Nigeria’s GDP Grows By 1.93% In 2018

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The National Bureau of Statistics on Tuesday released the country’s Gross Domestic Product report for the fourth quarter GDP with the economy recording a growth rate of 1.93% in 2018.

According to the report, the GDP grew by 2.38% as against the 1.81% recorded in the third quarter.

“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 report read.

“The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 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 to N113, 711,634.61million recorded in 2017.”

 

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