Household Consumption Expenditure Contracts By -0.08% in Q2 2020 – NBS

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In the first quarter of 2020, Nigeria’s real GDP at basic prices grew by 1.87% but declined in the second quarter by -6.10% on a year on year basis. This brought the real GDP growth rate for the first half of 2020 to -2.18% year on year.

Compared to 2019, the growth rate in Q2 2020 was 8.2 percentage points lower than in Q2 2019. Furthermore, the growth rate for the first half of 2020 was 4.28 percentage points lower than in 2019.

Household Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS Brandspurng
Wempco Road, Nigeria

Household Consumption Expenditure in Q1 and Q2 2020 grew by -4.03% and -0.08% respectively, in real terms, year on year, compared to -2.68% and 0.75% for the corresponding periods in 2019. Government Consumption Expenditure recorded growth rates of 6.8% and 152.1% in Q1 and Q2 2020 respectively, year on year.

For the first half of 2020, real household consumption expenditure declined by -1.99% compared to -0.94% in 2019, while government consumption expenditure grew 77.25%, compared to 4.46% in 2019.

Net Exports grew 18.15% in Q1 but declined -61.12% in Q2 2020, compared to 7.08% and 0.00x% recorded in the corresponding quarters of 2019. For the first half of 2020, net exports contracted by -19.89%, compared to growth of 3.56% for the same period in 2019.

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National Disposable Income in Q1 and Q2 2020 grew by 2.55% and 0.66% respectively, in real terms, year on year, compared to 2.64% and 1.4% for the corresponding periods in 2019.

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Compensation of Employees recorded a positive real growth rate of 6.7% in Q1 but contracted -6.47% in Q2 2020, year on year. For the first half of 2020, Compensation of Employees contracted by -0.34% compared to 7.4% growth in the first half of 2019.

Summary-Analysis of Expenditure Components

The graph below depicts the proportions of real GDP expenditure components from Q1 2017 to Q2 2020, as well as real GDP growth rates over the same period.

Household Consumption accounted for the largest share of real Gross Domestic Product at market prices, representing  54% in Q1  and 63% in Q2, 2020 compared to  58% and 59% for the same periods of 2019. Net Exports, which represented 21% of total real GDP in Q1 2020, however, declined considerably in Q2 to 7%.

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In its place, General Government Consumption expenditure more than doubled its share in Q2 to 15%, compared to 6% in Q1 2020. Gross Fixed Capital Formation accounted for 17% of real GDP in Q1, which declined slightly to 14% in Q2 2020.

The share of Non-Profit Institutions Serving Households (NPISH) remained at less than 1% over the period, recording 0.6% in Q1 and 0.7% in Q2 2020.

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Household Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS - Brand SpurHousehold Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS - Brand Spur

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Household Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS - Brand SpurHousehold Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS - Brand Spur

Latest News

Securing Payments in Asia: Omise Integrates the EMV 3DS 2.2 Protocol Using Netcetera’s 3DS Server

Securing payments in Asia with latest 3-D Secure technology - Omise integrates the EMV(R) 3DS 2.2 protocol using Netcetera's 3DS Server

 

ZURICH, SWITZERLAND and SINGAPORE - EQS Newswire - 27 January 2021 - 

Securing payments in Asia with latest 3-D Secure technology
Omise integrates the EMV 3DS 2.2 protocol using Netcetera's 3DS Server


The Payment Service Provider Omise has implemented the Netcetera 3-D Secure Server to secure online payment transactions in the APAC region. Netcetera, a market leader for digital payment solutions, offers certified products for 3DS payment processing, and promotes secure and frictionless consumer authentication. With the go-live beginning of January 2021, Omise is among the first PSP customers to implement the latest EMV(R) 3DS 2.2 protocol, enabling them to increase the approval rates and reduce fraud.

PSPs, merchants and acquirers need to reduce the risk for non-authenticated transactions, associated refunds and lost revenue, while at the same time establishing a frictionless flow and improving the cardholder experience during online shopping. Finding the right balance of serving both security and convenience is a challenge.

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To successfully address this challenge, Omise decided to implement the network-certified and PCI-ready Netcetera 3-D Secure Server on premise solution. They are among the first PSPs to implement the 3DS server with the latest protocol EMV 3DS 2.2. Jatuporn Pinnuvat, Head of Product Innovation at Omise, says: "After a thorough evaluation and investigation of different suppliers and products, we decided on Netcetera with their flexible, agile and independent payment offering. We consider their 3DS server as the most reliable and viable product to support secure and convenient transactions. The implementation was smooth and efficient, and we were able to save a lot of time and effort thanks to the comprehensive technical documentation, educational webinars and Netcetera's professional support."


With their strong presence, providing service to thousands of merchants in the APAC region, Omise is a major player in the payment industry, and drives security and convenience of online payments together with Netcetera. Kiril Milev, Managing Director of Netcetera's location in Singapore, says: "We are convinced that we can bring value to the payment industry with our certified and state-of-the-art products, driving e-commerce payment forward. With this implementation at Omise, we are able to strengthen our presence in the APAC region". Ivan Ong, responsible for sales and business development in the area for Netcetera, adds: "We are committed to adapt our products to new regulations and protocols and are always among the first to be compliant. We are happy to count Omise among our customers, and as one of the first to implement our server with the latest 3DS 2.2 protocol."


Note:
EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

About Netcetera

Netcetera is a global software company with cutting-edge IT products and individual digital solutions in the areas of secure digital payment, financial technologies, media, transport, healthcare and insurance. More than 2,000 banks and issuers, and 150,000 merchants rely on the digital payment solutions and globally certified 3-D Secure products of the market leader for payment security. The owner-managed company covers the entire IT lifecycle, from ideation and strategy to implementation and operation. The balanced combination of the latest technologies and proven standards ensures investment security, from large-scale projects to innovative start-ups. Founded in 1996, Netcetera is a holding company with 700 employees and is headquartered in Zurich, Switzerland, with additional locations across Europe, Asia and the Middle East.


Further information: netcetera.com

About Omise

Established in 2013, Omise is a payments platform which provides businesses with a modern end-to-end infrastructure to accept, process and disburse payments online. Working with Omise, merchants have access to powerful payment tools, comprehensive risk management solutions, as well as connection to card networks and consumers' preferred payment methods. Omise enables revenue growth and seamless payment experiences across online, in-store and in-app.


Omise is present in Thailand, Japan and Singapore. The company is the payments platform of choice for thousands of brands today.

Further information: omise.co

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