Telecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y.

Must Read

Jumia in trouble over Fraud in Affiliate Scheme, JForce

E-commerce company, Jumia is currently enmeshed in a case of internal fraud involving its affiliate marketing programme, otherwise known...

UBA Board Proposes Interim Dividend, Okays H1 2019 Results

The Board of United Bank for Africa Plc, at its meeting of Thursday, August 22, 2019, considered and approved...

Innoson motors price list: cheap cars in Nigeria

Millions of Nigerians cannot allow buying a new car because it is too expensive. However, the biggest Nigerian car...
- Advertisement -
- Advertisement -

Nigeria’s real Gross Domestic Product grew year-on-year (y-o-y) by 2.01% to N16.42 trillion in Q1 2019, but slower than 2.38% growth to N19.04 trillion registered in Q4 2018. The non-oil sector which accounted for the improved GDP number grew y-o-y by 2.47% to N14.92 trillion. This was majorly attributed to the 9.48% growth witnessed in the ICT sector to N2.19 trillion (of which telecoms share of GDP constituted 10.11%).

In addition, the Agricultural and Construction sectors revved by 3.17% and 3.18% respectively to N3.60 trillion and N0.67 trillion respectively from the N3.49 trillion and N0.65 trillion printed in Q1 2018.

Read:  Nigeria Recorded 1.95% GDP Growth in Q1 2018 — NBS

However, the Oil & Gas sector contracted y-o-y by 2.40% to N1.50 trillion in Q1 2019 (a reversal from the 14.02% rise in Q1 2018). This was chiefly due to the drop in crude oil price in the quarter under review. The quarterly average crude oil price fell to USD64.60 per barrel in Q1 2019 from USD67.70 in Q1 2018.

On a quarter-on-quarter basis, the 13.77% decline in economic growth was adduced to the 15.69% decline in the non-oil sector, despite the significant growth of 11.60% printed in oil & gas sector in the quarter under review. The improved 2.01% y-o-y real GDP growth was reflective of improved business sentiment and investments in an environment of favourable monetary policies and macroeconomic variables, particularly exchange rate and inflation rate. Furthermore,
we expect growth to improve in the Q2 2019.

Read:  Ethiopian Airline Debunks Allegations of High Fares on Enugu Route
Read:  Fintechs and the Revolution of the Financial Industry with Austin Okere

 

- Advertisement -

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.

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.

Latest News

Facebook Celebrates ‘Icons Of Change’ From Across Sub-Saharan Africa With A Youth Gathering In Accra, Ghana

Facebook is bringing together 40 young leaders, developers, entrepreneurs and change-makers from across Sub-Saharan Africa, to a two-day event...

Devastation Is The Major Threat To Telecom Growth In Nigeria – NCC

The Nigerian Communications Commission (NCC), has known the destruction of telecom infrastructure as the biggest intimidation to the growth of the telecommunication industry in...

Quickteller Chooose Winners To Make An Appearance At Interswitch One Africa Music Fest in London

Quickteller, a leading digital consumer payments platform in Nigeria, is set to take another set of winners on an all-expense-paid trip to the London...

MAGODO RESIDENTS APPLAUDS IKEJA ELECTRIC OVER IMPROVED POWER

Residents of Magodo Estate have acclaimed Ikeja Electric Plc (IE) for rendering constant electricity to customers within the Estate following the signing of the...

More Articles Like This