Home Business Nigeria’s GDP Rose by 2.28% in Q3, Says NBS

Nigeria’s GDP Rose by 2.28% in Q3, Says NBS

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Nigeria’s Gross Domestic Product (GDP) grew by 2.28 per cent (year-on-year), in real terms, in the third quarter of 2019, compared to the third quarter of 2018, which recorded a growth of 1.81 per cent.

The National Bureau of Statistics disclosed in Nigeria’s GDP 2019 third quarter report on Friday that the real GDP growth rate observed in the third quarter indicated an increase of 0.47 per cent points.

Relative to the second quarter of 2019, which recorded a growth rate of 2.12 per cent, Q3 2019 represented an increase of 0.17 per cent points.

On a quarter-on-quarter basis, however, real GDP grew by 9.23 per cent.

The growth rate in Q3 2019 represented the second highest quarterly rate recorded since 2016.

In the quarter under review, aggregate GDP stood at N37.8trillion in nominal terms.

This performance was higher compared to the aggregate of N33.36trillion recorded in the third quarter of 2018, representing a year-on-year nominal growth rate of 13.30 per cent.

The growth rate was, however, lower relative to rates recorded in the third quarter of 2018 by –0.28 per cent points and the rates recorded in the preceding quarter by –0.71 per cent points.

 

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