Five best performing sectors in the economy Q2, 2021

The National Bureau of Statistics on Thursday surprisingly posted the biggest expansion in the economy in over six years.

According to NBS report, Nigeria’s gross domestic product (GDP) grew by 5.01 percent in the second quarter of 2021, the most since 2014.

The latest report also mark three consecutive quarters of growth after a surprise 0.11 percent growth in fourth quarter in 2020 and another growth in first quarter of 2021 by 0.51 percent.
The latest data also showed that out of the 46 sectors, only six recorded a negative growth.

While in terms of contribution to GDP, agriculture, industries, and services comprised 23.78 percent, 20.57 per cent, and 55.66 percent respectively.
Ripples Nigeria brings to you a breakdown of the best performing sector and worst performing sectors.

READ ALSO: Nigeria’s GDP increased by 0.51% in Q1 2021 – NBS

The five best

Top of the pile is Road transportation, as the sector expanded by 92.38 percent in the second quarter of 2021 compared to the negative growth of -23.75 percent in first quarter, 2021.

This sector impressive growth is even more appreciated when you considered that in the last five quarters Road transportation have recorded Negative growth.

Electricity Gas and steam

This sector followed up an impressive bounce back of 8.66 percent in first quarter 2021 to record a big jump of 78.2 percent in second quarter of 2021.
NBS Data shows before the first quarter positive growth, all through 2020, the sector was in recession.

Transportation and Storage

The sector recorded a 76.81percent expansion in GDP after four consecutive quarters of negative growth.

Rail transportation and pipeline

The sector recorded a growth of 52.3 percent the first in the last four quarters.

Coal Mining

Coal mining completed the top five performing sectors in Q2 with an impressive expansion of 34.1 percent to follow up the marginal gain of 0.66 percent in the first quarter of 2021.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now