…The growth outturn is 50bps and 60bps higher than Cordros’ (+2.96% y/y) and Bloomberg’s median consensus (+2.86% y/y) estimates, respectively.
MON NOV 25 2024-theGBJournal| Nigeria’s economy maintained its growth momentum in Q3-24, with real GDP growing by 3.46% y/y (Q2-24: +3.19% y/y), higher that the 2.54% recorded in the third quarter of 2023, and higher than the second quarter of 2024 growth of 3.19%.
The growth outturn is 50bps and 60bps higher than Cordros’ (+2.96% y/y) and Bloomberg’s median consensus (+2.86% y/y) estimates, respectively.
The growth data published today by the National Bureau of Statistics (NBS) shows the performance of the GDP under the review period was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.
The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.
The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.
The oil sector grew by 5.17% y/y in Q3-24 (Q2-24: +10.15% y/y | Q3-23: -0.85% y/y).
According to the NBS data, crude oil production averaged 1.47mb/d in Q3-24, 4.3% y/y higher than in Q2-24 (1.41mb/d). As a result, the oil sector contributed 5.57% to the total GDP (Q2-24: 5.70%) during the review period.
At the same time, the non-oil sector expanded by 3.37% y/y in Q3-24 (Q2-24: +2.80% y/y). Thus, the non-oil sector contributed 94.43% to the total GDP (vs 94.30% in Q2-24).
Analyzing the GDP on a sectoral basis: Agriculture slowed to 1.14% y/y (Q2-24: 1.41% y/y); Industries moderated to 2.18% y/y compared to a growth of 3.53% y/y in Q2-24; while Services grew by 5.19% y/y (Q2-24: +3.79% y/y).
In terms of contribution, Services, Agriculture, and Industries, respectively, accounted for 53.58%, 28.65%, and 17.77% of overall output growth.
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