The National Bureau of Statistics (NBS) has revealed that the country’s Gross Domestic Product (GDP) grows by 1.94 per cent (year-on-year) in real terms in the second quarter of 2019.
The NBS stated this in its “Nigeria GDP Report for Second Quarter 2019” released on Tuesday in Abuja.
It said that the figure shows an increase of 0.44 per cent compared to a growth rate of 1.50 per cent recorded in the second quarter of 2018.
However, it said comparing the figure to 2.10 per cent (revised from 2.01 per cent due to oil output revisions) recorded in the first quarter of 2019, showed a decline of –0.16 per cent points.
The bureau indicated that the aggregate GDP stood at N34.79 million in nominal terms, which is an increase of 13.83 per cent over the performance in the second quarter of 2018 and 9.8 per cent over the preceding quarter.
“The performance observed in quarter two, 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition,” it stated.
“On a half year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent.
“Quarter-on-quarter, real GDP increased by 2.85 per cent compared to a decline of –13.69 per cent in the preceding period.”
Stating further, the bureau said the Nigerian economy had been divided into the oil and non-oil sectors.
For the oil sector, it said the nation recorded a real growth rate of 5.15 per cent (year-on-year) in the period under review, which represents a 9.10 per cent increase relative to the rate recorded in the corresponding quarter of 2018.
It pointed out that it indicated an increase of 6.61 per cent when compared to the first quarter of 2019, adding that quarter-on-quarter, the oil sector recorded a growth rate of –1.55 per cent in the second quarter.
“In quarter two, 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6 per cent higher than the daily average production of 1.84 mbpd recorded in the same quarter of 2018.
“This, however, is slightly less than output recorded in quarter one, 2019 (1.99 mbpd-revised from 1.96 mbpd),” it stated.
The NBS said that the non-oil sector grew by 1.64 per cent in real terms during the reference quarter.
It added that the growth was –0.40 per cent points lower than recorded in the same quarter of 2018, and -0.83 per cent points lower than the first quarter of 2019.
Also, it stated that during the quarter, the sector was driven mainly by Information and Communication, Mining and Quarrying, Agriculture, Transportation and Storage and other Services.
“In real terms, the non-oil sector contributed 91.18 per cent to the nation’s GDP, lower than the share recorded in the second quarter of 2018 (91.45 per cent).
“This however is higher than the first quarter of 2019 (90.78 per cent).”