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

Proshare

Tuesday, October 24, 2017 12:00PM / NBS 

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; this is 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 chapter. 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 chapter.
 

Basic price GDP declined in real terms by 2.34% and 1.73% the third and fourth quarters of 2016 respectively, considerably lower than the growth rates of 2.84% and 2.11% that were recorded in the same quarters of 2015. Market price GDP declined at a similar rate in the third quarter at 2.38%, and a slightly slower rate1.63% in the fourth quarter as a result of faster growth in Net taxes in the fourth quarter.
  

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 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

is the consist 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

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

Imports of Goods and Services

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.

 

Household Final Consumption 
Household consumption overall fell in real terms between 2014 and 2015 by 5.71%  The general slowdown in the economy, particularly in the fourth quarter, may have contributed to households' decision to consume less and conserve more than in the previous year.  

This component accounted for 60.02% of real GDP in 2016. In nominal terms, this component nevertheless increased by 14.74%, reflecting the increase in prices over this period. 

Not-for-Profit-Institutions-Serving-Households (NPISH)
 
After recording relatively strong growth in the beginning of 2016, this expenditure component recorded negative real growth in the second half of 2016; continued its decline by 6.90% in the third quarter, and recorded a slower decline of 3.18% in the fourth.  In nominal terms, NPISH expenditure grew by 9.43% and 12.83% respectively in the third and fourth quarters.  Despite this growth in nominal terms, overall expenditure of this component declined by 2.98% in 2016. 

General Government 
General government expenditure is predominantly on collective expenditure items; this subcomponent accounted for 63.15% of government expenditure in 2016, although this proportion is lower than the 68.77% recorded in 2015.  Collective expenditure recorded steep declines in the third and fourth quarters of 2016, of 23.90% and 28.62% in real terms.  Overall, this expenditure recorded the deepest decline amongst expenditure items at 22.1% in 2016.  Individual consumption followed a different pattern; this component Household Final Consumption 

Household consumption overall fell in real terms between 2014 and 2015 by 5.71%  The general slowdown in the economy, particularly in the fourth quarter, may have contributed to households' decision to consume less and conserve more than in the previous year. 

This component accounted for 60.02% of real GDP in 2016. In nominal terms, this component nevertheless increased by 14.74%, reflecting the increase in prices over this period. 

Not-for-Profit-Institutions-Serving-Households (NPISH)
 
After recording relatively strong growth in the beginning of 2016, this expenditure component recorded negative real growth in the second half of 2016; continued its decline by 6.90% in the third quarter, and recorded a slower decline of 3.18% in the fourth.  In nominal terms, NPISH expenditure grew by 9.43% and 12.83% respectively in the third and fourth quarters.  Despite this growth in nominal terms, overall expenditure of this component declined by 2.98% in 2016. 

General Government 
General government expenditure is predominantly on collective expenditure items; this subcomponent accounted for 63.15% of government expenditure in 2016, although this proportion is lower than the 68.77% recorded in 2015.  Collective expenditure recorded steep declines in the third and fourth quarters of 2016, of 23.90% and 28.62% in real terms.  Overall, this expenditure recorded the deepest decline amongst expenditure items at 22.1% in 2016.  Individual consumption followed a different pattern; this component  

Growth in Consumption Components in 2016

 

Real

 

 

Nominal

 

 

Q3

 Q4

 

Q3

 Q4

Y on Y

 

 

 

 

 

Households

-2.39

-14.59

 

14.74

12.54

NPISH

-6.90

-3.18

 

9.43

12.83

Government

-19.56

-17.83

 

-5.45

-4.25

            individual

-10.68

8.22

 

-9.77

-2.02

            collective

-23.90

-28.62

 

-3.94

-4.96

Q on Q

 

 

 

 

 

Households

14.58

-7.19

 

21.39

4.45

NPISH

38.38

24.08

 

44.34

29.42

Government

-3.49

6.54

 

0.66

11.12

            individual

11.38

12.76

 

1.22

11.21

            collective

-10.35

2.97

 

0.48

11.09

 
Click Here to Download GDP by Income and Expenditure Approach Q4 2016 (PDF) Report 

Latest 2017 NBS Reports
 

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Q4 2017

1.       Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS
2.      Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017
3.      Average Air Fare Increased by 31.31% YoY in September 2017
4.      Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017
5.      CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate
6.      Multiple Indicator Cluster Survey 2016-17
7.      Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS
8.     835.58m Crude Oil Processed from 1997 to 2014
9.      N701.85bn Gross Revenue Generated in July 2017

Q3 2017
10.  FAAC Disburses N467.85bn in August 2017 - NBS
11.   Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017
12.  Lagos State Has the Highest Foreign and Domestic Debts as at June 2017
13.  CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate
14.  Average Air Fare Increased by 32.75% YoY in August 2017
15.   Average Prices of PMS, AGO, HHK and Cooking Gas - August 2017
16.  Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017
17.   Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017
18.  2,287 Drug Abuse Convictions Secured in 2016 - NBS
19.  Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS
20. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017
21.  Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS
22. CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate
23. Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS
24. FAAC Disburses N652.23bn in July 2017 - NBS
25.  Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS
26. Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS
27.  870,397 Candidates Sat for NECO in June and July 2016
28. 3,457 Nigerians Repatriated from Abroad in 2016 – NBS
29. Corruption in Nigeria - Bribery as Experienced by the Population
30. Nigeria Produced 656.8m Barrels of Crude Oil in 2016
31.  2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS
32. Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS
33. 7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS
34. FAAC Disburses N462.36bn in June 2017 - NBS
35.  NBS Annual Abstract of Statistics 2016
36. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017
37.  Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17
38. Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS
39. CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate 

Q2 2017
40. FAAC Disburses N418.82bn in May 2017 - NBS
41.  GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS
42.  Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017
43.   Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17
44.   Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
45.   CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
46. N204.77bn Generated as VAT in Q1 2017 - NBS
47.  125,790 Cases of Reported Offences Recorded in 2016 - NBS
48. Labour Productivity Rose to N684.43 in 2016 - NBS
49. Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports
50. Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS
51.   Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS
52.  FAAC Disburses N496.39bn in April 2017 - NBS
53.  Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS
54.  Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
55.  GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction
56.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017
57.  Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17
58. Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017
59.  CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
60. Lagos, Rivers Top IGR for Full Year 2016
61.  Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
62. Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS
63. Lagos State has the highest domestic and foreign debt profile in 2016 - NBS
64. 2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS
65.  FAAC Disburses N466.93bn in March 2017
66. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
67.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
68. Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17
69. Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017
70. CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
71.   7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS
72.  Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017
73.  11,363 Road Traffic Crashes Recorded in 2016 - NBS
74.  FAAC Disburses N514.15bn in February 2017
75.  FAAC Disburses N430.16bn in January 2017
76.  Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17
77.  Average Price of 1kg of Rice Increased by 68% YoY in February 2017
78. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017
79.  CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate
80.Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS
81.  NIPOST Generates N8.84bn Revenue in 2016 - NBS
82. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016
83. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015
84. GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?
85. JAMB Received 11.7m Applications Between 2010 and 2016
86. Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16
87. Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
88.Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
89. Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16
90. Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16
91.  CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
92. GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
93. Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
94. 4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
95.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
96. Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
97.  Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
98. FAAC Disburses N426.88bn in December 2016 - NBS
99. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
100.       Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
101.        10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS
102.         Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
103.         72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
104.         Lagos, Ogun Top IGR for H1 2016

 

 

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