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

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Monday, August 27, 2018 / 08:30 AM / NBS   

Overview of GDP in Quarter Two 2018

In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58trillion. Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%,  but –0.45% points slower than 1.95% recorded in the first quarter of 2018. On a quarter on quarter basis, real GDP growth was 2.94%. 

In the quarter under review, aggregate GDP stood at   N30.69trillion in nominal terms. This represents a 7.85% increase in nominal GDP when compared to the preceding quarter (N28.46trillion) and 13.57% increase when compared to the corresponding quarter of 2017 (N27.03trillion). For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors .

Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016. However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.

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The Oil Sector

 

In the second quarter of 2018, average daily oil production was recorded at 1.84million barrels per day (mbpd), lower than the daily average production of 1.87mbpd recorded in the same quarter of 2017 by -0.03mbpd and also lower than the production volume of 2.0mbpd seen in the first quarter of 2018 . (Figure2) .

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Real growth of the oil sector was –3.95%  (year-on-year) in Q2 2018 indicating a decrease by –7.48% points relative to the rate recorded in the corresponding quarter of 2017. Growth also decreased by –18.72% points when compared to Q1 2018.  Quarter-on-Quarter, the oil sector recorded a growth rate of –8.34% in Q2 2018.

The Oil sector contributed 8.55% to total real GDP in Q2 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 9.04% and 9.61% respectively. 

The developments in the oil sector occurred at the same time as crude oil price (Brent) has maintained steady rise from $65.32 per barrel in January, reaching $76.98 in May, before falling slightly to $74.4 per barrel in June.

The Non-Oil Sector

The non-oil sector grew by 2.05% in real terms during the reference quarter.  This represents  1.60% points increase compared to the rate recorded for the same quarter in 2017, and 1.29% points over the first quarter of 2018.

The non-oil sector was  mainly driven by Information and communication services. Other notable drivers included Construction, Agriculture, Transportation and Storage and Other Services. In real terms, the Non-Oil sector contributed 91.45% to the nation’s GDP, compared to 90.96% recorded in Q2 2017 and 90.39% recorded in the preceding quarter.

 

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Latest 2018 NBS Reports

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Q3 2018

1.       165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018

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

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

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

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

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

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

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

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

10.  4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS

11.   6,999 Products Were Presented for Registration Approval in 2017 - NBS

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

13.  147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS

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

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

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Q2 2018

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

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

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

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

20. 134,663 Crime Cases Were Reported in 2017 - NBS

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

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

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

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

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

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

27.  7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

28. 5.67bn Litres of PMS Imported in Q1 2018 - NBS

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

30. 2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

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

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

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

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

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

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

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

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

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

40. 720,958 Passport Applications Received in 2017 - NBS

41.  309,713kg of Drug Seized in 2017 - NBS

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

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

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

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

46. 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

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