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GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of Positive Growth

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Monday, November 20, 2017/ 8:30AM /NBS 

Overview of GDP in Quarter Three 2017 

The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017. This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%)  and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55% (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP) . Quarter on quarter, real GDP growth was 8.97%


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Year to date Real GDP growth stands at 0.43% 

 In the quarter under review, aggregate GDP stood at N29,451,303.99million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98%. This growth is higher relative to growth recorded in Q3 2016 of 9.15%.  The broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy
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(Figure 1): Real GDP YoY Growth

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 The Oil Sector 

In the period under review, Oil production is estimated to have averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd). Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd. (Figure2) Note that oil output for May and June 2017 has been revised; this affected average output for the second quarter 2017 from 1.84mbpd to 1.87mbpd.
 

Figure 2: Crude Oil Output (MBPD) 

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Real growth of the oil sector was 25.89%  (year-on-year) in Q3 2017. This represents an increase of 48.92% relative to rate recorded in the corresponding quarter of 2016. Growth also increased by 22.36% when compared to Q2 2017 which was revised from 1.64% to 3.53%.  Quarter-on-Quarter, the oil sector grew by 21.10% in Q3 2017

As a share of the economy, the Oil sector contributed 10.04% of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09% and 9.04%  to GDP respectively. 

Please note that the data for crude oil production for the second quarter of 2017 has been revised. This revision has also affected GDP figures for the same period.
 

The Non-Oil Sector 

The non-oil sector grew by –0.76% in real terms during the reference quarter.  This is lower by -0.79% point compared to the rate recorded same quarter, 2016 and -1.20% point lower than in the second quarter of 2017.(See Figure 3). 

This sector was driven this quarter mainly by Agriculture (Crop), Other services  and Electricity, gas, steam and air conditioning supply. In real terms, the Non-Oil sector contributed 89.96% to the nation’s GDP, lower than the  share recorded in the third quarter of 2016 (91.91%) and in the second quarter of 2017 (90.96%).
 

Figure 3: Crude Oil and Non-Oil Growth

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Click Here to Download Q3 2017 GDP PDF Report 

Latest 2017 NBS Reports 

Q4 2017

1.  Average Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017

2.  Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017

3. Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower Than 15.98% September Rate

4.  Average Price of 1kg of Yam Tuber Increased by 10.22% YoY in October 2017

5.  596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS

6.  7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS

7.   Daily Energy Generation Attained a Peak of 3,880MW in Q3 2017 - NBS

8.  FAAC Disburses N637.70bn in September 2017 - NBS

9.  GDP by Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real Term in Q4’16

10.  N246.30bn Generated as VAT in Q2 2017 - NBS

11.   Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS

12.  Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017

13.  Average Air Fare Increased by 31.31% YoY in September 2017

14.  Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017

15.   CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate

16.  Multiple Indicator Cluster Survey 2016-17

17.   Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS

18.  835.58m Crude Oil Processed from 1997 to 2014

19.  N701.85bn Gross Revenue Generated in July 2017

 

Q3 2017

20. FAAC Disburses N467.85bn in August 2017 - NBS

21.  Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017

22. Lagos State Has the Highest Foreign and Domestic Debts as at June 2017

23. CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate

24. Average Air Fare Increased by 32.75% YoY in August 2017

25.  Average Prices of PMS, AGO, HHK and Cooking Gas - August 2017

26. Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017

27.  Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017

28. 2,287 Drug Abuse Convictions Secured in 2016 - NBS

29. Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS

30. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017

31.  Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS

32. CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate

33. Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS

34. FAAC Disburses N652.23bn in July 2017 - NBS

35.  Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS

36. Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS

37.  870,397 Candidates Sat for NECO in June and July 2016

38. 3,457 Nigerians Repatriated from Abroad in 2016 – NBS

39. Corruption in Nigeria - Bribery as Experienced by the Population

40. Nigeria Produced 656.8m Barrels of Crude Oil in 2016

41.  2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS

42. Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS

43. 7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

44. FAAC Disburses N462.36bn in June 2017 - NBS

45.  NBS Annual Abstract of Statistics 2016

46. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017

47.  Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17

48. Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS

49. CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate

 

Q2 2017

50. FAAC Disburses N418.82bn in May 2017 - NBS

51.   GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS

52.  Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017

53. Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17

54.   Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS

55.   CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate

56.  N204.77bn Generated as VAT in Q1 2017 - NBS

57.  125,790 Cases of Reported Offences Recorded in 2016 - NBS

58. Labour Productivity Rose to N684.43 in 2016 - NBS

59.  Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports

60. Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS

61.  Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS

62. FAAC Disburses N496.39bn in April 2017 - NBS

63. Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS

64. Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS

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

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

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

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

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

70. Lagos, Rivers Top IGR for Full Year 2016

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

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

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

74.  2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

75.  FAAC Disburses N466.93bn in March 2017

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

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

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

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

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

81.  7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

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

 

Q1 2017

83. 11,363 Road Traffic Crashes Recorded in 2016 - NBS

84. FAAC Disburses N514.15bn in February 2017

85. FAAC Disburses N430.16bn in January 2017

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

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

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

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

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

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

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

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

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

95.  JAMB Received 11.7m Applications Between 2010 and 2016

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

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

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

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

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

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

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

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

104.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

105.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

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

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

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

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

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

111.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

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

113.    72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

114.   Lagos, Ogun Top IGR for H1 2016

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