Nigeria GDP Annual Growth Rate  1982-2017 | Data | Chart | Calendar

The Nigerian economy shrank 0.5 percent year-on-year in the first quarter of 2017, following an upwardly revised 1.7 percent contraction in the previous period. It is the smallest drop in the GDP in five quarters as oil sector continued to decline but at a slower pace. GDP Annual Growth Rate in Nigeria averaged 3.95 percent from 1982 until 2017, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983.

Nigeria GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2016-11-21 09:00 AM Q3 -2.24% -2.06% -2.58% -2.2%
2017-02-28 08:05 AM Q4 -1.3% -2.24% -1.1%
2017-05-23 09:00 AM Q1 -0.5% -1.7% 0.4%
2017-08-23 09:00 AM Q2 -0.5% 1.3%
2017-11-22 09:00 AM Q3 0.8%




Nigerian Economy Contracts The Least In 1 Year


The GDP in Nigeria shrank 0.5 percent year-on-year in the first quarter of 2017, following an upwardly revised 1.7 percent decrease in the previous period. It is the smallest fall in five quarters of contraction, as oil sector continued to decline although at a slower pace.

The oil sector went down 11.64 percent year-on-year, following an upwardly revised 17.7 percent drop in the previous period and marking the fifth consecutive quarter of falls. The country produced 1.8 million barrels of crude oil per day, down from 2.1 mbpd a year earlier. As a result, oil sector accounted for 8.90 percent of the GDP compared to 10.02 percent a year earlier.

The non-oil sector advanced 0.72 percent, following a 0.33 percent contraction in the previous period. Ouput rebounded significantly for transport (10.55 percent vs -5.32 percent in Q4), manufacturing (1.36 percent vs -2.54 percent in Q4) and construction (0.15 percent vs -6.03 percent in Q4). In addition, production grew faster for information and communication (2.73 percent vs 1.38 percent in Q4), water supply, sewerage, waste management and remediation (12.63 percent vs 10.76 percent in Q4) and fell less for real estate activities (-3.10 percent vs -9.27 percent in Q4), electricity, gas, steam and air conditioning (-5.04 percent vs -5.16 percent in Q4) and mining (-11.46 percent vs -17.26 percent in Q4). Meanwhile, financial and insurance (0.67 percent vs 2.68 percent in Q4) and agriculture (3.39 percent vs 4.03 percent in Q4) rose less and trade continued to shrank (-3.08 percent vs -1.44 percent in Q4). The non-oil sector accounted for 91.10 percent of the GDP, up from 89.98 percent in the first quarter of 2016.

On a quarterly basis, the economy slipped 12.9 percent compared to a downwardly revised 3.75 percent expansion in the previous quarter.

National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
5/23/2017 2:30:52 PM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate -12.92 3.75 10.59 -13.98 percent [+]
GDP Annual Growth Rate -0.52 -1.73 19.17 -7.81 percent [+]
GDP 486.80 546.70 546.70 4.20 USD Billion [+]
GDP Constant Prices 15983391.37 18439940.98 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2874594.00 2530415.00 3015594.20 17236.65 NGN Million [+]
GDP per capita 2534.80 2535.10 2535.10 1080.70 USD [+]
GDP per capita PPP 5638.89 5639.45 5639.45 2739.59 USD [+]
GDP From Agriculture 3385600.83 4662010.12 5035069.06 2594759.86 NGN Million [+]
GDP From Construction 660920.64 623349.23 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1543187.49 1645401.73 1718985.30 875408.17 NGN Million [+]
GDP From Mining 2141964.14 1917553.43 3083257.13 887489.93 NGN Million [+]
GDP From Public Administration 364765.95 430861.50 614330.87 364765.95 NGN Millions [+]
GDP From Services 6977150.10 6035650.62 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 211047.14 217313.23 229523.14 144848.60 NGN Millions [+]
GDP From Utilities 111801.06 85432.68 114401.69 51342.43 NGN Million [+]


Nigeria GDP Annual Growth Rate Notes

Nigeria is one of the most developed countries in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-0.52 -1.73 19.17 -7.81 1982 - 2017 percent Quarterly
Constant 2010 Prices



gdp annual growth rate by Country

Last
China 6.90 Mar/17
India 6.10 Mar/17
Indonesia 5.01 Mar/17
Turkey 5.00 Mar/17
Netherlands 3.40 Mar/17
Spain 3.00 Mar/17
South Korea 2.90 Mar/17
Mexico 2.80 Mar/17
Canada 2.30 Mar/17
United Kingdom 2.00 Mar/17
United States 2.00 Mar/17
Euro Area 1.90 Mar/17
Australia 1.70 Mar/17
Germany 1.70 Mar/17
Japan 1.30 Mar/17
Italy 1.20 Mar/17
Switzerland 1.10 Mar/17
France 1.00 Mar/17
Russia 0.50 Mar/17
Brazil -0.40 Mar/17