The National Bureau of Statistics (NBS) on Monday reported that Nigeria’s Gross Domestic Product (GDP) recorded a growth rate of 1.18 percent year-on-year in the third quarter of this year, representing the third consecutive quarter the economy sustained the positive traction.
The latest growth indicated a marginal increase when compared with the 1.15 percent growth the economy recorded in the second quarter of this year.
According to the official statistics producing and reporting agency, in nominal terms, the value of the nation’s economic output during the quarter in review stood at N33.36 trillion.
When analysed on year-on-year basis, the growth was higher than when compared with the corresponding quarter 2017 GDP’s output of N29.37 trillion.
The NBS stated: “The nation’s Gross Domestic Product grew by 1.81 per cent year-on-year in real terms in the third quarter of 2018.
“Compared to the third quarter of 2017 which recorded a growth of 1.17 per cent, there is an increase of 0.64 per cent points.
“The second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31 per cent points”, the agency added.
