Nigeria’s GDP Grew By 2.01% YoY In Real Terms In Q1 2019

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Monday, May 20, 2019  08:30AM / NBS

 

Overview of GDP in Quarter One 2019

Nigeria’s Gross Domestic Product (GDP) grew by 2.01%(year-on-year), in real terms, in the first quarter of 2019. Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the Q1 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by  –0.38% points (See figure 1).


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It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first quarter performance observed since 2015. Aggregate GDP stood at   N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded  N28,438,604.23 million, representing a year on year nominal growth rate of 11.80%. The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by –9.75%. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54% points. For further analysis, the Nigerian economy can be classified broadly into the oil and non-oil sectors.

 

The Oil Sector

In the first quarter of 2019, average daily oil production stood at 1.96million barrels per day (mbpd), lower than the average daily production of 1.98mbpd recorded in the same quarter of 2018 by -0.02mbpd but higher than the fourth quarter 2018 production volume by 0.05mbpd. (Figure2) .  The level of oil output during the quarter was the highest recorded  over the past one year and the second highest since mid 2017.

 

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Real GDP growth in the oil sector was –2.40%  (year-on-year) in Q1 2019 indicating a decrease by –16.43% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by –0.79% points when compared to Q4 2018 which was –1.62%.  Quarter-on-Quarter, the oil sector recorded a growth rate of 11.60% in Q1 2019. The Oil sector contributed 9.14% to total real GDP in Q1 2019, down from figures recorded in the corresponding period of 2018 but up compared to the preceding quarter, where it contributed 9.55% and 7.06% respectively.  

 

The Non-Oil Sector

The non-oil sector grew by 2.47% in real terms during the reference quarter.  This was 1.72% points higher compared to the rate recorded in the same quarter of 2018 but -0.23% points lower than the fourth quarter of 2018. During the quarter, the sector was driven mainly by Information and communication technology. Other drivers were Agriculture, Transportation and Storage, Trade and Construction. In real terms, the non-oil sector contributed 90.86% to the nation’s GDP, higher than recorded in the first quarter of 2018 (90.45%)  but lower than the fourth quarter of 2018 (92.94%).


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Click Here to Download Q1 2019 GDP PDF Report

 

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Latest 2019 NBS Reports 

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Q2 2019

1.       Headline Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019 Rate

2.      Average Prices of PMS, AGO, HHK and Cooking Gas – April 2019

3.      N3.42m Students Enrolled in Public Senior Secondary School in 2017 - NBS

4.      N324.59bn Generated as IGR in Q4 2018 - NBS

5.      Akwa Ibom State Reports Highest Unemployment Rate of 37.7% in Q3 2018 - NBS

6.      316,365kg of Drug Seized in 2018 - NBS

7.      Average Price of 1kg of Tomato Decreased By 6.32% MoM to N240.29 in March 2019 - NBS

8.     Average Fare Paid By Commuters Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS

9.      Headline Inflation Increases By 11.25% YoY in March 2019; 0.06% Lower Than February 2019 Rate

10.  Average Prices of PMS, AGO, HHK and Cooking Gas – March 2019

11.   FAAC Disburses N619.86bn in March 2019

12.  Domestic Passenger Traffic Grew By 23.19% YoY in 2018 - NBS

13.  Lagos State Has The Highest Debt Profile in 2018 - NBS

14.  1.65m Applications Received By JAMB in 2018 - NBS

15.   FAAC Disburses N660.37bn in February 2019

16.  Nigeria Produced 55.81m Tonnes of Solid Minerals in 2018 - NBS

 

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Q1 2019

17.   8.41m Workers Are Registered Under The Pension Scheme As At Q42018 - NBS

18.  Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 - NBS

19.  All Region Terms of Trade Fell -2.78% Due to a Fall in the Prices of Goods Traded in Africa - NBS

20. Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 - NBS

21.  Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate

22. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2019

23. Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS

24. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS

25.  Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY

26. GDP By Income and Expenditure Approach Q1 and Q2 2018 - Household Final Consumption Grew by 0.78%

27.  1.67m Customers Metered As At Q4 2018 - NBS

28. N298.01bn Generated as VAT in Q4 2018 - NBS

29. Total Value of Credit Allocated By Banks Stood At N15.13trn As At Q4 2018 - NBS

30. Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS

31.  FAAC Disburses N649.19bn in January 2019

32. Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019

33. Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate

34. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2019

35.  Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 – NBS

36. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year

37.  828,502 Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS

38. States Generate N264.38bn as IGR in Q3 2018 - NBS

39. NBS Publishes Drug Use in Nigeria 2018 Survey Report

40. FAAC Disburses N3.19trn To FG in 2018 - NBS

41.  FAAC Disburses N2.38trn To FG in 2017 - NBS

42. FAAC Disburses N812.76bn in December 2018 - NBS

43. Average Price of 1kg of Tomato Decreased By -7.76% MoM To N294.36

44. Average Within City Bus Journey Fare Decreased By -5.64% MoM To N181.61

45.  Headline Inflation Increases By 11.44% YoY in December 2018; 0.16% Higher Than November 2018 Rate

46. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2018

 

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