The National Bureau of Statistics (NBS) on Tuesday reported that Household Consumption contributed the largest share to Nigeria’s Gross Domestic Product (GDP) in the first half of last year
The latest report of the agency titled ‘Nigerian Gross Domestic Report (Expenditure Income Approach Q1 and Q2, 2018’ indicated that the sector accounted for 59.67 percent in Q1 and 60.62 percent in Q2 of 2018, compared to 61.05 percent and 61.03 percent contributed in the corresponding quarters of 2017.
The Bureau stated further that while NPISH contributed less than one percent over the period, its contribution moved from 0.53 percent in Q1 of 2017 to 0.61 percent in the firts quarter of last year, with Q2 for both periods relatively same at 0.23 percent.
According to official statistics producing and reporting agency, the General Government Consumption accounted for 5.57 percent and 5.04 percent in Q1 and Q2 of 2018 respectively
The NBS reported further that, however, the contribution of Net Exports increased in Q1 2018 by 17.99 percent against 17.12 percent in the previous year, adding that in second quarter of 2018, the contribution fell to 16.64 percent from 18.41 percent in Q2 of 2017.
A further analysis of the agency’s report on the two quarters GDP trend showed that in the quarters under review, the nation’s real GDP grew by 2.04 percent and 1.46 percent respectively, thereby consolidating on the 0.81 percent growth recorded in 2017.
The report indicated that when compared with the corresponding quarters of 2017, real GDP growth rate increased by 3.09 percent points and 0.68 percent points in Q1 and Q2 2018 respectively.
