GDP grew by 1.92%—NBS

The National Bureau of Statistics said that the Nation’s GDP rose by 1.92 per cent in 2017. It said “The nation’s Gross Domestic Product (GDP) grew in fourth quarter 2017 by 1.92 per cent (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in the second quarter of 2017. This growth is compared to a contraction of –1.73 per cent recorded in fourth quarter of 2016 and a growth of 1.40 per cent recorded in 2017.
“Quarter on quarter, real GDP growth was 4.29 per cent. The year 2017 recorded a real annual growth rate of 0.83 per cent higher by 2.42 per cent than –1.58 per cent recorded in 2016. In the quarter under review, aggregate GDP stood at N31,209,137.74million in nominal terms higher when compared to N29,169,058.99 million in Q4 2016, resulting in a Nominal GDP growth of 6.99 per cent.

“This growth is lower relative to growth recorded in Q4 2016 at 12.49 per cent. Nominally, 2017 recorded an annual growth rate of 12.05 per cent higher by 4.25 per cent compared to 2016 annual growth of 7.80 per cent. The broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy

According to NBS “In the period under review, Oil production averaged at 1.91million barrels per day (mbpd), -0.12million barrels lower than the daily average production recorded in the third quarter of 2017. Oil production during the quarter was higher by 0.15million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.76mbpd. Real growth of the oil sector was 8.38% (year-on-year) in Q4 2017. This represents an incline of 26.08% relative to rate recorded in the corresponding quarter of 2016. Growth reduced by -17.50% when compared to Q3 2017 which was 25.89%. Quarter-on-Quarter, the oil sector dropped by -25.52% in Q4 2017. The annual growth of the oil sector stood at 4.79% higher than the previous year’s growth of -14.45%.
“The Oil sector contributed 7.17% of total real GDP in Q4 2017, up from figure recorded in the corresponding period of 2016 and down from the preceding quarter, where it contributed 6.75% and 10.04% respectively. The sector’s annual contribution was 8.68% in 2017 and 8.35% in 2016.
“The non-oil sector grew by 1.45% in real terms during the reference quarter. This is higher by 1.78% point compared to the rate recorded same quarter, 2016 and 2.21% point higher than in the third quarter of 2017. The non-oil sector recorded an annual growth of 0.47% compared to -0.22 in 2016. This sector was driven this quarter mainly by Agriculture (Crop), Trade and Transportation and storage. In real terms, the Non-Oil sector contributed 92.83% to the nation’s GDP, lower from share recorded in the fourth quarter of 2016 (93.25%) but higher than in the third quarter of 2017 (89.96%). Annual contribution was 91.32% and 91.65% in 2016”.