GDP by Expenditure: Real GDP Improved to 5.01% in Q2 2021 - NBS

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Monday, October 18, 2021 05:00 PM / by NBS/ Header Image Credit:  NBS


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The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. GDP at market prices includes net taxes on products; taxes are subtracted to obtain basic price GDP.

 

The expenditure approach measures the final uses of the produced output as the sum of Final consumption, Gross Capital Formation and Exports less Imports, which are considered in turn in this report. Consumption of fixed capital-a measure of depreciation of assets-comprises the difference between Gross Domestic Product (GDP) and Net Domestic Product (NDP) and is also considered in this report.

 

In Q1 2021, the Gross Domestic Product inclined in real terms by 0.51% year-on-year but improved to 5.01% in Q2 2021. This shows that the economy is growing stronger with the positive trend being sustained from the previous quarter. However, on an annual basis in 2020, the Gross Domestic Product grew in real terms by -1.92% year-on-year. This was significantly lower compared to 2.27% recorded in 2019, and 1.91% recorded in 2018.

 

Household Final Consumption Expenditure:

This consists of expenditure, including imputed expenditure, incurred by resident households on individual consumption goods and services. This is calculated as a residual.

 

General Government Final Consumption Expenditure:

This consists of expenditure, including imputed expenditure, incurred by government at all levels on both individual and collective consumption of goods and services. Individual consumption items are those that are provided to individual households, such as education and health services. Collective consumption items relate to goods and services utilised by society as a whole, such as security and infrastructure.

 

Not for Profit Institutions Serving Households Final Consumption Expenditure:

This consists of expenditure, including imputed expenditure, incurred by Not-for-Profit-Institutions-Serving-Households, which consist of organisations such as charities and non-government organisations.

 

Gross Fixed Capital Formation:

This is measured as the total value of producer's acquisitions, less disposals, of fixed assets during the accounting period, plus certain additions to the value of non-produced assets (such as improvements to natural assets) realised by the productive activity of institutional units.

 

Change in Inventories:

This consists of changes in; stocks of outputs that are still held by units that produced them prior to their being further processed, sold, delivered to other units or used in other ways, measure by the value of the entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in inventories.

 

Exports of Goods and Services:

This consists of sales of goods and services to residents abroad, from residents within Nigeria

 

Imports of Goods and Services:

This consists of sales of goods and services from residents abroad, to residents within Nigeria

 

Consumption of Fixed Capital:

This represents the reduction in value of the fixed assets used in production during the period, that results from physical deterioration, normal obsolescence or normal accidental damage.

 

Summary-Analysis of Expenditure Components

 The graph below depicts the proportions of real GDP expenditure components from Q1 2017 to Q2 2021, as well as real GDP growth rates over the same period at basic prices. 


Household Consumption accounted for the largest share of real Gross Domestic Product at market prices, representing 53.68% and 51.82% in Q1 and Q2 2020 respectively, compared to 76.83% and 72.88% in the corresponding quarters of 2021. Net Exports, which represented -2.23% of total real GDP at market prices in Q1 2021, however inclined considerably in Q2 to 4.32%.

 

The share of General Government Consumption expenditure represented 5.92% in Q1, but rose to 6.33% in Q2 2021. Gross Fixed Capital Formation accounted for 17.84% of real GDP in Q1, which decreased slightly to 14.85% in Q2 2021. The share of Non-Profit Institutions Serving Households (NPISH) moved from more than 1% in Q4 2020 to 0.78% in Q1 and 0.82% in Q2 2021. NPISH had a share above 1% in Q4 2020 arising from interventions on COVID-19 pandemic.


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Latest 2021 NBS Reports

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Q3 2021

1.      1.38m Passengers Arrived Across All Nigerian Airports in Q2 2021 - NBS

2.     Domestic Production of Energy in 2015 Stood at 8986 Peta Joules - NBS

3.     All Region Group Export Index Increased by 0.72% in Q2 2021 - NBS

4.     Average Price of 1 Piece of Egg Increased by 24.37% MoM in August 2021 - NBS

5.     Average Fare Paid for Bus Journey Increased by 4.98% MoM in August 2021 - NBS

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - August 2021

7.     Headline Inflation Increases by 17.01% YoY in August 2021, 0.37% Lower Than July 2021 Rate - NBS

8.     635 Movies Produced in Q2 2021 - NBS

9.     563,385 Passengers Travelled Via Rail in Q2 2021 - NBS

10.  Merchandise Trade Grew Stronger in Q2 2021 Due to Sharp Increase in Export

11.   Average Prices of 1kg of Tomato Increased YoY by 36.45% to N414.83

12.  Average Fare Paid by Commuters for Intercity Journey Increased by 0.81% MoM in July 2021 - NBS

13.  Nigeria's Real GDP Grew by 5.01% YoY in Q2 2021 from 0.51% in Q1 2021

14.  Average Prices of PMS, AGO, HHK and Cooking Gas - July 2021

15.  Headline Inflation Increases by 17.38% YoY in July 2021, 0.37% Lower Than June 2021 Rate - NBS

16.  N472.07bn Generated as Company Income Tax in Q2 2021, Increases by 17.42% YoY - NBS

17.  N512.25bn Generated as VAT in Q2 2021, Increases by 3.20% QoQ - NBS

18.  Total Value of Capital Imported into Nigeria in Q2 2021 Declined by 54% QoQ - NBS

19.  Average Fare Paid for Bus Journey Increased by 2.80% MoM in June 2021 - NBS

20. Average Price of 1kg of Tomato Increased by 13.92% YoY in June 2021 - NBS

21.  Average Prices of PMS, AGO, HHK and Cooking Gas - June 2021

22. Headline Inflation Increases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate - NBS

 


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Q2 2021

1.      All Commodity Group Import Index Increased by 0.82% in Q1 2021 - NBS

2.     424,460 Passengers Travelled Via Rail in Q1 2021 - NBS

3.     37.67% of Nigeria's Total Public Debt Was External as of Q1 2021 - NBS

4.     Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021

5.     Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - May 2021

7.     Headline Inflation Increases by 17.93% YoY In May 2021, 0.19% Lower Than April 2021 Rate - NBS

8.     FAAC Disburses N640.31bn in February 2021 - NBS

9.     Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 - NBS

10.  Nigeria's Merchandise Trade Deficit Deepens in Q1 2021 Due to Rising Imports

11.   Average Prices of 1kg of Tomato Increased by 0.09% YoY in April 2021 - NBS

12.  Average Fare Paid by Commuters for Intercity Bus Journey Increased by 1.48% MoM in April 2021 - NBS

13.  Nigeria's Real GDP Grew by 0.51% YoY in Q1 2021 - NBS

14.  Average Prices of PMS, AGO, HHK and Cooking Gas - April 2021

15.  Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS

16.  416 Movies Produced in Q1 2021 - NBS

17.  N392.77bn Generated as CIT in Q1 2021 - NBS

18.  N496.39bn Generated as VAT in Q1 2021 - NBS

19.  Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS

20. Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS

21.  Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 - NBS

22. N1.31trn Generated as IGR in 2020 - NBS

23. Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

24. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2021

25. Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 - NBS

26. All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

27. 38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS


 

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Q1 2021

28. Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

29. Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

30. FAAC Disburses N619.34bn in January 2021 - NBS

31.  Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

32. Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

33. Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

34. Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

35. Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

36. Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

37. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

38. Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

39. Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

40. FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

41.  FAAC Disburses N601.11bn in December 2020 - NBS

42. FAAC Disburses N604.00bn in November 2020 - NBS

43. Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

44. N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

45. N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

46. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

47. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

48. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

49. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

50. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

51.  Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS

 

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