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Published On: Mon, Aug 27th, 2018

Nigerian economy grows at slower pace in Q2 2018

Nigerian economic growth slowed down in the first six months of 2018, on the back of deceleration in the oil sector, says Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.  

 The report showed that Nigerian economy grew 1.50 per cent (year-on-year) in real terms to N16.58trillion in the second quarter of this year, compared to 1.95 per cent in the first quarter.

This “was 0.79 per cent points higher when compared to the second quarter of 2017 which recorded a growth of 0.72 per cent, but –0.45 per cent points slower than 1.95 per cent recorded in the first quarter of 2018. On a quarter on quarter basis, real GDP growth was 2.94 per cent,” the reporter stated.


The country’s nominal GDP rose 7.85 per cent to N30.69trillion instead of N28.46 trillion in the  first quarter and  increased 13.57 per cent in comparable period in  and increased

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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