Nigerian Bureau of Statistics releases its GDP Report for Q2 2018

The Nigerian Bureau of Statistics(NBS) released its GDP Report for the second quater of 2018.
Based on the report, the following observations were made on the Nigerian GDP:

  • Real GDP grew by 1.5% (year-on-year) in 2018Q2. This represents a 0.45% decrease in growth rate compared to the 1.95% recorded in 2018Q1,
  • GDP growth rate in Q2 2018 was greatly stimulated by developments in the non-oil sector as services sector recorded its strongest positive growth since 2016,
  • Generally, the non-oil sectors accounted for 91.45% of GDP growth rate in the quater, while the oil sector accounted for 8.55% of growth rate,
  • Agriculture sector grew by 1.19% in 2018Q2, a fall from 3.00% in 2018Q1,
  • Education sector contracted by 0.67% in 2018Q2 from 0.45% in 2018Q1,
  • Human Health and Social Services sector grew by 0.41% in 2018Q2 from -0.37% in 2018Q1,
  • In terms of contribution to real GDP in 2018Q2, Services accounts for 53.97%; Industries accounts for 23.18% and Agriculture accounts for 22.86%. Hence, Services sector contributed more to 2018Q2 real GDP than other sectors.
  • Manufacturing sector grew by 0.68% in 2018Q2, this is a decline from 3.39% recorded in 2018Q1,
  • Construction sector grew by 7.66% in 2018Q2- a notable increase from the -1.54% recorded in 2018Q1,
  • Financial and Insurance Sector grew by 1.28% in 2018Q2, this a major decline from the 13.30% recorded in 2018Q1,
  • Crude petroleum and Natural Gas under mining and quarrying sector contracted by -3.95% in Q2 2018 from 14.77% in 2018Q1.

Source: NBS(2018)


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