Nigeria GDP grew by 2,84% (y-o-y) in real terms, marginally higher than Q2 ‘15

Proshare

Tuesday, November 17, 2015 4:33 PM / NBS

Kindly Download the full GDP Report Q3 2015 – NBS Here

In the Third Quarter of 2015, the nation’s Gross Domestic Product (GDP) grew by 2.84% (year-on-year) in real terms. This was higher by 0.49% points from growth recorded in the preceding quarter, yet lower by 3.38% points from growth recorded in the corresponding quarter of 2014. Quarter on quarter, real GDP increased by 9.19%.

During the quarter, aggregate GDP stood at N24,313,636.94 million (in nominal terms) at basic prices. Compared to the Third Quarter 2014 value of N22,933,144.01million, nominal GDP was 6.02% higher.

Nominal GDP growth was also higher relative to growth recorded in Q1 of 2015 by 0.85% points. The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications:

The Oil Sector
During the period under review, Preliminary data on Oil production reflects output at 2.17 million barrels per day (mbpd) up from production in the Second Quarter of 2015 by 0.17mbpd. Oil production was also marginally higher to the corresponding quarter in 2014 by 0.02 mbpd when output was recorded at 2.15 mbpd. (Figure2)

 



As a result, real growth of the oil sector increased by 1.06 (year-on-year) in Q3 of 2015, higher by 4.65% points from the corresponding quarter of 2014, and higher from the Second Quarter when growth declined by 6.79%. Quarter -on-Quarter, growth also increased by 14.35%. As a share of the economy, the Oil sector represented 10.27% of total real GDP, down from the shares recorded in the corresponding period of 2014 by 0.18% points and up from the share in the Second Quarter of 2015 by 0.46% points.



The Non-Oil Sector
Growth in the Non-oil sector was largely driven by the activities of Crop Production, Financial Services, Telecommunications, and Trade amongst others. The non-oil sector grew by 3.05% in real terms in the Third Quarter of 2015. This was 4.45% points lower from the corresponding quarter in 2014 (Figure 3) and marginally lower from the Second Quarter of 2015. In real terms, the Non-Oil sector contributed 89.73% to the nation’s GDP, marginally higher from shares recorded in the Third Quarter of 2014 (89.55%), but lower from the Second Quarter of 2015 (90.20%).
 



 

Kindly Download the full GDP Report Q3 2015 – NBS Here

 

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