Saturday, 25 November 2023 04:51

Nigeria’s 3rd quarter GDP grew marginally 0.03% above Q2 2023 growth. Here are the sectoral details

Rate this item
(0 votes)

Nigeria’s gross domestic product (GDP) grew by 2.54 percent in the third quarter (Q3) of 2023, according to the National Bureau of Statistics (NBS).

The growth rate is higher than the 2.25 percent recorded in the same quarter last year and higher than the second quarter 2023 growth of 2.51 percent by 0.03 percent.

NBS disclosed this in its GDP report for Q3, released on Friday.

The bureau said the growth rate was driven by the services sector.

“The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP,” NBS said.

“The agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022. The growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022.

“In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.”

According to the NBS, the nominal GDP for Q3 2023 was N60.66 trillion while the real GDP was N19.44 trillion.

Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. However, real GDP is adjusted for inflation, while nominal GDP is not.

NBS said: “In the quarter under review, aggregate GDP was N60,658,600.37 million in nominal terms.”

“This performance is higher when compared to the third quarter of 2022 which recorded aggregate GDP of N52,255,809.62 million, indicating a year-on-year nominal growth of 16.08%.”

‘NIGERIA’S OIL PRODUCTION ROSE IN Q3 2023’

The report also shows that the nation in the third quarter of 2023 recorded an average daily oil production of 1.45 million barrels per day (mbpd), higher than the daily average production of 1.20mbpd recorded in the same quarter of 2022 by 0.25mbpd and higher than the second quarter of 2023 production volume of 1.22 mbpd by 0.23mbpd.

“The real growth of the oil sector was –0.85% (year-on-year) in Q3 2023, indicating an increase of 21.83% points relative to the rate recorded in the corresponding quarter of 2022 (-22.67%),” the report said.

“Growth also increased by 12.58% points when compared to Q2 2023 which was –13.43%.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 12.47% in Q3 2023. The Oil sector contributed 5.48% to the total real GDP in Q3 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 5.66% and 5.34% respectively.”

‘NON-OIL SECTOR ACCOUNTS FOR NEARLY 95% OF NIGERIA’S GDP IN Q3 2023’

The NBS report said non-oil sector grew by 2.75 percent in real terms during the reference quarter (Q3 2023).

This rate was lower by 1.52 percent points compared to the rate recorded in the same quarter of 2022 and 0.84 percent points lower than the second quarter of 2023.

“This sector was driven in the third quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Agriculture (Crop production); Trade; Construction; and Real Estate, accounting for positive GDP growth,” the bureau said.

“In real terms, the non-oil sector contributed 94.52% to the nation’s GDP in the third quarter of 2023.”

NBS said this is higher than the share recorded in the third quarter of 2022 which was 94.34 percent and lower than the 94.66 percent recorded in the second quarter of 2023.

 

The Cable

February 21, 2024

The truth about success Jeff Bezos knows that most people don't

In the fast-paced business world, conventional wisdom dictates that admitting mistakes is a sign of…
February 22, 2024

Police arrest LP national chairman, Abure

Operatives of the Nigeria police have arrested Julius Abure, national chairman of the Labour Party…
February 22, 2024

Using this 1 word more often can make you 50% more influential, says Harvard study

Sometimes, it takes a single word — like “because” — to change someone’s mind. That’s…
February 20, 2024

Lion kills carer at Obafemi Awolowo University, Ile-Ife

A veterinary technologist working at the Obafemi Awolowo University (OAU), Ile-Ife, Olabode Olawuyi, was on…
February 22, 2024

Bandits take over Zamfara-Sokoto highway, abduct 26 travellers

Bandits on Tuesday afternoon kidnapped 26 travelers along the Gusau-Sokoto highway. The bandits who were…
February 23, 2024

What to know after Day 729 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia says it has taken Pobieda village in Donetsk region, Ukraine reports fighting…
February 23, 2024

WhatsApp launches 4 new text formatting options including bulleted lists and block quotes - here's…

WhatsApp has launched four new text formatting options today These are bulleted lists, numbered lists,…
February 12, 2024

Super Eagles fail to lift AFCON cup, lose to Elephants of Côte d’Ivoire

The Super Eagles of Nigeria have lost 2-1 to the Elephants of Cote d’Ivoire in…
Nothing to show. You must configure the data source of the widget.

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.