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Nigeria’s GDP declines by 0.16 in Q2

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Nigeria’s GDP declines by 0.16 in Q2

Nigeria’s Gross Domestic Product (GDP) declined by 0.16 per cent in the second quarter of 2019, the National Bureau of Statistics (NBS) said on Tuesday.

The NBS also revealed that the GDP grew by 1.94 per cent in real terms within the same period.

According to the report, if compared to the second quarter of 2018, which recorded a growth of 1.50 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per cent.

However, when compared to 2.10 per cent recorded in the first quarter of 2019, the Q2 2019 real growth rate indicates a decline of 0.16 per cent.

“During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter,” the report noted.

Read also: Nigeria faces huge revenue challenge amidst escalating debt costs —Report

The NBS said that the performance observed in Q2 2019 follows an equally strong first-quarter performance, and was likely aided by stability in oil output as well as the successful political transition.

Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.

On a half-year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent.

Further analysis on the quarter on quarter shows that the real GDP increased by 2.85 per cent compared to a decline of –13.69 per cent in the preceding period.

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