GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%

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Thursday, April 30, 2020  09:30 AM / NBS/ Header Image Credit: NBS

 

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In the second quarter of 2019, Nigeria's real GDP at basic prices grew by 2.12% on a year on year basis. Growth accelerated further in the third and fourth quarters by 2.28% and 2.55%. The steady increase in quarterly growth resulted in an annual growth rate of 2.27% for 2019, compared to 1.91% in 2018 on a year on year basis. Compared to the second quarter of 2018, the performance in 2019 indicated an increase of 0.61% points while the third and fourth quarters were 0.47% points and 0.17% points higher, respectively, than the corresponding quarters of 2018 .

 

Household Consumption Expenditure, in Q2, Q3 and Q4 grew by -1,33%, -3.7% and 0.38% in real terms, year on year. For 2019, the annual growth rate in real household consumption expenditure stood at -2.40% compared to 4.63% in 2018. Government Consumption Expenditure recorded growth rates at 11.92%, 16.20% and 5.41% in Q2, Q3 and Q4 respectively, year on year, while annual growth rate stood at 15.04% against 39.85% in 2018.

 

Net Exports recorded positive growth rates in all four quarters of 2019, a departure from the trend in 2018. While no change was recorded in Q2 2019, net exports grew in real terms in Q3 and Q4 by 17.94% and 3.4% respectively.  On an annual basis, net exports grew by 7.64% in 2019 compared to -17.45% recorded in 2018.


National Disposable Income grew by 1.44% in the second quarter of 2019, but recorded negative growth in Q3 (-0.61%) and Q4 (-1.46%) on a year on year basis. For 2019, growth in national disposable income stood at 0.38% compared to -1.03% in 2018. 

 

Compensation of Employees, during the second, third and fourth quarters of 2019 grew 10.71%, 11,23% and 9.79% respectively in real terms on year on year basis. For 2019, growth rate stood at 8,99% compared to 12.22% in  2018.


Real Year-on-year Growth Rates of Key Aggregates (percent, %)* 

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GDP by Expenditure

The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. GDP at market prices includes net taxes on products; taxes are subtracted to obtain basic price GDP.

 

The expenditure approach measures the final uses of the produced output as the sum of Final consumption, Gross Capital Formation and Exports less Imports, which are considered in turn in this report. Consumption of fixed capital-a measure of depreciation of assets-comprises the difference between Gross Domestic Product (GDP) and Net Domestic Product (NDP) and is also considered in this report.

 

In 2019, the Gross Domestic Product grew in real terms by 2.27% year-on-year. This was a significant improvement compared to 1.91% recorded in 2018, and 0.82% recorded in 2017. 

 

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Click Here to Download Q4 2019 GDP By Expenditure PDF Report


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Latest 2020 NBS Reports

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Q2 2020

  1. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  2. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  3. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  4. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  5. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  6. FAAC Disburses N647.35bn in February 2020 - NBS

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Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

 

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