5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Overview of GDP in Quarter One 2017

In the first quarter of 2017, the nation’s Gross Domestic Product (GDP) contracted by –0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016. This is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%) and higher by 1.21% points from rate recorded in the preceding quarter, (revised to –1.73% from –1.30%). Quarter on quarter, real GDP growth was –12.92%

During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%. This growth was higher relative to growth recorded in Q1 2016 (11.39%).

The Nigerian economy can be more clearly understood when classified into oil and non-oil sectors (Figure 1):

5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

- Advertisement -

The Oil Sector

During the period under review, Oil production averaged at 1.83million barrels per day (mbpd), 0.07million barrels higher than the daily average production recorded in the fourth quarter of 2016. Oil production during the quarter was lower by 0.22million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 2.05mbpd. (Figure2) Note oil output for March 2017 is estimated and is therefore subject to revisions.

5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

Real growth of the oil sector slowed by –11.64%  (year-on-year) in Q1 2017. This represents a decline of (–4.81%) relative to rate recorded in the corresponding quarter of 2016. Growth declined by 6.83% and increased 6.06% when compared to Q1 2016 and Q4 2016 respectively.  Quarter-on-Quarter, the oil sector grew by 14.86% in the first quarter of 2017.

Read Also:  Nigeria’s Cement industry rise by 1400%
- Advertisement -

As a share of the economy, the Oil sector contributed 8.90% of total real GDP in Q1 2017, down from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 10.02% and 6.75% respectively.

Read Also:  Jelani receives Investors from Venezuela

Please note that the data for crude oil production for the four quarters of 2016 (Q1-Q4, 2016) are revised figures. This revision has also affected GDP figures for the same period.

The Non-Oil Sector

Growth in the Non-oil sector was largely driven by the activities in the Agriculture Sector(Crop Production), Information & Communication, Manufacturing, Transportation and Other Services.  The non-oil sector grew by 0.72% in real terms during the reference quarter.

- Advertisement -

This was 1.05 % higher than the rate recorded in the fourth quarter of 2016, and  0.90 % higher than the corresponding quarter of 2016 (See Figure 3).  In real terms, the Non-Oil sector contributed 91.10% to the nation’s GDP, higher from share recorded in the first quarter of 2016 (89.98%) but lower than the share recorded in the fourth quarter of 2016 (93.25%).

5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

Click here to download the 2017 Q1 GDP Report…

 

- Advertisement -
5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur

Latest News

Proposed New Measures By The African Telecommunications Union And Ericsson Set To Expand Africa’s ICT Space

African Countries and telecommunications stakeholders have today launched the first set of ATU spectrum recommendations that focus on transforming...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur5th Consecutive Quarter of Contraction: GDP contracts by –0.52% from -1.73% in Q1 ’17 & Q4 ’16 Respectively - Brand Spur