Nigeria’s GDP Grows by 2.38 per cent in Q4 2018

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Nigeria’s Gross Domestic Product, GDP grew by 2.38 percent in the fourth quarter of 2018, compared with 1.81 percent recorded in the third quarter.

In the quarterly report released on Tuesday, the National Bureau of Statistics, NBS said the growth represents an increase of 0.27% points, compared with 2.11 percent in the same period in 2017.

‘’In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 2.38% in real terms (year-on-year).

‘’This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%.

‘’It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018.

‘’On a quarter on quarter basis, real GDP growth was 5.31%.

‘’The fourth quarter growth performance implies that real GDP grew at an annual growth rate 0f 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

‘’During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65%.

‘’For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared N113,711,634.61million recorded in 2017.

The non-oil sector recorded an annual growth rate of 2%, higher than the 0.47% recorded in 2017.

“The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018.

”This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018,” the report read.

“The oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29% points.

“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.”

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