Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020

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Monday, May 25, 2020  09:00 AM / NBS/ Header Image Credit:  NBS


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Overview of GDP in Quarter One 2020

In the first quarter of 2020, Nigeria's Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade. The performance recorded in Q1 2020 represents a drop of -0.23% points compared to Q1 2019 and -0.68% points compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy. Quarter on quarter, real GDP growth was -14.27% compared to 5.59% recorded in the preceding quarter.   

 

In the quarter under review, aggregate GDP stood at N35,647,406.08 million in nominal terms. This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01% year on year. Relative to the first quarter of 2019, the nominal growth rate was higher by 0.11% points but lower than the preceding quarter by -0.32% points. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

(Figure 1):

 


The Oil Sector 

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The Oil Sector

 During the first quarter of 2020, an average daily oil production of 2.07 million barrels per day (mbpd) was recorded. The production level was higher than the 1.99mbpd recorded in the same quarter of 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd. (Figure 2) . 


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The oil sector recorded a real growth rate of 5.06%  (year-on-year) in Q1 2020 indicating an increase of 6.51% points relative to the rate recorded in the corresponding quarter of 2019. However, growth decreased by -1.30% points when compared to Q4 2019 which was 6.36%.  Quarter-on-quarter, the oil sector recorded a growth rate of 11.30% in Q1 2020. The Oil sector contributed 9.50% to aggregate real GDP in Q1 2020, up from figures recorded in the corresponding period of 2019 and the preceding quarter, as the share of the non-oil economy declined.

 

The Non-Oil Sector

 The non-oil sector grew by 1.55% in real terms during the reference quarter (Q1 2020).  This was slower by -0.93% points compared to the rate recorded during the same quarter of 2019, and -0.72% points slower than the fourth quarter of 2019. The non-oil sector was driven mainly by Information and Communication (Telecommunications), Financial and Insurance (Financial Institutions), Agriculture (Crop Production), Mining and Quarrying (Crude Petroleum & Natural Gas), and Construction. In real terms, the Non-Oil sector contributed 90.50% to the nation's GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78%  and the fourth quarter of 2019 recorded as 92.68%. Activities that witnessed weaker performance relative to Q1 2019 include Quarrying, Road transport, Accommodation and Food services as well as real estate.

 

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Latest 2020 NBS Reports

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Q2 2020

  1. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  2. N1.33trn Generated As IGR in 2019 - NBS
  3. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  4. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  5. N338.94bn Generated As VAT in Q1 2020 - NBS
  6. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  7. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  8. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  9. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  10. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  11. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  12. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  13. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  14. FAAC Disburses N647.35bn in February 2020 - NBS

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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

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