Nigeria’s GDP Increases as Non-Oil Sector Grows by 0.41%
The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) recorded a positive growth as the non-oil sector grew in real terms by 0.41 per cent in first quarter of 2019.
The bureau in its “Nigerian GDP Report for first quarter, 2019” posted on its website said the GDP grew by 2.01 per cent in real terms year-on-year in the period under review.
It said the non-oil sector recorded a GDP growth rate of 90.86 per cent in the first quarter 2019 compared to 90.45 per cent recorded in the first quarter of 2018.
On a quarter-on-quarter basis, it said the non-oil sector, however, declined in real terms to 2.47 per cent in the first quarter, 2019 compared to 2.7 per cent recorded in the fourth quarter, 2018.
Meanwhile, it said the contribution of the oil sector to the GDP declined by -0.41 per cent in the period under review.
It said the oil sector grew by 9.14 per cent in the first quarter 2019, compared to 9.55 per cent recorded in the fourth quarter 2018.
It said the sector recorded a negative growth rate of -2.4 per cent quarter-on-quarter in the first quarter compared to 14.02 per cent rate recorded in the first quarter of 2018.
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments. (NAN)