Nigeria's GDP Grew By 1.94% YoY In Real Terms In Q2 2019 - NBS

Proshare

Tuesday, September 03, 2019  08:30AM / NBS  

 

Overview of GDP in Quarter  Two 2019 

Nigeria's Gross Domestic Product (GDP) grew by 1.94%(year-on-year) in real terms in the second quarter of 2019. Compared to the second quarter of 2018, which recorded a growth of 1.50%, the growth observed in Q2 2019 indicates an increase of 0.44% points. When compared to 2.10% (revised from 2.01% due to oil output revisions) recorded in the first quarter of 2019 however, the Q2 2019 real growth rate indicates a decline of -0.16% points.  

During the quarter, aggregate GDP stood at   N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter. The performance observed in Q2 2019 follows an equally  strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition. Overall, a total of 15 activities grew faster  in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter. On a half year basis, real growth in the first half of 2019 stood at 2.02%, higher than in 2018 which was 1.69%. Quarter on quarter, real GDP increased by 2.85% compared to  a decline of -13.69%  in the preceding period. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors. (Figure 1) 

 

Proshare Nigeria Pvt. Ltd.

Figure1: Real GDP Growth

 

 

The Oil Sector

Q2 2019, Nigeria recorded average daily oil production of 1.98million barrels per day (mbpd), or 7.6% higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd-revised from 1.96 mbpd).

 

Proshare Nigeria Pvt. Ltd.

Figure 2: Crude Oil Output (MBPD)

 

The oil sector posted a real growth rate of 5.15%  (year-on-year) in Q2 2019, representing a 9.10% points increase relative to the rate recorded in the corresponding quarter of 2018. It also indicates  an increase of 6.61% points when compared to Q1  2019(revised). Quarter-on-Quarter, the oil sector recorded a growth rate of -1.55% in Q2 2019. 

The sector contributed 8.82% to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 8.55% and 9.22% respectively.  

 

The Non-Oil Sector 

The non-oil sector grew by 1.64% in real terms during the reference quarter.  This was -0.40% points lower than recorded in the same quarter of 2018, and -0.83% point lower than the first quarter of 2019. During the quarter, the sector was driven mainly by Information and communication, Mining and Quarrying, Agriculture, Transportation and Storage, as well as Other Services. In real terms, the Non-Oil sector contributed 91.18% to the nation’s GDP, lower than the share recorded in the second quarter of 2018 (91.45%) but higher than the first quarter of 2019 (90.78%).

 

Proshare Nigeria Pvt. Ltd.



 






Figure 3: Crude Oil and Non-Oil Growth (%)

 

Click Here to Download Q2 2019 GDP PDF Report

 

Proshare Nigeria Pvt. Ltd.


Latest 2019 NBS Reports

Proshare Nigeria Pvt. Ltd.


Q3 2019

  1. FAAC Disburses N762.6bn in July 2019 - NBS
  2. FAAC Disburses N679.7bn in June 2019 - NBS
  3. N311.94bn Generated As VAT in Q2 2019 - NBS
  4. Average Fare Paid By Commuters For Intercity Journey Increased By 0.76% MoM in July 2019
  5. Average Prices of 1kg of Tomato Decreased YoY By -39.74% to N203.55 in July 2019 - NBS
  6. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2019
  7. Headline Inflation Increases By 11.08% YoY in July 2019; 0.14% Lower Than June 2019 Rate
  8. 5.61bn Litres of PMS Imported into Nigeria in Q2 2019 - NBS
  9. Average Fare Paid For Bus Journey Inter City Increased By 0.17% MoM to N1,606.92 in June 2019 - NBS
  10. Average Price of 1kg of Tomatoes Decreased By -9.40% MoM to N226.07 in June 2019 - NBS
  11. Nigeria’s Total Public Debt Stood At N24.97trn in Q1 2019 - NBS
  12. Average Prices of PMS, AGO, HHK and Cooking Gas – June 2019
  13. Headline Inflation Increases By 11.22% YoY in June 2019; 0.18% Lower Than May 2019 Rate
  14. 1.01m Passport Applications Received in 2018 - NBS
  15. FAAC Disburses N616.20bn in May 2019 - NBS
  16. Total Value of Capital Importation into Nigeria Stood at $8,485.49m in Q1 2019

 

Q2 2019

  1. All Commodity Group Export Price Index Rose By 1.85% In Q1 2019
  2. Average Price of 1kg of Rice Increased By 1.07% MoM to N361.39 in May 2019 - NBS
  3. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2019
  4. Headline Inflation Increases By 11.40% YoY in May 2019; 0.03% Higher Than April 2019 Rate
  5. 8.57m Workers Are Registered Under The Pension Scheme As At Q1 2019 - NBS
  6. Nigeria’s Merchandise Trade Grew Marginally By 2.50% QoQ in Q1 2019
  7. Banking Sector Records 557.08m Volume of Transactions in Q1 2019 - NBS
  8. 723,995 Passengers Travelled Via Rail in Q1 2019 - NBS
  9. NBS Publishes Additional 11 States Nominal GDP From 2013 to 2017
  10. N289.04bn Generated as VAT in Q1 2019 - NBS
  11. 4.87bn Litres of PMS Imported in Q1 2019 - NBS
  12. FAAC Disburses N617.57bn in April 2019 - NBS
  13. Average Price of 1kg of Tomato Increased by 7.05% MoM to N257.25 in April 2019 - NBS
  14. Average Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019 - NBS
  15. Nigeria’s GDP Grew By 2.01% YoY In Real Terms In Q1 2019
  16. Headline Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019 Rate
  17. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2019
  18. N3.42m Students Enrolled in Public Senior Secondary School in 2017 - NBS
  19. N324.59bn Generated as IGR in Q4 2018 - NBS
  20. Akwa Ibom State Reports Highest Unemployment Rate of 37.7% in Q3 2018 - NBS
  21. 316,365kg of Drug Seized in 2018 - NBS
  22. Average Price of 1kg of Tomato Decreased By 6.32% MoM to N240.29 in March 2019 - NBS
  23. Average Fare Paid By Commuters Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS
  24. Headline Inflation Increases By 11.25% YoY in March 2019; 0.06% Lower Than February 2019 Rate
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2019
  26. FAAC Disburses N619.86bn in March 2019
  27. Domestic Passenger Traffic Grew By 23.19% YoY in 2018 - NBS
  28. Lagos State Has The Highest Debt Profile in 2018 - NBS
  29. 1.65m Applications Received By JAMB in 2018 - NBS
  30. FAAC Disburses N660.37bn in February 2019
  31. Nigeria Produced 55.81m Tonnes of Solid Minerals in 2018 - NBS

 

Q1 2019

  1. 8.41m Workers Are Registered Under The Pension Scheme As At Q42018 - NBS
  2. Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 - NBS
  3. All Region Terms of Trade Fell -2.78% Due to a Fall in the Prices of Goods Traded in Africa - NBS
  4. Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 - NBS
  5. Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate
  6. Average Prices of PMS, AGO, HHK and Cooking Gas - February 2019
  7. Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS
  8. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS
  9. Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY
  10. GDP By Income and Expenditure Approach Q1 and Q2 2018 - Household Final Consumption Grew by 0.78%
  11. 1.67m Customers Metered As At Q4 2018 - NBS
  12. N298.01bn Generated as VAT in Q4 2018 - NBS
  13. Total Value of Credit Allocated By Banks Stood At N15.13trn As At Q4 2018 - NBS
  14. Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS
  15. FAAC Disburses N649.19bn in January 2019
  16. Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019
  17. Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate
  18. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2019
  19. Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 - NBS
  20. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year
  21. 828,502 Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS
  22. States Generate N264.38bn as IGR in Q3 2018 - NBS
  23. NBS Publishes Drug Use in Nigeria 2018 Survey Report
  24. FAAC Disburses N3.19trn To FG in 2018 - NBS
  25. FAAC Disburses N2.38trn To FG in 2017 - NBS
  26. FAAC Disburses N812.76bn in December 2018 - NBS
  27. Average Price of 1kg of Tomato Decreased By -7.76% MoM To N294.36
  28. Average Within City Bus Journey Fare Decreased By -5.64% MoM To N181.61
  29. Headline Inflation Increases By 11.44% YoY in December 2018; 0.16% Higher Than November 2018 Rate
  30. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2018 
READ MORE:
Related News
SCROLL TO TOP