Nigeria’s Real GDP At Basic Prices Grows By 2.54% In Q3 2023

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….As Growth Slows To 3.46% In Q4 Y-o-Y

The National Bureau of Statistics (NBS) has reported  that in the third quarter of 2023, Nigeria’s real GDP at basic prices grew by 2.54% on a year-on-year basis, showing a higher growth rate compared to the 2.25% growth recorded in the corresponding quarter of 2022

The statistics agency also disclosed in its ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q3, Q4 2023)’ published on Friday that in Q4 2023, the GDP growth remained positive at 3.46%, lower compared to the Q4 of 2022 growth (3.52%).

However, it clarified that relative to Q3 and Q4 of 2022, the performances in 2023 indicated an increase of 0.30% points in the Q3 of 2023 growth rate and a fall of 0.05% points in Q4 of 2023, while the annual growth rate of real GDP at basic prices stood at 2.74% in 2023 compared to 3.10% in 2022.

A decomposition of the GDP at basic prices growth rate report on categories showed that Household Consumption Expenditure in Q3 and Q4 of 2023 grew by -10.12% and -13.68% in real terms, year-on-year.

According to the Bureau, the growth rates in Q3 and Q4 of 2023 are lower than the rates recorded in Q3 of 2022 and Q4 of 2022, with Government Consumption Expenditure recording growth rates of 8.08% and 17.78% in Q3 and Q4 of 2023 respectively, on a year-on-year basis, higher, compared to -9.38% and -13.77% in Q3 & Q4 of 2022.

In addition, the report reflected that Net Exports recorded negative growth rates in Q1 and Q2 of 2023, a departure from a positive growth rate in the fourth quarter of 2022, and that Net exports grew in real terms in Q3 and Q4 of 2023 by 62.42% and 36.60% respectively.

The Bureau stated that these rates were lower than the 74.11% and 161.66% recorded in Q3, and Q4 of 2022 respectively.

On National Disposable Income growth rate, the statistics agency disclosed that it grew by 9.97% and 9.32% in Q3 and Q4 of 2023 respectively, higher than the growth of 1.08% and 4.98% in Q3 and Q4 of 2022 respectively on a year-on-year basis in real terms, adding that the growth of National Disposable Income became positive since Q4 of 2021, showing a better performance in Q3 & Q4 of 2023 relative to Q3 and Q4 of 2022.

This is even as it reported that Compensation of Employees in the Q3 and Q4 of 2023 grew by 24.35%, and 22.01% respectively in real terms on a year-on-year basis, noting that  growth rates are higher than the 4.28% and 3.28% recorded in Q3 and Q4 of 2022 respectively.


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