Ebun Francis|
Nigeria’s Gross Domestic Report (GDP) has grown 1.50% in the second quarter ostensibly less than the 1.95% recorded in the first quarter of 2018.
According to the GDP report released by the National Bureau of Statistics (NBS), the second quarter GDP is driven by the non-oil sector 2.05% growth indicating an increase in the second quarter of 2018.
“In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58trillion.
“Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%, but –0.45% points slower than 1.95% recorded in the first quarter of 2018.
“On a quarter on quarter basis, real GDP growth was 2.94%,” the NBS report read in part.
The transportation sector led non-oil GDP Growth with 21.76% while the Agriculture GDP up 1.3% lower 3% in the first quarter of 2018.
Nigeria’s Gross Domestic Report (GDP) has grown 1.50% in the second quarter ostensibly less than the 1.95% recorded in the first quarter of 2018.
According to the GDP report released by the National Bureau of Statistics (NBS), the second quarter GDP is driven by the non-oil sector 2.05% growth indicating an increase in the second quarter of 2018.
“In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58trillion.
“Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%, but –0.45% points slower than 1.95% recorded in the first quarter of 2018.
“On a quarter on quarter basis, real GDP growth was 2.94%,” the NBS report read in part.
The transportation sector led non-oil GDP Growth with 21.76% while the Agriculture GDP up 1.3% lower 3% in the first quarter of 2018.
“Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016,” the report read.
“However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.”
The country’s economy is projected to grow by 2.1% by the International Monetary Fund (IMF) in 2018.