Monday, November 21, 2016 9:55 AM /NBS
In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms. This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99%
During the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices. Compared to the third quarter 2015 value of N24,313,636.94 million. Nominal GDP grew by 9.23%. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22% points. The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications
The Oil Sector
During the period under review, Oil production accord-ing to NNPC, averaged at 1.63million barrels per day (mbpd), lower from production in second quarter of 2016. Oil production was also lower relative to the cor-responding quarter in 2015 by 0.54million barrels per day when output was recorded at 2.17mbpd.
As a result, real growth of the oil sector slowed by –22.01% (year-on-year) in third quarter of 2016. This represents a decline relative to growth recorded in same quarter of 2015 at 1.06% . Growth declined by 23.07% points and 4.54% points relative to growth in third quarter of 2015 and second quarter of 2016 respectively. Quarter-on-Quarter, growth was 8.07%.
As a share of the economy, the Oil sector contributed 8.19% of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27% and 8.26% respectively
The Non-Oil Sector
Growth in the Non-oil sector was largely driven by the activities of Agriculture (Crop Production), Infor-mation & Communication and Other Services.
The non-oil sector grew by 0.03% in real terms in the third quarter of 2016, reversing the last 2 quarters of negative growth recorded in Q1 and Q2 2016. This was 0.41% points higher from the second quarter of 2016, yet 3.03% points lower from the correspond-ing quarter in 2015 .
In real terms, the Non-Oil sector contributed 91.81% to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74%) and the third quarter of 2015.
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