In the third quarter of 2017, Nigeria recorded a growth in its Gross Domestic Product (GDP) by 1.4 per cent, data released today by the National Bureau Statistics (NBS) revealed.
In the report obtained by Sundiata Post, the stats office said this growth is the second consecutive positive growth since the emergence of the economy from recession in the second quarter of this year.
In the data released on Monday, NBS said, “This growth is 3.74 per cent points higher than the rate recorded in the corresponding quarter of 2016 (–2.34 per cent) and higher by 0.68 per cent points from the rate recorded in the preceding quarter, which was revised to 0.72 per cent from 0.55 per cent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).
It noted that quarter on quarter, real GDP growth was 8.97 per cent year-to-date Real GDP growth stands at 0.43 per cent.
In the quarter under review, aggregate GDP stood at N29,451,303.99 million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98 per cent.
“This growth is higher relative to growth recorded in Q3 2016 of 9.15 per cent,” the stats office stated in the report on Monday.
NBS further disclosed that in the period under review, oil production is estimated to have averaged 2.03 million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).
Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd.
It added that real growth of the oil sector was 25.89 per cent (year-on-year) in Q3 2017. This represents an increase of 48.92 per cent relative to rate recorded in the corresponding quarter of 2016.
Growth also increased by 22.36 per cent when compared to Q2 2017 which was revised from 1.64 per cent to 3.53 per cent.
Quarter-on-Quarter, the oil sector grew by 21.10 per cent in Q3 2017. As a share of the economy, the oil sector contributed 10.04 per cent of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09 per cent and 9.04 per cent to GDP respectively.
It was also stated that the non-oil sector grew by -0.76 per cent in real terms during the reference quarter. This is lower by -0.79 per cent point compared to the rate recorded same quarter, 2016 and -1.20 per cent point lower than in the second quarter of 2017.
This sector was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.
In real terms, the Non-Oil sector contributed 89.96 per cent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 per cent) and in the second quarter of 2017 (90.96 per cent).