Nigeria GDP Grows 1.8% YoY in Q3


The economy of Nigeria grew 1.8 percent year-on-year in the third quarter of 2018, up from a 1.5 percent expansion in the prior period, as non-oil rose faster and oil sector shrank less. On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

The oil sector shrank 2.9 percent year-on-year in the three months to September of 2018, following a 4 percent contraction in the prior period. The country produced 1.94 million barrels of crude oil per day, lower than 2.02 mbpd in the same period a year ago. As a result, the oil sector accounted for 9.4 percent of GDP compared to 9.8 percent a year earlier.

The non-oil sector increased 2.3 percent, after expanding 1.5 percent in the second quarter.

Output advanced further for information and telecommunication (12.1 percent compared to 11.8 percent in Q2); food and accomodation services (2.7 percent compared to 2.4 percent); electricity, gas, steam and air conditioning supply (18.3 percent compared to 7.6 percent); manufacturing (1.9 percent compared to 0.7 percent) and financial and insurance (4.8 percent compared to 1.3 percent). Also, production rebounded for internal trade (1 percent compared to -2.1 percent) while it increased at the same pace for agriculture (1.9 percent, the same as in Q2). On the other hand, output slowed for transportation and storage (12 percent from 21.8 percent); arts, entertainment and recreation (2.8 percent compared to 3.5 percent); water supply, sewerage, waste management and remediation (2.3 percent compared to 12 percent); construction (0.5 percent compared to 7.7 percent). Meanwhile, output declined less for real estate activities (-2.7 percent compared to -3.9 percent); mining and quarrying (-2.8 percent compared to -3.8 percent); education (-0.4 percent compared to -0.7 percent) and public administration (-1 percent compared to -5.2 percent) and production fell for social services (-0.7 percent compared to 0.4 percent). 

On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

Nigeria GDP Grows 1.8% YoY in Q3


National Bureau of Statistics | Agna Gabriel | agna.gabriel@tradingeconomics.com
12/10/2018 8:39:05 AM