In Q3 2018, the Gross Domestic Product (GDP) of Nigeria recorded a year-on-year increase of 1.81 per cent, the National Bureau of Statistics (NBS) said on Monday.
The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points. The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points. Quarter on quarter, real GDP growth was 9.05% (Figure 1).
In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%. This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively. For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector
The nation in the third quarter of 2018 recorded an average daily oil production of 1.94million barrels per day (mbpd), lower than the daily average production of 2.02mbpd recorded in the same quarter of 2017 by -0.08mbpd but higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd.
Real growth of the oil sector was –2.91% (year-on-year) in Q3 2018 indicating a decrease of –25.94% points relative to rate recorded in the corresponding quarter of 2017. Growth increased by 1.04% points when compared to Q2 2018 which was –3.95%. Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64% in Q3 2018. The Oil sector contributed 9.38% to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84% and 8.55% respectively.
The Non-Oil Sector
The non-oil sector grew by 2.32% in real terms during the reference quarter. This is higher by 3.08% points compared to the rate recorded same quarter of 2017 and 0.28% point higher than the second quarter of 2018. This sector was driven this quarter mainly by Information and communication; other drivers were Agriculture, Manufacturing, Trade, Transportation and Storage and Professional, Scientific and Technical Services. In real terms, the Non-Oil sector contributed 90.62% to the nation’s GDP, higher from share recorded in the third quarter of 2017 recorded as 90.16% and lower than the second quarter of 2018 recorded as 91.45%.
