After five consecutive quarters of contraction beginning from the first quarter (Q1) of 2016, Nigeria’s Gross Domestic Product (GDP) grew by 0.55 per cent (year-on-year) in real terms, in the second quarter of 2017. This indicates the emergence of the economy from recession.
The National Bureau of Statistics(NBS) made this known today, in its Q2 GDP report.
This growth, according to the NBS is 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, (revised to –0.91% from –0.52%).
It said quarter on quarter, real GDP growth was 3.23 per cent. During the quarter, aggregate GDP stood at N26,986,005.20 million in nominal terms, compared to N23,547,466.91 million in Q2 2016, resulting in a nominal GDP growth of 14.60 per cent.
During the period under review, oil production is estimated to have averaged at 1.84 million barrels per day (mbpd), 0.15 million barrels higher than the daily average production recorded in the first quarter of 2017 (June 2017 is estimated and may be revised).
Oil production during the quarter was higher by 0.03 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.81mbpd.
The bureau says oil output for March 2017 has been revised and this affected average output for the first quarter 2017 from 1.83mbpd to 1.69mbpd.
The non-oil sector grew by 0.45 per cent in real terms during the reference quarter. Also, the major driver of growth in the Non-oil sector was the Agriculture Sector( Crop Production), finance & insurance, Electricity, gas, steam and air conditioning supply and Other Services.