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NATIONAL BUREAU OF STATISTICS

Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q3, Q4 2022)

Summary

In the third quarter of 2022, Nigeria’s real GDP at basic prices grew by 2.25% on a year-on-year basis, showing a lower growth rate compared to the corresponding quarter of 2021. Growth of the Q4 of 2022 GDP remained positive at 3.52%, though lower compared to the Q4 of 2021 (3.98%). However, relative to Q3 and Q4 of 2021, the performances in 2022 indicate a decrease of 1.78% points in the Q3 of 2022 growth rate and a fall of 0.47% points in Q4 of 2022. Annual growth in 2022 was 3.10% compared to 3.40% recorded in 2021.
  1. Household Consumption Expenditure, in Q3 and Q4 of 2022 grew by -5.83% and -12.47% in real terms, year-on-year. The growth rates in Q3 and Q4 of 2022 were lower than the rates recorded in Q3 and Q4 of 2021. The annual growth rate in 2022 stood at -4.07% compared to 25.65% in 2021. Government Consumption Expenditure recorded growth rates of -9.38% and -13.77% in Q3 and Q4 of 2022 respectively, on a year-on-year basis, higher, compared to -39.51% and -16.76% in Q3 & Q4 of 2021. Overall, government consumption expenditure grew by -9.91% in 2022.
  2. Net Exports recorded a growth rate since Q2 of 2022, a departure from a negative growth rate in the first quarter of 2022. Net exports grew in real terms in Q3 and Q4 2022 by 74.11% and 161.66% respectively. These rates were higher than -38.27% and 1.35% recorded in Q3, and Q4 of 2021 respectively. On an annual basis, the growth rate of net exports in 2022 stood at 84.39% relative to -55.77% in 2021.
  3. National Disposable Income grew by 1.08% and 4.98% in Q3 and Q4 of 2022 respectively, but recorded growth of -1.46% and 2.76% in Q3 and Q4 of 2021 respectively on a year-on-year basis in real terms. The growth of National Disposable Income became positive since Q4 of 2021, showing a better performance in Q3 & Q4 of 2022 relative to Q3 and Q4 of 2021. However, the annual growth rate in 2022 stood at 2.45% relative to -2.54% in 2021.
  4. Compensation of Employees in the Q3 and Q4 of 2022 grew by 4.28%, and 3.28% respectively in real terms on a year-on-year basis. These growth rates were lower than the 14.54% and 11.79% recorded in Q3 and Q4 of 2021 respectively. The annual growth rate in 2022 stood at 4.41% relative to 13.68% in 2021. 

Data source: National Bureau of Statistics

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