Nigeria’s Gross Domestic Product (GDP) grew by 1.3 per cent in 2018, according to a report by the National Bureau of Statistics (NBS).
The GDP report, which measures the monetary value of final goods and services produced in a country in a given period of time, was released by the bureau on Tuesday.
According to the report, the country’s GDP had a growth of 2.3 per cent from 1.81 per cent in the third quarter of 2018, thereby ending the year with a 1.11 per cent growth from the 0.82 per cent attained at the end of 2017.
The figure aligns with the projection of the World Bank Group and International Monetary Fund, which had projected that the economy will grow by 1.9 per cent in 2018.
It is, however, a far distance from the 3.0 per cent projection made by the Federal Government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).
The report also stated that the non-oil GDP stood at 2.7 per cent in the fourth quarter of 2018 from 2.3 per cent in the year’s third quarter.
Also, the deficit in the oil GDP reduced to -1.62 per cent in the fourth quarter of 2018 from -2.91 per cent in the third quarter of the year.
“On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.
“In the fourth quarter of 2018, average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018,” the report read.
The bureau also reported that other services GDP decreased to 1.2 per cent in the fourth quarter of 2018 compared to 2.86 per cent in the third quarter of 2018 and 3.46 per cent in the fourth quarter of 2017.
In terms of the overall statistics, the other services GDP for 2018 stood at 2.17 per cent, which represented a 0.18 per cent decline from the 2.35 per cent recorded in 2017, and a 2.76 per cent decline from the 4.93 per cent in 2016.