Data just released by the National Bureau of Statistics (NBS) show that Nigeria’s economy grew more slowly in the second quarter of 2019 than it did in the first quarter.
According to the latest data from the NBS which only became public on Tuesday, Nigeria’s Gross Domestic Product growth rate fell to 1.94 percent in Q2 from 2.10 percent in Q1.
The NBS revealed that during Q2 2019, aggregate nominal GDP stood at NGN 34.94 Tn, indicating an increase of 13.83 percent over the performance in the second quarter of 2018 and 9.8 percent over the preceding quarter.
The GDP report from the NBS said, “The performance observed in Q2 2019 follows an equally strong quarter performance, and was likely aided by stability in oil output as well as the successful political transition.”
In the report released on Tuesday, September 3, 2019, the NBS disclosed that the 2.10 percent (revised from 2.01 percent due to oil output revisions) reported for Q1 2019 declined to 1.94 percent in Q2 2019, a decline of -0.16 percent points. The Q1 figure had represented a decline by -0.38 percent points when compared to Q4 2018.
However, in spite of the quarter-on-quarter decline, the NBS said the GDP grew year-on-year, in real terms, when compared to Q2 2018 which recorded a growth of 1.50 percent, an increase of 0.44 percent points
“Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter,” the report says.
“On a half-year basis, real growth in the first half of 2019 stood at 2.02 percent, higher than in 2018 which was 1.69 percent. Quarter-on-quarter, real GDP increased by 2.85 percent compared to a decline of –13.69 percent in the preceding period.”
According to the report, if compared to the second quarter of 2018, which recorded a growth of 1.50 percent, the growth observed in Q2 2019 indicates an increase of 0.44 percent. However, when compared to the 2.10 percent recorded in the first quarter of 2019, the Q2 2019 real growth rate indicates a decline of 0.16 percent.