Nigeria’s gross domestic product (GDP) declined to 1.94% in the second quarter of 2019, signifying more troubles for the economy.
Second quarter GDP report released on Tuesday by the National Bureau of Statistics (NBS), showed that the GDP figure is 0.16 percentage points lower than the 2.10% recorded in the first quarter of 2019. The report noted that the 2.01% GDP figure announced in May has been revised to 2.10%.
In the fourth quarter of 2018, the GDP figure was computed at 2.38%.
“The oil sector posted a real growth rate of 5.15% (year-on-year) in Q2 2019. It also indicates an increase of 6.61% points when compared to Q1 2019(revised),” the report said.
“The sector contributed 8.82% to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter.
“In Q2 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6% higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd-revised from 1.96 mbpd).
“The non-oil sector grew by 1.64% in real terms during the reference quarter. This was –0.40% points lower than recorded in the same quarter of 2018, and -0.83% point lower than the first quarter of 2019.”