Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS

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Monday, August 24, 2020 08:30 AM /by  NBS/ Header Image Credit:  NBS


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Overview of GDP in Quarter Two 2020

Nigeria's Gross Domestic Product (GDP) decreased by -6.10%(year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

 

The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic. The domestic efforts ranged from initial restrictions of human and vehicular  movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets etc., affecting both local and international trade. The efforts, led by both the Federal and State governments, evolved over the course of the quarter and persisted throughout.

 

When compared with Q2 2019, which recorded a growth of 2.12%, the Q2 2020 growth rate indicates a drop of -8.22% points, and a fall of -7.97% points when compared to the first quarter of 2020 (1.87%). Consequently, for the first half of 2020, real GDP declined by -2.18% year on year, compared with 2.11% recorded in the first half of 2019. Quarter on quarter, real GDP decreased by -5.04%.  Furthermore, only 13 activities recorded positive real  growth compared to 30 in the preceding quarter.

 

In the quarter under review, aggregate GDP stood at N34,023,197.60 million in nominal terms, or 2.8% lower than the second quarter of 2019 which recorded an aggregate of N35,001,877.95 million. Overall, the nominal growth rate was -16.81% points lower than recorded in the second quarter of 2019, and -14.81% points lower than recorded in the first quarter of 2020. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors. (Figure 1):


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The Oil Sector

In the second quarter of 2020, an average daily oil production of 1.81 million barrels per day (mbpd) was recorded. This was -0.21mbpd lower than the daily average production of 2.02mbpd recorded in the same quarter of 2019, and  -0.26mbpd lower than the first quarter 2020 production volume of 2.07mbpd by (Figure2). 


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Real growth of the oil sector was -6.63%  (year-on-year) in Q2 2020 indicating a decrease of -13.80% points relative to the rate recorded in the corresponding quarter of 2019. Growth decreased by -11.69% points when compared to Q1 2020 which recorded 5.06%.  Quarter-on-Quarter, the oil sector recorded a growth rate of -10.82% in Q2 2020. The Oil sector contributed 8.93% to total real GDP in Q2 2020, down from figures recorded in the corresponding period of 2019 and the preceding quarter, where it contributed 8.98% and 9.50% respectively.  

 

The Non-Oil Sector

The non-oil sector declined by -6.05% in real terms during the reference quarter (Q2 2020).  It was the first decline in real non-oil GDP growth rate since Q3 2017. The recorded growth rate was -7.70% points lower compared to the rate recorded during the same quarter of 2019, and -7.60% points compared to the first quarter of 2020. Nevertheless, non-oil sector output was driven by Financial and Insurance (Financial Institutions),  Information and Communication (Telecommunications),  Agriculture (Crop Production), and Public Administration, moderating the economy-wide decline. On the other hand, sectors which experienced the highest negative growth included Transport and Storage, Accommodation and Food Services, Construction, Education, Real estate and Trade among others. In real terms, the Non-Oil sector accounted for 91.07% of aggregate GDP in the second quarter of 2020, slightly higher than the share recorded in the second quarter of 2019 (91.02%)  as well as the first quarter of 2020 (90.50%). 


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Click Here to Download Q2 2020 GDP PDF Report


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Latest 2020 NBS Reports

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Q3 2020

  1. Average Price of 1kg of Tomato Increased By 3.24% MoM in July 2020 - NBS
  2. Average Fare Paid By Commuters for Motorcycle Journey Increased By 9.06% MoM in July 2020
  3. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2020
  4. Headline Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
  5. Nigeria's Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS
  6. N651.77bn Generated as VAT in H1 2020 - NBS
  7. Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
  8. Average Fare for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020 - NBS
  9. Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020
  10. Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate
  11. Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS
  12. NBS Publishes National Living Standard Survey 2018-19 Report
  13. Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

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Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  9. FAAC Disburses N780.93bn in April 2020 - NBS
  10. FAAC Disburses N581.57bn in March 2020 - NBS
  11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  16. N1.33trn Generated As IGR in 2019 - NBS
  17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  19. N338.94bn Generated As VAT in Q1 2020 - NBS
  20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  28. 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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