The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) grew by 1.94 percent (year-on-year) in real terms in the second quarter of 2019.
The NBS said this in its “Nigeria GDP Report for Second Quarter 2019’’ released on Tuesday in Abuja.
According to the NBS, the figure indicates an increase of 0.44 percent compared to a growth rate of 1.50 percent recorded in the second quarter of 2018.
It, however, said the figure, when compared to 2.10 percent (revised from 2.01 percent due to oil output revisions) recorded in the first quarter of 2019, showed a decline of –0.16 percent points.
It added that the aggregate GDP stood at N34.79 million in nominal terms, an increase of 13.83 percent over the performance in the second quarter of 2018 and 9.8 percent over the preceding quarter.
The bureau said the figure was higher than N28.43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 percent.
“The performance observed in quarter two, 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition,” it stated.
It said that overall, a total of 15 activities grew faster in the second quarter 2019 relative to 2018, while 13 activities had higher growth rates relative to the preceding quarter.
“On a half year basis, real growth in the first half of 2019 stood at 2.02 percent, higher than in 2018 which was 1.69 percent.
“Quarter-on-quarter, real GDP increased by 2.85 percent compared to a decline of –13.69 percent in the preceding period,” it stated.
MM/GIK/APA