Nigeria’s GDP Slows Quarter-On-Quarter

Nigeria Gross Domestic Product slowed in the second quarter of 2019 to 1.94% compared to 2.10% recorded in the first quarter, indicating a second consecutive decline.

According to the second-quarter GDP report released by the National Bureau of Statistics (NBS) on Monday, the Q2 2019 growth rate indicates a decline of –0.16% points from that of Q1.

Compared to the second quarter of 2018, which recorded a growth of 1.50%, the growth observed in Q2 2019 indicates an increase of 0.44% points.

The report showed that the second quarter GDP was driven by Non-Oil sector growth of 91.18 percent, however Oil GDP contracted by 0.4 percent as against 9.22 per cent in the first quarter.

Crop Production, Livestock, Forestry and Fishing sector grew by 17.76% year-on-year in nominal terms in Q2 2019, showing an increase of 7.12% points from the same quarter of 2018 but a decline of –4.81% points compared to the preceding quarter.

According to the data Agriculture contributed 19.43% to nominal GDP in Q2 2019, higher than the rates recorded for the second quarter of 2018 and the first quarter of 2019, at 18.78% and 19.10% respectively.