<\/p>\n\n\n\n
Nigeria\u2019s\nGross Domestic Product (GDP) grew by 2.28% (year-on-year), in real terms, in\nthe third quarter of 2019. Compared to the third quarter of 2018 which recorded\na growth of 1.81%, the real GDP growth rate observed in the third quarter of\n2019 indicates an increase of 0.47% points. Relative to the second quarter of\n2019, which recorded a growth rate of 2.12%, Q3 2019 represents an increase of\n0.17% points. * On a quarter on quarter basis, however, real GDP grew by 9.23%.\nThe growth rate in Q3 2019 represents the second-highest quarterly rate\nrecorded since 2016.
\n
\nIn the quarter under review, aggregate GDP stood at N37,806,924.41 million in\nnominal terms. This performance is higher compared to the aggregate of\nN33,368,049.14 million recorded in the third quarter of 2018, representing a\nyear on year nominal growth rate of 13.30%. The growth rate is, however, lower\nrelative to rates recorded in the third quarter of 2018 by \u20130.28% points and\nthe rates recorded in the preceding quarter by \u20130.71% points. For better\nclarity, the Nigerian economy has been classified broadly into the oil and\nnon-oil sectors.
\n
\nThe Oil Sector
\n
\nIn Q3 2019, Nigeria recorded average daily oil production of 2.04 million\nbarrels per day (mbpd), its highest in more than three years. This output was\n0.1mbpd higher than the daily average production of 1.94mbpd recorded in the\nsame quarter of 2018 and 0.02mbpd higher than the revised oil production levels\nin Q2 2019 of 2.02mbpd.
\n
\nThe real growth of the oil sector was 6.49% (year-on-year) in Q3 2019\nindicating an increase of 9.40% points relative to rate recorded in the\ncorresponding quarter of 2018. The rate was lower by \u20130.68% points when\ncompared to Q2 2019 which was 7.17%.* Quarter-on-Quarter, the oil sector\nrecorded a growth rate of 18.88% in Q3 2019. The sector contributed 9.77% to\ntotal real GDP in Q3 2019, up from figures recorded in the corresponding period\nof 2018 as well as the preceding quarter, when it accounted for 9.38% and 8.98%\nrespectively.
\n
\nThe Non-Oil Sector
\n
\nThe non-oil sector grew by 1.85% in real terms during the reference quarter.\nThis is \u20130.48% points lower when compared to the rate recorded in the same\nquarter of 2018 but 0.20% points higher than the second quarter of 2019. During\nthe quarter, the sector was driven mainly by the Information and Communication\nsector. Other drivers were Agriculture, Mining and Quarrying, Transportation\nand Storage, and Manufacturing. In real terms, the Non-Oil sector contributed\n90.23% to the nation\u2019s GDP, slightly lower than the share recorded in the third\nquarter of 2018 (90.62%), and in the second quarter of 2019 (91.02%).<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s Gross Domestic Product (GDP) grew by 2.28% (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%, the real GDP growth rate observed in the third quarter of 2019 indicates an increase of 0.47% points. Relative to the second quarter of […]<\/p>\n","protected":false},"author":2,"featured_media":2051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,14],"tags":[],"yoast_head":"\n