November 20, 2017
The National Bureau of Statistics (NBS) says the nation’s Gross Domestic Product (GDP) grew by 1.40 per cent year-on-year in real terms in the 3rd quarter.
The NBS stated this in a GDP Report for Third Quarter 2017 released in Abuja on Monday.
The bureau stated that the figure showed the second consecutive positive growth since the emergence of the economy from recession in second quarter.
It stated that the growth was 3.74 per cent points higher than the rate recorded in the corresponding quarter of 2016, which was –2.34 per cent.
It stated that it was also higher by 0.68 per cent points from the rate recorded in the preceding quarter, which was revised to 0.72 per cent from 0.55 per cent.
The second quarter was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP.
Quarter on quarter, the bureau stated that the real GDP growth was 8.97 per cent.
According to the report, the broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy.
In the period under review, the report stated that oil production was estimated at 2.03 million barrels per day (mbpd) on average.
It stated it was 0.15 million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84 mbpd to 1.87 mbpd).
It further noted that oil production during the quarter was higher by 0.42 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61 mbpd.
Meanwhile, the report stated that the non-oil sector grew by –0.76 per cent in real terms during the reference quarter.
It stated that the figure was lower by -0.79 per cent point compared to the rate recorded same quarter, 2016 and -1.20 per cent point lower than in the second quarter.
The non-oil sector, the report stated was driven in the quarter under review mainly by Agriculture (Crop), other services and Electricity, gas, steam and air conditioning supply.
In real terms, the report stated that the sector contributed 89.96 per cent to the nation’s GDP.
It, however, stated that the figure was lower than the share recorded in the third quarter of 2016 (91.91 per cent) and in the second quarter of 2017, which was 90.96 per cent.
