Nigerian Economy Expands 6.6% in Q1 2013


In Q1 of 2013, GDP expanded by 6.6 percent year-on-year, down from 6.9 percent in the previous quarter, mainly due to slow growth of the non-oil sector.

Real non-oil GDP was estimated to have grown by 7.9 per cent, down from 8.2 percent in the previous quarter. The non-oil sector accounted for 85.2 percent of the total GDP in the review quarter.

Real oil GDP, comprising crude petroleum and natural gas was estimated to have declined by 13.3 percent, compared with the contraction of 0.2 percent in the preceding quarter and accounted for 14.8 percent of the total real GDP.
 
Industrial production declined by 0.9 percent from the previous quarter, but showed an increase of 0.7 percent compared with the same period of 2012. Within industries, manufacturing production, declined marginally by 0.9 below the level attained in the preceding quarter, but increased by 0.4 percent over a year earlier. The development was attributed to the decline in electricity supply. Mining production decreased marginally by 0.6 percent quarter-on-quarter, but rose by 0.2 percent year-on-year. The decline in mining production resulted from the fall in crude oil and gas production.
 
Estimated average electricity generation fell by 3.1 percent over the previous quarter. The development was attributed to the shortage in  gas supply to the thermal stations and decline in water levels at the hydro stations. Estimated average electricity consumption, increased by 0.7 percent over the preceding quarter. The development was attributed to the increase in power supply transmission and distribution.
 

Nigerian Economy Expands 6.6% in Q1 2013


Central Bank of Nigeria | Joana Taborda | joana.taborda@tradingeconomics.com
5/9/2013 4:45:16 PM