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Nigerian Economy Emerges from Recession; GDP Grows by 0.55% in Q2’17 from -0.91% in Q1’17

Proshare

Tuesday, September 05, 2017 8:20AM / NBS

Overview of GDP in Quarter Two 2017

In the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

This growth is 2.04% higher than the rate recorded in the corresponding quarter of 2016 ( –1.49%) and higher by 1.46% points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%). Quarter on quarter, real GDP growth was 3.23%

During the quarter, aggregate GDP stood at N26,986,005.20million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a Nominal GDP growth of 14.60%. This growth was higher relative to growth recorded in Q2 2016 (3.01%).  The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors (Figure 1):




The Oil Sector

During the period under review, Oil production is estimated to have averaged at 1.84million barrels per day (mbpd), 0.15million barrels higher than the daily average production recorded in the first quarter of 2017 (June 2017 is estimated and may be revised).

Oil production during the quarter was higher by 0.03million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.81mbpd. (Figure2) Note that oil output for March 2017 has been revised; this affected average output for the first quarter 2017 from 1.83mbpd to 1.69mbpd. 


The Non-Oil Sector 
The major driver of growth in the Non-oil sector was the Agriculture Sector( Crop Production), finance & insurance, Electricity, gas, steam and air conditioning supply and Other Services. The non-oil sector grew by 0.45% in real terms during the reference quarter.   

This was 0.83% point higher than the rate recorded second quarter, 2016 and -0.28% point lower than in the first quarter of 2017.(See Figure 3).  In real terms, the Non-Oil sector contributed 91.11% to the nation’s GDP, lower from share recorded in the second quarter of 2016 (91.21%) and in the first quarter of 2017 (91.47%). 










Download Q2 2017 GDP (PDF) Report Here


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Latest 2017 NBS Reports


Q3 2017

1.      
Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS
2.     
Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017
3.     
Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS
4.     
CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate
5.     
Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS
6.     
FAAC Disburses N652.23bn in July 2017 - NBS
7.     
Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS
8.    
Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS
9.     
870,397 Candidates Sat for NECO in June and July 2016
10. 
3,457 Nigerians Repatriated from Abroad in 2016 – NBS
11.  
Corruption in Nigeria - Bribery as Experienced by the Population
12. 
Nigeria Produced 656.8m Barrels of Crude Oil in 2016
13. 
2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS
14. 
Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS
15.  
7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS
16. 
FAAC Disburses N462.36bn in June 2017 - NBS
17.  
NBS Annual Abstract of Statistics 2016
18. 
Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017
19. 
Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17
20.
Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS
21. 
CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate

Q2 2017

22.
FAAC Disburses N418.82bn in May 2017 - NBS
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GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS
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Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017
25.  
Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17
26.  
Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
27.  
CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
28.
N204.77bn Generated as VAT in Q1 2017 - NBS
29.
125,790 Cases of Reported Offences Recorded in 2016 - NBS
30.
Labour Productivity Rose to N684.43 in 2016 - NBS
31. 
Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports
32.
Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS
33.
Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS
34.
FAAC Disburses N496.39bn in April 2017 - NBS
35. 
Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS
36.
Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
37. 
GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction
38.
Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017
39.
Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17
40.
Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017
41. 
CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
42.
Lagos, Rivers Top IGR for Full Year 2016
43.
Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
44.
Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS
45. 
Lagos State has the highest domestic and foreign debt profile in 2016 - NBS
46.
2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS
47. 
FAAC Disburses N466.93bn in March 2017
48.
Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
49.
Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
50.
Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17
51.  
Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017
52. 
CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
53. 
7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS
54. 
Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS

Q1 2017

55. 
11,363 Road Traffic Crashes Recorded in 2016 - NBS
56. 
FAAC Disburses N514.15bn in February 2017
57. 
FAAC Disburses N430.16bn in January 2017
58.
Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17
59. 
Average Price of 1kg of Rice Increased by 68% YoY in February 2017
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Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017
61. 
CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate
62.
Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS
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NIPOST Generates N8.84bn Revenue in 2016 - NBS
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Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016
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JAMB Received 11.7m Applications Between 2010 and 2016
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Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16
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Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
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Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
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Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16
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Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16
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CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
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GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
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Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
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4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
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19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
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Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
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Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
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FAAC Disburses N426.88bn in December 2016 - NBS
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Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
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Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
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