The Gross Domestic Product (GDP) of Nigeria grew by 2.28% in the third quarter of 2019, the National Bureau of Statistics (NBS) has disclosed.
The NBS made the disclosure in its quarterly report, which was published on Friday.
According to the report, the figure 0.17 percentage points higher than the 2.12 per cent revised GDP growth (initially 1.94 per cent) recorded in the second quarter of 2019.
The report noted that the growth rate in the third quarter of 2019 represents the second-highest quarterly rate recorded since 2016, adding that it is better than the third quarter of 2018 in the year-on-year analysis.
The report partly read: “Nigeria’s Gross Domestic Product grew by 2.28% (year-on-year), in real terms, in the third quarter of 2019.
“Compared to the third quarter of 2018 which recorded a growth of 1.81%, the real GDP growth rate observed in the third quarter of 2019 indicates an increase of 0.47% points. Relative to the second quarter of 2019, which recorded a growth rate of 2.12%, Q3 2019 represents an increase of 0.17% points.
“On a quarter-on-quarter basis, however, real GDP grew by 9.23%. The growth rate in Q3 2019 represents the second-highest quarterly rate recorded since 2016.
“In the quarter under review, aggregate GDP stood at N37,806,924.41 million in nominal terms. This performance is higher compared to the aggregate of N33,368,049.14 million recorded in the third quarter of 2018, representing a year on year nominal growth rate of 13.30%. The growth rate is, however, lower relative to rates recorded in the third quarter of 2018 by –0.28% points and the rates recorded in the preceding quarter by –0.71% points.”
It noted that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).
The non-oil sector grew by 1.85 per cent during the third quarter. The sector, according to the report, was driven mainly by the Information and Communication sector. Other drivers were Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing.
In real terms, the non-oil sector contributed 90.23 per cent to the nation’s GDP.
The mining and quarrying sector grew by 5.9 per cent in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03 per cent, followed by coal at 43.68 per cent.
Also, the agricultural sector grew by 14.88 per cent in the period under review, showing a decline of –3.44 percentage points from the same quarter of 2018.