The economy of Nigeria grew 1.94 percent year-on-year in the second quarter of 2019, easing from an upwardly revised 2.10 percent expansion in the prior period. Stable oil output and the successful political transition were the main drivers of growth. GDP Annual Growth Rate in Nigeria averaged 3.82 percent from 1982 until 2019, 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.

GDP Annual Growth Rate in Nigeria is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 2.10 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.

Nigeria GDP Annual Growth Rate
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2018-12-10 08:00 AM GDP Growth Rate YoY Q3 1.8% 1.5% 2%
2019-02-12 07:30 AM GDP Growth Rate YoY Q4 2.4% 1.8% 2.1% 1.8%
2019-05-20 07:30 AM GDP Growth Rate YoY Q1 2.01% 2.4% 2.1% 2.1%
2019-09-03 08:00 AM GDP Growth Rate YoY Q2 1.94% 2.10% 1.8%
2019-11-25 08:00 AM GDP Growth Rate YoY Q3 1.94% 2.0%



Nigeria GDP Grows 1.94% YoY in Q2

The economy of Nigeria grew 1.94 percent year-on-year in the second quarter of 2019, easing from an upwardly revised 2.10 percent expansion in the prior period. Stability in oil output as well as the successful political transition were the main drivers to growth.

The oil sector expanded 5.15 percent in the three-months to June of 2019, after contracting 1.46 percent in the prior period. The country produced 1.98 million barrels of crude oil per day, higher than 1.84 MBPD in the same period a year earlier. As a result, the oil sector accounted for 8.82 percent of GDP compared to 8.55 percent a year ago. 

The non-oil sector rose 1.64 percent, slowing from a 2.47 percent growth in the prior quarter. 

Output increased at a softer pace for construction (0.67 percent vs 3.18 percent in Q1); accommodation & food services (2.92 percent vs 4.15 percent); arts, entertainment and recreation (0.81 percent vs 7.12 percent); professional, scientific and technical services (1.21 percent vs 1.73 percent); electricity, gas, steam and air conditioning supply (0.43 percent vs 8.47 percent) and agriculture (1.79 percent vs 3.17 percent). In addition, production dropped for trade (-0.25 percent vs 0.85 percent); real estate (-3.84 percent vs 0.93 percent) and manufacturing (-0.13 percent vs 0.81 percent). On the other hand, output rebounded for human health and social services (1.13 percent vs -0.16 percent) and mining & quarrying (5.02 percent vs -1.37 percent) while production advanced faster for administrative and support services (2.03 percent vs 1.43 percent); education (0.96 percent vs 0.18 percent) and for water supply, sewerage, waste management and remediation (14.35 percent vs 3.75 percent). 

On a quarterly basis, the economy advanced 2.85 percent, rebounding from an upwardly revised 13.69 percent contraction in the first quarter of 2019. 


National Bureau of Statistics | Rafael Gonzalez | rafael.gonzalez@tradingeconomics.com
9/3/2019 8:22:49 AM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.85 -13.69 10.59 -13.97 percent [+]
GDP Annual Growth Rate 1.94 2.10 19.17 -7.81 percent [+]
GDP 397.30 375.70 568.50 4.20 USD Billion [+]
GDP Constant Prices 17047426.80 16569734.73 19277641.99 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2742192.51 2454034.29 2876293.00 17236.65 NGN Million [+]
GDP per capita 2396.30 2412.40 2563.90 1145.80 USD [+]
GDP per capita PPP 5315.82 5351.44 5687.59 2991.83 USD [+]
GDP From Agriculture 3857705.59 3597916.08 5288339.21 2594759.86 NGN Million [+]
GDP From Construction 752833.66 671448.37 752833.66 369190.91 NGN Million [+]
GDP From Manufacturing 1537522.17 1608461.83 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1491129.02 1514641.29 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 367112.43 307550.32 614330.87 307550.32 NGN Millions [+]
GDP From Services 6517283.97 6259209.21 7196009.75 4564086.31 NGN Millions [+]
GDP From Transport 233705.81 288637.00 288637.00 144848.60 NGN Millions [+]
GDP From Utilities 117091.44 64825.41 127728.46 51342.43 NGN Million [+]


Nigeria GDP Annual Growth Rate

Nigeria is the biggest economy 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.94 2.10 19.17 -7.81 1982 - 2019 percent Quarterly
Constant 2010 Prices




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19
Argentina -5.80 Mar/19


Related

Latest