Nigeria GDP Growth Slows in Q1


According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 6.21 percent year-on-year in the first quarter of 2014, lower than the revised figure of 6.77 percent recorded in the previous period. Growth was mainly driven by the services sector, while the oil sector contracted again.

The oil sector shrank 6.60 percent year-on-year in the first quarter of 2014, compared with a 9.36 percent fall in the previous quarter and an 11.40 percent decline in the corresponding 2013 quarter. Crude production fell to 2.26 million barrels per day from January to March of 2014, down from 2.29 million barrels per day, a year earlier.

The non-oil sector rose 8.21 percent, compared with an 8.28 percent increase in the previous quarter. The services sector recorded the highest growth rate of 7.20 percent, followed by agriculture (5.53 percent) and industry (4.84 percent). 

Nigeria GDP Growth Slows in Q1


Nigeria National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
7/15/2014 6:05:21 PM