The National Bureau of Statistics (NBS), on Wednesday reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent in the fourth quarter of 2021 compared to the 4.03% recorded in the preceding quarter
The national statistical system coordinating agency gave these figures in its ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for Q3, Q4 2021’ published on Wednesday.
In the third quarter of 2021, the Bureau reported that Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis, indicating a steady improvement over the preceding quarters’ rate while in Q4, the economy sustained its growth trajectory, recording a GDP growth rate of 3.98 percent.
It expatiated: “The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent in 2019 on a year-on-year basis.
“Annual growth in 2021 stood at 3.40 per cent, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65 per cent points and 3.87 per cent points higher, respectively”, the NBS added.
In addition, the report further showed that Household Consumption Expenditure in Q3 and Q4 2021, grew by 19.36 percent and 7.30 percent in real terms, year-on-year even as the annual growth rate for the year in real household consumption expenditure stood at 25.65 percent compared to -1.69 per cent recorded in 2020.
According to the agency, the observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2 accounting for negative growth rates informed by the COVID 19 pandemic but that positive growth rates were recorded in Q3 and Q4 of 2020 and all quarters in 2021
The agency also disclosed that Government Consumption Expenditure recorded growth rates of -39.51 percent and -16.76 percent in Q3 and Q4 of 2021 respectively, year-on-year and that the annual growth rate stood at -34.03 percent in 2021, compared to 61.58 per cent in the preceding year.
The NBS further reported that Nigeria’s Net Exports recorded positive growth rates in the first two quarters of 2020 and shifted to negative growth rates in the third and fourth quarters of the year, a trend which, it stated, was sustained in the first three quarters of 2021.
However, the agency reported that Net exports grew in real terms in Q3 and Q4 of 2021 by -38.27 percent and 1.35 percent respectively.
Specifically, the NBS stated that “on an annual basis, net exports grew by -55.77 percent in 2021, compared to -13.17 per cent recorded in 2020.’’
The report also reflected that National Disposable Income grew by -1.48 percent in Q3 2021 and 2.84 percent in Q4 of the year compared to a growth of 0.32 percent and -1.28 percent in Q3 and Q4 of the preceding year on a year-on-year basis in real terms.
The figures implied that there was a slower growth rate of -2.52 per cent for the annual figure in 2021, compared to a positive growth rate at the end of 2020 (1.07 per cent).
The NBS further reported that Compensation of Employees in Q3 and Q4 2021 grew by 14.54 percent, and 11.79 percent respectively in real terms on a year-on-year basis.
For the full year in review, it reported that Compensation of Employees grew at 13.68 percent compared to 0.96 per cent in the preceding year.
