Real GDP Surprises By 2.28% On Strong Oil Sector Performance, Non-Oil Sector Support

Real GDP Surprises By 2.28% On Strong Oil Sector Performance, Non-Oil Sector Support

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Nigeria’s real Gross Domestic Product grew year-on-year (y-o-y) by 2.28% to N18.94 trillion in Q3 2019, faster than 1.94% growth registered in Q2 2019. The Oil & Gas sector was the main driver of the improved GDP number as it grew y-o-y by 6.49% to N1.81 trillion in Q3 2019 (faster than +5.15% in Q2 2019) – driven by a 5.15% increase in crude oil output to 2.04 million barrels per day amid favourable global prices.

Similarly, against the backdrop of sustained intervention policies from the Federal Government, the non-oil sector grew y-o-y by 1.85% to N16.69 trillion, faster than 1.64% in Q2 2019 albeit, slower than 2.32% in Q3 2018. The growth was led by the 12.16% output growth seen in telecoms space to N1.70 trillion.

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Real GDP Surprises By 2.28% On Strong Oil Sector Performance, Non-Oil Sector Support

Real GDP Surprises By 2.28% On Strong Oil Sector Performance, Non-Oil Sector Support

The Agricultural sector, which increased its share of GDP to 29.25%, also grew at a faster
pace at 2.28% in Q3 2019 from 1.19% in the preceding quarter. Also, the Construction
the sector which accounted for 3.01%, revved by 2.37% in Q3 2019, better than 0.67% in Q2 2019.

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However, the Trade sector, the second-largest in terms of share of GDP, slowed further to
1.45% following the implementation of a partial border closure in August 2019 which
affected cross-border trade.

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