Our reporter/ Nigeria’s gross domestic product (GDP) grew by 2.51 percent in the second quarter (Q2) of 2023, the National Bureau of Statistics (NBS) said in a report on Friday.
Friday’s growth rate is lower than the 3.54 percent recorded in the same quarter last year.
The NBS, in a statement, attributed the 2023 Q2 growth rate to the challenging economic conditions being experienced.
According to the report, the growth rate was driven by the services sector.
The services sector, the report said, improved by 4.42 percent and contributed 58.42 percent to the aggregate GDP, while the agriculture and the industry sector underperformed.
“The agriculture sector grew by 1.50 percent, an improvement from the growth of 1.20 percent recorded in the second quarter of 2022,” the report reads.
“The growth of the industry sector was -1.94 percent relative to -2.30 percent recorded in the second quarter of 2022.
“In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.”
The report further stated that the nominal GDP for Q2 2023 stood at N52.1 trillion while the real GDP was N17.72 trillion.
Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. However, real GDP is adjusted for inflation, while nominal GDP is not.
“In the quarter under review, aggregate GDP stood at N52,103,927.13 million in nominal terms. This performance is higher when compared to the second quarter of 2022 which recorded aggregate GDP of N45,004,520.89 million, indicating a year-on-year nominal growth of 15.77 percent,” the report added.
“In real terms, the non-oil sector contributed 94.66 percent to the nation’s GDP in the second quarter of 2023, higher than the share recorded in the second quarter of 2022 which was 93.67 percent.”
The quarter’s performance, the report noted, is higher, compared to the first quarter of 2023 when the sector’s contribution stood at 93.79 percent.
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