Nigeria’s GDP Grew 1.81% in Q3
Abuja, Dec. 10, 2018 (AltAfrica)-Nigeria’s Gross Domestic Product (GDP) growth rate increased to 1.81 per cent (year-on-year) in real terms in the third quarter of the year (Q3, 2018) compared to 1.50 per cent recorded in the preceding quarter, the National Bureau of Statistics (NBS) has stated.
Aggregate GDP stood at N33.36 trillion in nominal terms, according to the Third Quarter GDP report, released Monday by the statistical agency.
The performance is higher when compared to Q3, 2017 which recorded a GDP aggregate of
N29.37 trillion, thus, presenting a positive year-on-year nominal growth rate of 13.58 per cent.
The NBS stated: “This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.”
In nominal terms, the report put the value of the country’s economic output during the third quarter at N33.36 trn which it rated high, when compared to the third quarter 2017 GDP output of N29.37 trn.
“This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29, 377, 674. 03 million thus, presenting a positive year on year nominal growth rate of 13.58%”.
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively. For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
Lukman Otunuga, a research analyst at FXTM, a finance firm, said confidence over the recovery of Nigeria’s economy is set to become a dominant theme following reports of the nation’s economic growth accelerating during the third quarter of 2018.
“Nigeria’s GDP expanded by 1.81 per cent in the third quarter, which represents an encouraging 0.31 per cent rise from the 1.50 per cent achieved in quarter two.
“Although the primary driver behind the economic expansion was rising oil production and elevated oil prices, signs of Non-Oil sectors contributing to growth is a welcome development.
“With the Non-Oil sector growing by 2.32 per cent in real terms during quarter three, Nigeria continues to showcase to the global arena that it remains on a quest to break away from oil reliance.”
He said with economic growth expected to gain momentum next year on the back of increasing government spending ahead of the presidential elections, Nigeria’s outlook remains encouraging.
“OPEC’s deal to cut oil production by 1.2 million barrels a day is seen offering near-term support to oil – a scenario that will most likely support Nigeria’s government revenues and the Naira exchange,” he said.