The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, has reported that Nigeria’s real GDP at basic prices for the first and second quarters of this year decreased when compared to the growth rates recorded in the nation’s economy in the corresponding quarters of 2022.
The Bureau, in the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1, Q2 2023)’ published on its website late Wednesday, November 22, on its website, indicated that in Q1 2023, the nation’s real GDP grew by 2.31% on a year-on-year basis, showing a slower growth rate compared to the corresponding quarter of 2022, which was 3.11%.
Similarly, it reported that in the second quarter of this year the GDP though remained positive at 2.51%, yet was lower compared 3.54% growth rate recorded in Q2 of 2022
The statistics agency pointed out that, however, relative to Q1 and Q2 of 2022, the performances in 2023 indicate a decrease of 0.80% points in the Q1 growth rate and a fall of 1.03% points in Q2 of this year.
A further analysis of the report reflected that in Q1 and Q2 of 2023 Household Consumption Expenditure, grew by -24.95% and 3.30% in real terms, year-on-year but the growth were lower than the rates recorded in Q1 of 2022 and higher than Q2 of 2022.
Similarly, the report showed that Government Consumption Expenditure recorded growth rates of 17.83% and 5.79% in Q1 and Q2 of 2023 respectively, on a year-on-year basis, representing higher growth rates when compared to -9.91% and -6.23% recorded in Q1 & Q2 2022 respectively.
On Net Exports’ growth rates, the Bureau reported that net exports recorded a negative growth rate in Q1 of 2023, a departure from a positive growth rate in the fourth quarter of 2022.
Specifically, the report reflected that Net exports grew in real terms in Q1 and Q2 of 2023 by -1,740.06% and 1.42% respectively. These rates were lower than -160.14% and 70.27% recorded in Q1, and Q2 of 2022 respectively.
The statistics agency further clarified that National Disposable Income grew by 9.29% and 8.29% in Q1 and Q2 of 2023 respectively, higher than the growth of 1.55% and 1.84% in the corresponding quarters of 2022 respectively on a year-on-year basis in real terms, reflecting the first positive trend since Q4 of 2021 and a better performance in Q1 & Q2 of 2023 relative to Q1 and Q2 of 2022.
This is even as it reported that Compensation of Employees in the Q1 and Q2 of this year grew by 15.08%, and 19.41% respectively in real terms on a year-on-year basis, higher than the 6.48% and 3.93% recorded in Q1 and Q2 of 2022 respectively.
