….As Q2 Growth Rate Rises To 3.19%
The National Bureau of Statistics (NBS) reported on Monday that Nigeria’s real GDP at basic prices grew by 2.98% in the first quarter of 2024, on a year-on-year basis, representing a higher growth rate compared to 2.31% growth recorded in the corresponding quarter of 2023.
Similarly, the Bureau in its ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1, Q2 2024)’ published on its website indicated in Q2 of 2024 the growth in the economy remained positive at 3.19%, higher compared to the 2.51% growth rate in Q2, 2023.
The statistics agency reported that relative to Q1 and Q2 of 2023, the performance in half year 2024 indicated increase of 0.67% points and 0.68% points respectively.
On Household Consumption Expenditure, the report reflected that in Q1 and Q2 this year, it fell by 42.28% and 61.18% in real terms, year-on-year and were lower than the rates recorded in Q1 of
2023 and Q2 of 2023.
According to the Bureau, Government Consumption Expenditure in real terms recorded growth rates
of 21.76% and -5.54% in Q1 and Q2 of 2024 respectively, on a year-on-year basis, representing higher growth rates when compared to 17.83% in Q1 of 2023 and lower relative to 5.79% in Q2 of 2023.
The GDP report also showed that Nigeria’s Net Exports sustained positive growth rates since Q3 2023 against the negative growth rate recorded in Q2 2023, as the Net exports grew in real terms in Q1 and Q2 of 2024 by 143.83% and 340.30% respectively. These rates were higher than the -1,650.44% and -14.22% recorded in Q1 and Q2 of 2023 respectively.
The Bureau further clarified that in the quarters under review, the National Disposable Income grew by 12.91% and 17.44% in Q1 and Q2 of 2024 respectively, higher than the growth of 9.17% in Q1 of 2023 and 8.45% in Q2 of 2023 on a year-on-year basis in real terms.
The half year 2024 performance showed that the growth of National Disposable Income became positive since Q4 of 2021, showing a better performance in Q1 and Q2 of 2024 relative to Q1 and Q2 of 2023.
The report also revealed that Compensation of Employees in the Q1 and Q2 of 2024 grew by 12.16%, and -19.68% respectively in real terms on a year-on-year basis, lower than the 15.08% and 19.41%
recorded in Q1 and Q2 of 2023 respectively.
