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GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction

Proshare

Tuesday, May 23, 2017 10:00 AM / NBS

Overview of GDP in Quarter One 2017  

In the first quarter of 2017, the nation’s Gross Domestic Product (GDP) contracted by –0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016. This is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%) and higher by 1.21% points from rate recorded in the preceding quarter, (revised to –1.73% from –1.30%). Quarter on quarter, real GDP growth was –12.92% 

During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%. This growth was higher relative to growth recorded in Q1 2016 (11.39%).  The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors (Figure 1):



 

 

 

 

 

 

 

 

 

 

The Oil Sector 

During the period under review, Oil production averaged at 1.83million barrels per day (mbpd), 0.07million barrels higher than the daily average production recorded in the fourth quarter of 2016. Oil production during the quarter was lower by 0.22million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 2.05mbpd. (Figure2) Note oil output for March 2017 is estimated and is therefore subject to revisions

 

 

 

 

 

 

 

 

 

 

 

  

Real growth of the oil sector slowed by –11.64%  (year-on-year) in Q1 2017. This represents a decline of (–4.81%) relative to rate recorded in the corresponding quarter of 2016. Growth declined by 6.83% and increased 6.06% when compared to Q1 2016 and Q4 2016 respectively.  Quarter-on-Quarter, the oil sector grew by 14.86% in the first quarter of 2017. 

As a share of the economy, the Oil sector contributed 8.90% of total real GDP in Q1 2017, down from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 10.02% and 6.75% respectively.  

Please note that the data for crude oil production for the four quarters of 2016 (Q1-Q4, 2016) are revised figures. This revision has also affected GDP figures for the same period. 

The Non-Oil Sector 

Growth in the Non-oil sector was largely driven by the activities in the Agriculture Sector(Crop Production), Information & Communication, Manufacturing, Transportation and Other Services.  The non-oil sector grew by 0.72% in real terms during the reference quarter.   

This was 1.05 % higher than the rate recorded in the fourth quarter of 2016, and  0.90 % higher than the corresponding quarter of 2016 (See Figure 3).  In real terms, the Non-Oil sector contributed 91.10% to the nation’s GDP, higher from share recorded in the first quarter of 2016 (89.98%) but lower than the share recorded in the fourth quarter of 2016 (93.25%).



 

 

 

 

 

 

 

 

 

 

Click Here to Download Q1 2017 GDP (PDF) Report   

 

Latest 2017 NBS Reports  

Q2 2017 

1.       Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017

2.  Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17

3.      Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017

4.      CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate

5.      Lagos, Rivers Top IGR for Full Year 2016

6.      Lagos, Rivers Top IGR for Full Year 2016

7.      Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS

8.     Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS

9.      Lagos State has the highest domestic and foreign debt profile in 2016 - NBS

10.  2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

11.   FAAC Disburses N466.93bn in March 2017

12.  Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS

13.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017

14.  Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

15.   Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017

16.  CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate

17.   7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

18.  Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017 

19.  11,363 Road Traffic Crashes Recorded in 2016 - NBS

20. FAAC Disburses N514.15bn in February 2017

21.  FAAC Disburses N430.16bn in January 2017

22. Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

23. Average Price of 1kg of Rice Increased by 68% YoY in February 2017

24. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

25.  CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

26. Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

27.  NIPOST Generates N8.84bn Revenue in 2016 - NBS

28. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

29. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

30. GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

31.  JAMB Received 11.7m Applications Between 2010 and 2016

32. Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

33. Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16

34. Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

35.  Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

36. Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

37.  CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate

38. GENCOs Issued Total Invoice of N331bn to DISCOs in 2016

39. Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015

40. 4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

41.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

42. Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS

43. Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS

44. FAAC Disburses N426.88bn in December 2016 - NBS

45.  Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

46. Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS

47.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

48. Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

49. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

50. Lagos, Ogun Top IGR for H1 2016

 

 

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