Nigeria Economy | |
Nigeria Economy | |
1976 VIEWS | |
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Wednesday, October 16, 2019 01:00PM / NBS
Summary
In the third and fourth quarters of 2018, Nigeria's real GDP at basic prices grew by 1.81 % and 2.38% year on year respectively. The annual real GDP in 2018 grew by 1.91%, which was more than double the growth rate recorded in 2017 which stood at 0.82%. In the first quarter of 2019, real GDP grew by 2.10% indicating a faster pace of expansion on a quarterly basis. It is, however, worth noting that this period also coincided with the campaign and general elections season which may have supported the observed developments. When compared with the corresponding quarters of 2017, real GDP rose by 0.64% points and 0.27% points respectively in Q3 and Q4 2018, and by 0.21% in Q1 2019.
Real Year-on-year Growth
Rates of Key Aggregates (percent, %)* |
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|
2018 |
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2019 |
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
GDP (basic price) |
1.89
|
1.50
|
1.81
|
2.38
|
1.91
|
2.10
|
GDP (Market price) |
1.98
|
1.46
|
1.76
|
2.43
|
1.92
|
2.06
|
Household
Consumption |
(0.25) |
0.98 |
7.90
|
9.26
|
4.63
|
1.41
|
Gov. Cons.
Expenditures |
30.34
|
29.57
|
34.78
|
68.48
|
39.85
|
2.71
|
Gross Fixed Capital
Formation |
0.20
|
7.36
|
20.65
|
12.24
|
9.74
|
13.82
|
Net Exports |
2.99
|
(8.89) |
(24.52) |
(28.20) |
(17.45) |
(5.83) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
National Disposable Income
|
0.21
|
(2.01) |
(2.76) |
0.50 |
(1.03) |
6.58 |
Compensation of
Employees |
14.54
|
15.33
|
11.59
|
8.12
|
12.22
|
3.85
|
Operating Surplus |
(2.49) |
(3.44) |
(1.06) |
0.70 |
(1.48) |
1.83 |
Other Current
Transfers from RoW Net |
(7.60) |
(22.89) |
(26.20) |
(11.98) |
(17.99) |
41.44 |
Summary-analysis of expenditure components
The graph below depicts the proportions of real GDP expenditure components from 2016 to Q1 2019, as well as real GDP growth rates over the same period.
Household Consumption contributed the largest share to real Gross Domestic Product, accounting for 60.53% in Q3 2018, from 57.09% in Q3 of 2017, and 62.17% in Q4 2018 compared to 58.29% in the corresponding quarter of 2017. It accounted for 59.94% in Q1 2019, slightly lower than the 60.32% recorded in Q1 2018. While NPISH contributed less than 1% over the period, its contribution fell from 0.31% in Q3 of 2017 to 0.22% in Q3 of 2018, but improved to 0.40% in Q4 2018 from 0.38% it contributed in the corresponding quarter of 2017. General Government Consumption accounted for 5.07% and 5.33% in Q3 and Q4 of 2018 respectively. In 2019 Q1, there was a slight improvement compared to Q1 2018 of 5.58%. However, contributions of Net Exports for Q3 and Q4 of 2018 were 19.38% and 16.82% respectively, the rates recorded in the corresponding quarters of the previous year were higher.
Click Here to Download Q3, Q4
2018 & Q1 2019 CPI PDF Report
Latest 2019 NBS Reports
Q4 2019
Q3 2019
Q2 2019
Q1 2019