Nigeria Economy | |
Nigeria Economy | |
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Monday, February 24,
2020 08:30 AM / NBS/ Header Image Credit: NBS
Overview of GDP in Quarter Four 2019
Nigeria's
Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the
fourth quarter of 2019. Compared to the fourth quarter of 2018 which recorded a
growth rate of 2.38%, this represents an increase of 0.17% points and an
increase of 0.27% points when compared with the third quarter of 2019. The
strong fourth quarter 2019 growth rate also represented the highest quarterly
growth performance since the 2016 recession (see Figure 1). Overall, this
resulted in annual 2019 real growth rate of 2.27%, compared to 1.91% in 2018.
Quarter on quarter, real GDP growth was 5.59%.
In Q4 2019, aggregate GDP stood at N39,577,340.04
million in nominal terms. This was higher than the fourth quarter of 2018 which
recorded an aggregate of N35,230,607.63 million, representing year on year
nominal growth rate of 12.34%. This rate was -0.31% points lower relative to
the rate recorded in the fourth quarter of 2018 and -0.96% points lower than
the rate recorded in the preceding quarter. For better clarity, the Nigerian
economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector
During the fourth quarter of 2019, average daily oil production of 2.00 million barrels per day (mbpd) was recorded, indicating a rise of 0.09mbpd over the daily average production of 1.91 mbpd recorded in the same quarter of 2018. However, it was -0.04mbpd lower than the production volume of 2.04mbpd recorded in the third quarter of 2019. Nevertheless, it is notable that oil production remained consistently at or above 2.0mbpd all through 2019 (Figure2).
Real
growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating
an increase of 7.98% points relative to the rate recorded in the corresponding
quarter of 2018. Growth decreased by -0.13% points when compared to Q3 2019
which was 6.49%. Quarter-on-Quarter, the oil sector recorded a growth
rate of -20.87% in Q4 2019. On an annual basis, oil recorded 4.59% growth in
2019, higher compared to 0.97% recorded in 2018. The Oil sector contributed
7.32% to total real GDP in Q4 2019, up from figures recorded in the
corresponding period of 2018 but down compared to the preceding quarter, where
it contributed 7.06% and 9.77% respectively. Oil contributed 8.78% to
real GDP in 2019.
The Non-Oil Sector
The non-oil sector grew by 2.26% in real terms during
the reference quarter (Q4 2019). This was lower by -0.44% points compared
to the rate recorded in the same quarter of 2018 but 0.42% point higher than
the third quarter of 2019. This sector was driven, during the fourth quarter of
2019, mainly by Information and Communication (Telecommunications), Agriculture
(Crop Production), Financial and Insurance Services (Financial Institutions),
and Manufacturing. In real terms, the Non-Oil sector contributed 92.68% to the
nation's GDP in the fourth quarter of 2019, lower from shares recorded in the
fourth quarter of 2018 (92.94%) but higher than the third quarter of 2019
(90.23%). The annual contribution of the non-Oil sector stood at 91.22% in
2019.
Click Here to Download Q4 2019 GDP PDF Report
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