Nigeria GDP grew by 2.84% in Q3-NBS

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National Bureau of Statistics (NBS) said the country’s Gross Domestic Product rose by 2.84 per cent in the third quarter of 2015, driven by growth in Oil and Non-Oil sector of the economy

This was higher by 0.49per cent points from growth recorded in the preceding quarter, yet lower by 3.38per cent points from growth recorded in the corresponding quarter of 2014.

NBS noted that the. Quarter on quarter, real GDP increased by 9.19 per cent while in the quarter, aggregate GDP stood at N24,313,636.94 million at basic prices.

NBS report said the Third Quarter 2014 value of N22,933,144.01million, nominal GDP was 6.02 per cent higher.

Nominal GDP growth was also higher relative to growth recorded in Q1 of 2015 by 0.85per cent points.

NBS. In its report said, “During the period under review, Preliminary data on Oil production reflects output at 2.17 million barrels per day (mbpd) up from production in the Second Quarter of 2015 by 0.17mbpd.

“Oil production was also marginally higher to the corresponding quarter in 2014 by 0.02 mbpd when output was recorded at 2.15 mbpd.

“As a result, real growth of the oil sector increased by 1.06 (year-on-year) in Q3 of 2015, higher by 4.65per cent points from the corresponding quarter of 2014, and higher from the Second Quarter when growth declined by 6.79per cent.

Quarter -on-Quarter, growth also increased by 14.35per cent. As a share of the economy, the Oil sector represented 10.27per cent of total real GDP, down from the shares recorded in the corresponding period of 2014 by 0.18per cent points and up from the share in the Second Quarter of 2015 by 0.46per cent points.

Explaining the Non-Oil Sector Growth, NBS said it was largely driven by the activities of Crop Production, Financial Services, Telecommunications, and Trade amongst others.
According to the report, “The non-oil sector grew by 3.05per cent in real terms in the Third Quarter of 2015. This was 4.45per cent points lower from the corresponding quarter in 2014 and marginally lower from the Second Quarter of 2015.

“In real terms, the Non-Oil sector contributed 89.73per cent to the nation’s GDP, marginally higher from shares recorded in the Third Quarter of 2014 (89.55per cent), but lower from the Second Quarter of 2015 (90.20per cent),” the report added.

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