Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1 & Q2 2018)
In the first and second quarters of 2018, real GDP rew by 2.04% and 1.46% respectively, building on the growth recorded in 2017 which stood at 0.81%. When compared with the corresponding quarters of 2017, real GDP growth rate increased by 3.09% points and 0.68% points in Q1 and Q2 2018 respectively.
- Real Household Consumption Expenditure in the first quarter of 2018, declined by 0.25% but grew 0.78% year on year in Q2 2018. Government Consumption Expenditures which had generally recorded negative year on year growth rates in 2017, grew by 13.83% in the first quarter, and 33.71% in second quarter of 2018.
- Similarly, Net Exports grew in real terms in the first quarter of 2018 at 7.23% but declined 8.30% in Q2 2018 year on year. The growth recorded in the first quarter of 2018 was an improvement when compared to the corresponding quarter of the previous year (9.46%). However, the reverse was the case in Q2, as the growth rate in the second quarter of 2018 slowed by 8.30% compared to Q2 2017 (18.26%).
- National Disposable Income rose by 0.26% in the first quarter of 2018 in real terms, but slowed by –.98% in the second quarter of 2018 year on year.
- Compensation of Employees maintained its historical trend in the first and second quarters of 2018, growing at 14.71% and 15.33% respectively. - However, operating surplus continued to record negative growth rate, declining by 2.47% and 3.44% in Q1 and Q2 2018 respectively.
Data source: National Bureau of Statistics