Nigeria’s GDP Rebounds in Q3’ 2018, Up By 1.81% Year-On-YearOpeyemi Kolawole
The National Bureau of Statistics just released the third quarter 2018 GDP report. According to the report, the nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms.
This growth in Q3 2018 is 0.64% points higher than the rate recorded in the corresponding quarter of 2017 (1.17%) and also 31 basis points higher than the rate recorded in the preceding quarter (1.50%). Quarter on quarter, real GDP growth was 9.05%.
In the quarter under review, aggregate GDP stood at N33.37 trillion in nominal terms. This represents a 10.70% increase in nominal GDP when compared to the preceding quarter (N30.69trillion) and 13.58% increase when compared to the corresponding quarter of 2017 (N29.38trillion).
The Oil Sector
During the period under review, Oil production is estimated to have averaged at 1.94 million barrels per day (mbpd), 0.10 million barrels higher than the revised daily average production recorded in the second quarter of 2018 (1.84 mbpd). Oil production during the quarter was however lower by 0.08 million barrels per day relative to the corresponding quarter in 2017, which recorded an output of 2.02 mbpd.
Real growth of the oil sector was -2.91% (year-on-year) in Q3 2018. This is lower by 25.94% points compared to the rate recorded same quarter, 2017 but increased by 1.04% points than the second quarter of 2018. As a share of the economy, The Oil sector contributed 9.38% to total real GDP in Q3’2018, down from figures recorded in the corresponding period of 2017 but up from the preceding quarter, where it contributed 9.84% and 8.55% respectively.
The Non-Oil sector
The non-oil sector grew by 2.32% in real terms during the reference quarter. This is higher by 3.08% point compared to the rate recorded same quarter, 2017 and 0.28% point higher than the second quarter of 2018. The non-oil sector was mainly driven by Information and communication services. Other notable drivers included Manufacturing, Agriculture, Transportation and Storage and Other Services.
In real terms, the Non-Oil sector contributed 90.62% to the nation’s GDP, higher than 90.16% recorded in Q3’2017 but lower than the 91.45% recorded in the second quarter of 2018.