Business

Nigeria’s GDP maintains upward trajectory following exit from recession, grew 1.4% in Q3

Published

6 years ago

November 20, 2017

FG's VAT on import drops N3.58bn in Q1 2018

According to data released Monday by the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) recorded a growth of 1.40 percent in the third quarter of 2017.

This follows positive GDP growth data in the second quarter which signified Nigeria’s exit from recession.

NBS statistics showed that the agricultural sector grew by 3.06 percent in the third quarter, as against the 3.01 percent recorded in the second quarter.

Quarter-on-quarter, real GDP growth was 8.97%

Parts of the report read, “Oil production is estimated to have averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).

“In real terms, the non-oil sector contributed 89.96% to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91%) and in the second quarter of 2017 (90.96.

“Cement under manufacturing sector contracted by -4.56% in Q3 2017 from -4.16% in Q2 2017 and -6.26% in Q3 2016.

“Telecommunications & information services under information and communication sector contracted by -5.68% in Q3 2017 from -1.92% in Q2 2017 and 0.95% in Q3 2016”.

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