Nigeria’s GDP contracts by 2.24% in 3rd quarter

gdp

The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) in real terms declined by -2.24 percent (year-on-year) in real terms in the third quarter of 2016.

This is according to the Nigerian Gross Domestic Product (GDP) Report for Third Quarter of 2016 released by NBS on Monday in Abuja.

The report stated that the figure was lower by 0.18 per cent points from growth recorded in the preceding quarter.

That was lower by 5.08 per cent points from growth recorded in the corresponding quarter of 2015.

“Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99 percent during the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices, compared to the third quarter 2015 value of N24,313,636.94 million.

“Nominal GDP grew by 9.23 percent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 percent points,” it stated.

The report, however, stated that the nominal GDP was N26.6 trillion in the quarter while the real GDP was N17.8 trillion

The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications

The report stated that during the period under review, oil production, according to NNPC, averaged at 1.63 million barrels per day (mbpd), lower from production in second quarter of 2016.

It stated that oil production was also lower relative to the corresponding quarter in 2015 by 0.54 million barrels per day when output was recorded at 2.17 mbpd.

The report further stated that the growth in the Non-oil sector was largely driven by the activities of Agriculture (Crop Production), Information and Communication and Other Services.

“The non-oil sector grew by 0.03 percent in real terms in the third quarter of 2016, reversing the last 2 quarters of negative growth recorded in the first and second quarter.

“This was 0.41 per cent points higher from the second quarter of 2016, yet 3.03 percent points lower from the corresponding quarter in 2015.

“In real terms, the Non -Oil sector contributed 91.81 percent to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74 percent) and the third quarter,” it stated. 

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