the growth rate of 1.89 percent recorded in the first quarter of 2018, the NBS said real GDP in the first quarter of this year grew by 0.12 percent points.

However, relative to the rate in the fourth quarter of 2018, the NBS said real GDP growth rate declined by -0.38 percent points.

The latest performance of the economy is following the slow pace it has been treading since its recovery from the last recession in 2017.

According to the statistics agency, the publication provides data obtained from the Quarterly Establishment Survey (QES) it conducted.

The NBS noted the impact of the recently held general elections in the country during the first quarter of the year and said the performance of the economy may have reflected in the strongest first quarter performance observed since 2015.

According to the report, aggregate GDP stood at about N31.8 trillion in nominal terms, which is higher than the N28.4trillion recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 percent.

The report said aggregate GDP was, however, lower than in the preceding quarter of N35.2 trillion, by -9.75 percent.

The nominal GDP growth rate in the first 2019 was higher than the rate recorded in the corresponding period last year by 2.54 percent points.

Advertisement

nlng Campaign AD

Oil Sector

In the oil sector, average daily oil production in the first quarter of 2019 stood at about 1.96 million barrels per day (mbpd), which is lower by -0.02mbpd than the 1.98mbpd average output in the same quarter of 2018.

Real GDP growth in the oil sector was -2.40 percent (year-on-year) in the first quarter of the year, indicating a decrease by -16.43 percent points relative to the rate in the corresponding quarter of 2018.

The NBS said growth in the sector decreased by -0.79 percent points when compared to the fourth quarter of 2018, which was -1.62 percent.

On quarterly basis, the report said the oil sector recorded a growth rate of 11.60 percent in the first quarter of the year, contributing about 9.14 percent to total real GDP in the quarter.

The performance was however down from the contributions in the corresponding period of 2018 by 9.55 and 7.06 percent respectively.

Non-Oil Sector

In the non-Oil sector, the NBS said the economy recorded a growth of about 2.47 percent in real terms during the reference quarter. The growth was 1.72 percent points higher than the rate recorded in the same quarter of 2018.

The figure was however lower by about -0.23 percent points than the fourth quarter of 2018. The report said the growth in the sector in the quarter was driven mainly by the activities in the Information and communication technology sector.

Other drivers of the growth were Agriculture, Transportation and Storage, Trade and Construction.

In real terms, the non-oil sector still held the aces, contributing about 90.86 percent to the nation’s GDP, higher than the 90.45 percent recorded in the first quarter of 2018. It was, however, lower than the 92.94 percent recorded in the fourth quarter of 2018.

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.