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Nigeria’s GDP Growth Up 2.28% In Q3 2019 – NBS

The National Bureau of Statistics (NBS) on Friday reported that Nigeria’s  Gross Domestic Product (GDP) grew by 2.28% in the third quarter of 2019, representing 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.

According to the official statistics producing agency, the third quarter growth rate represents the second highest quarterly rate recorded since 2016.

The GDP report indicated that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

The Bureau stated further that the non-oil sector grew by 1.85% during the quarter under review, spurred largely by growth recorded in the Information and Communication, Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing sectors.

It clarified that in real terms, the non-oil sector contributed 90.23% to the nation’s GDP, adding that while the Mining and Quarrying sector grew by 5.98% in the quarter under review, Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%,

The sector was followed by Coal at 43.68% compared to Agricultural sector’s 14.88% growth during the quarter, representing a decline of –3.44% points when compared to the growth recorded in the corresponding period of 2018.

 

 

 

 

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