Top 10 contributing sectors to Nigeria’s real GDP

The top 10 contributing sectors to Nigeria’s real Gross Domestic Product (GDP) in the second quarter (Q2) of 2023 are lead by Crop production, while other services completed the list.

Ripples Nigeria previously reported on Friday that the National Bureau of Statistics (NBS) disclosed Nigeria’s GDP grew by 2.51 per cent in real terms in Q2 this year, compared to 2.31 per cent growth recorded in Q1 2023.

Compared to the corresponding period of the second quarter of 2022, the GDP growth fell short of the 3.54 per cent increase reported by the Bureau last year.

In light of this, the aggregate GDP stood at N52.10 trillion in nominal terms between April to June 2023, (real GDP put at N17.72 trillion), against the N45 trillion recorded in the same period in 2022.

Top 10 Contributing Activities to Real GDP in Q2 2023

According to the breakdown of each sectors contribution to the economy, the top 10 contractors are Crop production, Trade and Telecommunications & Information Services.

Others are Crude Petroleum and Natural Gas, Real Estate, Financial Institutions, Food, Beverage and Tobacco, Construction, Professional, Scientific, and Technical Services and Other Services.

Crop production

Crop production contributed 20.66 per cent to the GPD in Q2 2023, which represents N9.66 trillion, up from N8.73 trillion in the first quarter of this year and contrasted with N8.65 trillion reported in Q2 last year.

Trade

The trade industry accounted for 16.80 per cent of the economy in the review period, contributing N6.66 trillion to the GDP, against the N6.29 trillion recorded in the preceding quarter and N6.44 trillion in the second quarter of last year.

READ ALSO:Nigeria’s GDP rises to 2.51% in Q2 2023

Telecommunications & Information Services

The report by NBS also disclosed that the Telecommunications & Information Services recorded 16.06 per cent contribution, accounting for N6.49 trillion in Q2 this year.

In the first quarter of this year, the sector’s contribution was N5.60 trillion. In the second quarter of last year, In the second quarter of last year, the Telecommunications & Information Services recorded N4.27 trillion.

Crude Petroleum and Natural Gas

The industry reported a contribution of 5.35 per cent, which represents N2.94 trillion, in the second quarter of 2023. During the preceding quarter, the sector accounted for N3.41 trillion and N2.94 trillion in Q2 2022.

Real Estate

The Real Estate sector closed the second quarter of this year with N2.286 trillion or 5.29 per cent contribution, contrasting with the N2.283 trillion posted in Q1 2023 and N2.22 trillion in Q2 2022.

Financial Institutions

The financial institutions contributed 4.78 per cent according to the NBS, accounting for N1.89 trillion in 2023 second quarter, against N1.93 trillion in the previous quarter and N1.45 trillion in Q2 2022.

Food, Beverage and Tobacco

Also, the Food, Beverage and Tobacco sector contributed N2.87 trillion in Q2 this year. In the first quarter of 2023, the industry contributed N2.80 trillion, while in the second quarter last year, it recorded N2.10 trillion.

Construction

The construction industry recorded 3.23 per cent contribution, adding N5.05 trillion to the economy in the period in review, compared to the N6.04 trillion and N3.57 trillion posted in Q1 2023 and Q2 2022 respectively.

Professional, Scientific, and Technical Services

In the report, the NBS said the Professional, Scientific, and Technical Services recorded 3.05 per cent, accounting for N1.21 trillion, in contrast to the N1.28 trillion reported in Q1 this year and N1.16 trillion in the second quarter of last year.

Other Services

Other Services completed the top 10 list with 2.72 per cent or N1.07 trillion contribution to the GDP in Q2 2023, however, this is below the N1.24 trillion contributed in Q1 this year and N1.05 trillion in Q2 2022.

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