Nigerian Gross Domestic Product Report
Gross Domestic Product (GDP) grew by 1.94%(year-on-year) in real terms in the second quarter of 2019. 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. When compared to 2.10% (revised from 2.01% due to oil output revisions) recorded in the first quarter of 2019 however, the Q2 2019 real growth rate indicates a decline of –0.16% points.
During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter. The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition. Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter. On a half year basis, real growth in the first half of 2019 stood at 2.02%, higher than in 2018 which was 1.69%. Quarter on quarter, real GDP increased by 2.85% compared to a decline of –13.69% in the preceding period.
Data source: National Bureau of Statistics