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

Must Read

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...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

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...
- 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.

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 Also:  Cardinal Stone Research H2 2019 Outlook: Fish or Cut Bait
- Advertisement -

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

 

- Advertisement -
Telecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y. - Brand SpurTelecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y. - 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
Read Also:  Global Money Week: Firstbank Empowers over 7000 Students on Financial Literacy

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

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

Latest News

Okomu Oil Plc: Brighter days ahead

Topline Analysis: CPO production expansion spur Revenue growth OKOMU OIL revenue for 9M-2020 jumped 19.8%y/y to N18.6bn. The increase was...

Presco Plc: In need of balance sheet optimisation

Topline Analysis: Impressive topline The performance of PRESCO 9M-2020 result was quite an impressive one as the macro economic environment bolstered by (Border closure, FX...

Audi further improves the e-tron product line: AC charging with 22 kW of power, greater driving convenience

Faster charging, more convenience behind the wheel – Audi is systematically enhancing its e-tron models. The all-electric SUV and e-tron Sportback SUV coupe are receiving a number...

#LBMM: Official Trailer For Nigeria’s First Cinematic Feature-Length Animated Film Drops

The countdown to Nigeria’s first feature-length animated film with a cinematic release has begun in earnest following the release of the official trailer for the ground-breaking...

Fitch Affirms Seplat at ‘B-‘; Outlook Positive

Fitch Ratings has affirmed Seplat Petroleum Development Company Plc's (Seplat) Long-Term Issuer Default Rating (IDR) at 'B-' with a Positive Outlook. Fitch has also...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Telecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y. - Brand SpurTelecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y. - Brand Spur