Economy

BREAKING: Nigeria’s GDP shrinks from 1.95% to 1.5% in Q2 –NBS

Published

6 years ago

August 27, 2018

The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the second quarter of this year , with the economy recording a decline in performance from 1 . 95 per cent in the first quarter to 1 . 5 per cent .The bureau, in the report which was made available to our correspondent , said the second quarter growth rate was constrained by contractions in oil GDP .

It said oil GDP contracted by – 3 . 95 per cent in the second quarter , as against 14 . 77 per cent in the first quarter of this year and 3 . 53 per cent in the second quarter of 2017 .

The report said for the first time since Nigeria ’ s exit from recession , growth was driven by the non -oil sector , which grew by 2 . 05 per cent , representing the strongest growth in non – oil GDP since the fourth quarter of 2015 .

The 2 . 05 per cent growth rate is higher than the 0 . 76 per cent growth which the sector recorded in the first quarter of this year .

It added that non -oil GDP growth which was 0 . 72 per cent in the first quarter of 2017 , 0 . 45 per cent , -0 . 76 per cent , 1 . 45 per cent in the second , third and fourth quarters of 2017 grew by 2 . 05 per cent in the second quarter of this year .

The report added , “ Non -oil growth was driven by transportation which grew by 21 . 76 per cent supported by growth in construction which grew by 7 . 66 per cent and electricity which grew by 7 . 59 per cent .

“ Other non – oil sectors that drove growth in Q 2 2018 include telecommunication which grew by 11 . 51 per cent , water supply and sewage which grew by 11 . 98 per cent and broadcasting which grew by 21 . 92 per cent .

“ The non oil sector performance was however constrained by agriculture that grew by 1 . 3 per cent compared to three per cent in Q 1 2018 and 3 . 01 per cent in Q 2 2017 . ”