National Bureau of Statistics
(NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 2.28 per cent (year-on-year) in real terms in the third quarter of 2019.
NBS said this in its “Nigeria GDP Report for Third Quarter 2019’’ released on Friday in Abuja.
It explained that when compared to the third quarter of 2018, which recorded a growth of 1.81 per cent, the real GDP growth rate observed in the third quarter of 2019 indicated an increase of 0.47 per cent points.
The Bureau said that relative to the second quarter of 2019, which recorded a growth rate of 2.12 per cent, third quarter 2019 represented an increase of 0.17 per cent points.
According to NBS, on quarter basis however, real GDP grew by 9.23 per cent.
The Bureau added that the growth rate in the third quarter of 2019 represented the second-highest quarterly rate recorded since 2016.
“In the quarter under review, aggregate GDP stood at N37,806 million in nominal terms. This performance is higher compared to the aggregate of N33,368 million recorded in the third quarter of 2018.
“That represents a year-on-year nominal growth rate of 13.30 per cent. The growth is lower relative to rates recorded in the third quarter of 2018 by 0.28 per cent points compared to the rates recorded in the preceding quarter which is -0.71 per cent points.
“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors,’’ it explained.
NBS said agriculture which had four sub-activities made up the agriculture sector like crop production, livestock, forestry and fishing grew by 14.88 per cent year on year in nominal terms.
According to the report, the third quarter showed a decline of 3.44 per cent points from the same quarter of 2018 compared to the preceding quarter growth rate of 17.76 per cent.
“The above represents a decline of -2.89 per cent points. The crop production remained the largest driver of the sector accounting for 91.6 per cent of the sector in the third quarter of 2019.
“Quarter on quarter growth stood at 44.12 per cent. Agriculture contributed 25.88 per cent to nominal GDP during the quarter of 2018 and the second quarter of 2019 which recorded 25.52 per cent and 19.39 per cent respectively.’’