Nigeria’s real GDP grows by 1.4 percent in Q3 2017

20 Nov 2017
Financial Nigeria

Summary

Agriculture accounted for 29.15 percent of total output; industries 22.56 percent; and services 48.28 percent.

Statistician General of the Federal and CEO of National Bureau of Statistics Yemi Kale

Nigeria’s Gross Domestic Product (GDP) grew by 1.4 percent in Q3 2017, according to data released today by the National Bureau of Statistics. The growth number was inflation-adjusted.

The Q3 GDP data represents the second consecutive positive growth after the economy contracted in five successive quarters between Q1 2016 and Q1 2017.

The Q3 2017 data also shows that recovery from the 2016 – Q1 2017 recession is strengthening. GDP growth of 0.55 percent in Q2, later revised to 0.72 percent, ended the recession, but left concerns over fragility in the economy.

In Q3, aggregate economic output, in nominal terms, stood at N29.45 trillion or $96.6 billion, compared to N26.54 trillion or $80 billion, using the official exchange rate of N305/$1, according to data provided by the NBS.

At 25.89 percent, oil accounted for the bigger real GDP growth, compared to aggregate 0.76 percent for non-oil sectors. Agriculture grew by 25.44 percent; manufacturing 2.85 percent; construction 0.46 percent; and financial services 5.96 percent.

Further information provided by the NBS shows oil accounted for 10.04 percent of the GDP in Q3, and non-oil 89.96 percent. Agriculture accounted for 29.15 percent of total output; industries 22.56 percent; and services 48.28 percent.


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