Nigeria’s GDP Grew By 1.81% YoY in Real Terms in Q3 2018 From 1.50% in Q2 2018

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Monday, December 10 2018 / 09:00 AM / NBS   

 

Overview of GDP in Quarter Three 2018 

The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points. The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points. Quarter on quarter, real GDP growth was 9.05% (Figure 1) 

In the quarter under review, aggregate GDP stood at   N33,368,049.14 million in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%. This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively. For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.  

 

The Oil Sector

The nation in the third quarter of 2018 recorded an average daily oil production of 1.94million barrels per day (mbpd), lower than the daily average production of 2.02mbpd recorded in the same quarter of 2017 by -0.08mbpd but higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd. (Figure2) .


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Real growth of the oil sector was –2.91%  (year-on-year) in Q3 2018 indicating a decrease of –25.94% points relative to rate recorded in the corresponding quarter of 2017. Growth increased by 1.04% points when compared to Q2 2018 which was –3.95%.  Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64% in Q3 2018. The Oil sector contributed 9.38% to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84% and 8.55% respectively


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The Non-Oil Sector 

The non-oil sector grew by 2.32% in real terms during the reference quarter.  This is higher by 3.08% points compared to the rate recorded same quarter of 2017 and 0.28% point higher than the second quarter of 2018. This sector was driven this quarter mainly by Information and communication; other drivers were Agriculture, Manufacturing, Trade, Transportation and Storage and Professional, Scientific and Technical Services. In real terms, the Non-Oil sector contributed 90.62% to the nation’s GDP, higher from share recorded in the third quarter of 2017 recorded as 90.16% and lower than the second quarter of 2018 recorded as 91.45%. 

 

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Latest 2018 NBS Reports

 

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Q4 2018

1.       An Average of 78,917MWh of Power Generated in Q3 2018 - NBS

2.      Banking Sector Records 5.29bn Volume of Transactions in Q3 2018 - NBS

3.      4.37bn Litres of PMS Imported into Nigeria in Q3 2018 - NBS

4.      States Generate N579.49bn as IGR in H1 2018 - NBS

5.      FAAC Disburses N741.84bn in September 2018 - NBS

6.      Average Intercity Bus Fare Increased By 0.24% MoM - NBS

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – October 2018

8.     Headline Inflation Moderates To 11.26% (YoY) in October 2018; 2bps Lower Than September 2018

9.      NBS Publishes 11 States Nominal GDP from 2013 to 2017

10.  Average Price of 1kg of Yam Tuber Decreased by 4.3% MoM to N280.28 in September 2018 - NBS

11.   Average Airfare Paid by Passengers Increased by 0.15% MoM to N32,378.92 - NBS

12.  Headline Inflation Increased by 11.28% in September 2018; 0.05 Higher Than August 2018 Rate

13.  Average Prices of PMS, AGO, HHK and Cooking Gas – September 2018

14.  NBS Publishes 2016 Human Development Indices for UNDP Nigeria Human Development Report

 

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Q3 2018

1.       730,289 Passengers Travelled via Rail in Q2 2018 - NBS

2.      All Region Terms of Trade Index Rose by 9% Driven by Mineral Products - NBS

3.      FAAC Disburses N714.81bn in August 2018 - NBS

4.      Lagos State Accounts for 34.17% of Foreign Debt As At June 2018 - NBS

5.      Average Price of 1kg of Rice Decreased by 2.43% MoM to N375.02 in August 2018 - NBS

6.      Average Fare Paid by Commuters For Bus Journey Within City Increased by 9.80% MoM in Aug 2018 - NBS

7.      Headline Inflation Increased by 11.23% in August 2018; 0.09 Higher Than July 2018 Rate

8.     Average Prices of PMS, AGO, HHK and Cooking Gas – August 2018

9.      Active Voice Subscribers Increased by 0.09% in Q2 2018 - NBS

10.  7.50m Passengers Passed Through Nigerian Airports in H1 2018

11.   Merchandise Trade Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure

12.  Average of 81,561MWh of Energy Generated Daily in Q2 2018 - NBS

13.  8.13m Workers Are Registered Under The Pension Scheme As At Q2 2018 - NBS

14.  2608 Road Traffic Crashes Occurred in Q2 2018 - NBS

15.   Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018

16.  165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018

17.   Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS

18.  Banking Sector Records 509.67m Volume of Transactions in Q2 2018 - NBS

19.  Average Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to N1,733.33 in July

20. Average Price of 1kg of Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS

21.  Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate

22. Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018

23. FAAC Disburses N821.86bn in July 2018 – NBS

24. FAAC Disburses N668.90bn in June 2018 – NBS

25.  4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS

26. 6,999 Products Were Presented for Registration Approval in 2017 - NBS

27.  Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS

28. 147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS

29. Average of 92,747MWh of Energy Generated Daily in Q1 2018

30. GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017

 

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Q2 2018

31.  Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS

32. Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS

33.  Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018

34.  Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate

35.  134,663 Crime Cases Were Reported in 2017 - NBS

36.  FAAC Disburses N701.02bn in May 2018 - NBS

37.  Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS

38.  Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS

39.  Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate

40. Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018

41.   Merchandise Trade in Both Directions Grew Significantly in Q1 2018

42.  7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

43.  5.67bn Litres of PMS Imported in Q1 2018 - NBS

44. FAAC Disburses N638.09bn in April 2018 - NBS

45.  2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

46. Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

47.  N269.79bn Generated as VAT in Q1 2018 - NBS

48. Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

49. Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

50.  Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

51.   Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

52.  Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

53.  Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

54.  FAAC Disburses N647.39bn in March 2018 –NBS

55.  720,958 Passport Applications Received in 2017 - NBS

56.  309,713kg of Drug Seized in 2017 - NBS

57.  Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

58.  Average Price of Tomato Decreased by -0.58% YoY in March 2018

59.  Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

60. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

61.   Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 

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Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.      Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.   Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.    Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.   N254.10bn Generated as VAT in Q4 2017 – NBS

14.   Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.   5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.   Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.   Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20.  Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.   7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22.  Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23.  Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24.  77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.   Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.   Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30. Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

31.   FAAC Disburses N609.96bn in December 2017 – NBS

 

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