GDP by Expenditure: Household Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS

Monday, November 30, 2020 08:00 PM / by NBS/ Header Image Credit:  NBS

Summary

• In the first quarter of 2020, Nigeria's real GDP at basic prices grew by 1.87% but declined in the second quarter by -6.10% on a year on year basis. This brought the real GDP growth rate for the first half of 2020 to -2.18% year on  year. Compared to 2019, the growth rate in Q2 2020 was 8.2 percentage points lower than in Q2 2019. Furthermore, growth rate for the first half of 2020 was 4.28 percentage points lower than in 2019.
• Household Consumption Expenditure in Q1 and Q2 2020 grew by -4.03% and -0.08% respectively, in real terms, year on year, compared to -2.68% and 0.75% for the corresponding periods in 2019. Government Consumption Expenditure recorded growth rates of 6.8% and 152.1% in Q1 and Q2 2020 respectively, year on year. For the first half of 2020, real household consumption expenditure declined by -1.99% compared to -0.94% in 2019, while government consumption expenditure grew 77.25%, compared to 4.46% in 2019.
• Net Exports grew 18.15% in Q1 but declined -61.12% in Q2 2020, compared to 7.08% and 0.00x% recorded in the corresponding quarters of 2019. For the first half of 2020, net exports contracted by -19.89%, compared to growth of 3.56% for the same period in 2019.
• National Disposable Income in Q1 and Q2 2020 grew by 2.55% and 0.66% respectively, in real terms, year on year, compared to 2.64% and 1.4% for the corresponding periods in 2019.
• Compensation of Employees recorded positive real growth rate of 6.7% in Q1 but contracted -6.47% in Q2 2020, year on year. For the first half of 2020, Compensation of Employees contracted by -0.34% compared to 7.4% growth in the first half of 2019.

Summary-Analysis of Expenditure Components

The graph below depicts the proportions of real GDP expenditure components from Q1 2017 to Q2 2020, as well as real GDP growth rates over the same period. 

Household Consumption accounted for the largest share of real Gross Domestic Product at market prices, representing  54% in Q1  and 63% in Q2, 2020 compared to  58% and 59% for the same periods of 2019. Net Exports, which represented 21% of total real GDP in Q1 2020, however declined considerably in Q2 to 7%. In its place, General Government Consumption expenditure more than doubled its share in Q2 to 15%, compared to 6% in Q1 2020. Gross Fixed Capital Formation accounted for 17% of real GDP in Q1, which declined slightly to 14% in Q2 2020. The share of Non-Profit Institutions Serving Households (NPISH) remained at less than 1% over the period, recording 0.6% in Q1 and 0.7% in Q2 2020.

Click Here to Download Q2 2020 GDP By Expenditure Approach PDF Report

Latest 2020 NBS Reports

Q4 2020

1. N416.01bn Generated as Company Income Tax in Q3 2020 - NBS
2. Average Price of 1kg of Rice Increased By 2.75% MoM in October 2020 - NBS
3. Nigeria Slips into Recession; Real GDP Contracts by -3.62% in Q3 2020
4. Average Prices of PMS, AGO, HHK and Cooking Gas - October 2020
5. Headline Inflation Increases By 14.23% YoY In October 2020, 0.52% Higher Than September 2020 Rate
6. N424.71bn Generated as VAT in Q3 2020 - NBS
7. FAAC Disburses N682.06bn in September 2020 - NBS
8. Average Prices of 1kg of Rice Increased By 39.07% YoY in September 2020 - NBS
9. Average Fare Paid for Intercity Bus Increased By 24.30% YoY in September 2020 - NBS
10. Average Prices of PMS, AGO, HHK and Cooking Gas - September 2020
11. Headline Inflation Increases By 13.71% YoY In September 2020, 0.49% Higher Than August 2020 Rate
12. States Generated N612.87bn as IGR in H1 2020 - NBS
13. All Region TOT Decreased by -0.79% in Q2 2020 Due to Weaker Trade With Europe, Africa and Asia

Q3 2020

1. 2,080 Road Traffic Crashes Occurred in Q2 2020 - NBS
2. 33,448,633MWh of Energy Generated in 2019 - NBS
3. FAAC Disburses N676.41bn in August 2020 - NBS
4. FAAC Disburses N696.18bn in July 2020 - NBS
5. Average Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS
6. Average Fare For Bus Journey Within City Increased By 12.70% MoM in August 2020 - NBS
7. Average Prices of PMS, AGO, HHK and Cooking Gas - August 2020
8. Headline Inflation Increases By 13.22% YoY In August 2020; 0.40% Higher Than July 2020 Rate
9. Nigeria's Total Public Debt Stood At N31.01trn in Q2 2020 - NBS
10. Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 - NBS
11. FAAC Disburses N547.31bn in June 2020 - NBS
12. Nigeria's Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports
13. FAAC Disburses N606.19bn in May 2020 - NBS
14. Total Value of Capital Imported into Nigeria Stood At $1,294.94m in Q2 2020 - NBS
15. 612,547kg of Drugs Seized in 2019 - NBS
16. Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS
17. Average Price of 1kg of Tomato Increased By 3.24% MoM in July 2020 - NBS
18. Average Fare Paid By Commuters for Motorcycle Journey Increased By 9.06% MoM in July 2020
19. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2020
20. Headline Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
21. Nigeria's Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS
22. N651.77bn Generated as VAT in H1 2020 - NBS
23. Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
24. Average Fare for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020 - NBS
25. Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020
26. Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate
27. Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS
28. NBS Publishes National Living Standard Survey 2018-19 Report
29. Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

Q2 2020

1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
9. FAAC Disburses N780.93bn in April 2020 - NBS
10. FAAC Disburses N581.57bn in March 2020 - NBS
11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
16. N1.33trn Generated As IGR in 2019 - NBS
17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
19. N338.94bn Generated As VAT in Q1 2020 - NBS
20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
28. FAAC Disburses N647.35bn in February 2020 - NBS

Q1 2020

1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
8. FAAC Disburses N716.30bn in January 2020 - NBS
9. FAAC Disburses N2.93trn to FG in 2019 - NBS
10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
11. FAAC Disburses N650.83bn in December 2019 - NBS
12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
17. N293.80bn Generated as IGR in Q3 2019 - NBS
18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
21. All Commodity Group Index Grew By 2.48% in Q3 2019
22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate