…In terms of contributions, Services, Agriculture, and Industries had a total of 58.76%, 22.61% and 18.62% of overall output growth, respectively.
…Oil sector growth was reported at 10.15% y/y in Q2 2024, a 23.58% points increase relative to the rate recorded in the corresponding quarter of 2023 (-13.43%)
…Meanwhile, the non-oil sector grew by 2.80% in real terms during the reference quarter (Q2 2024).
MON AUG 26 2024-theGBJournal| Nigeria’s economic growth is much higher than expected in the second quarter of 2024, according to the National Bureau of Statistics (NBS) data released today. This is even as prices rose at a faster pace during the period-(Headline inflation at 34.2% in July, a 28-year high).
Nigeria’s gross domestic product (GDP), a broad measure of good and services produced through to the end of the second quarter, rose at a 3.19% annualized pace in real terms, higher than the 2.51% reported in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%.
The growth outturn is 61bps and 1bp lower than Cordros’ (+3.80% y/y) and Bloomberg’s median consensus (+3.20% y/y) estimates, respectively.
The statistics office said in their report that the GDP performance during the period was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.
The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.
”In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023,” NBS said.
Q-On-Q, aggregate GDP at basic price stood at N60,930,000.58 million in nominal
terms, higher when compared to the second quarter of 2023 which recorded
aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.
Oil sector growth was reported at 10.15% y/y in Q2 2024, a 23.58% points increase relative to the rate recorded in the corresponding quarter of 2023 (-13.43%).
Growth is 4.45% points increase when compared to Q1 2024 which was 5.70%.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51% in Q2 2024.
The sector contributed 5.70% to the total real GDP in Q2 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34% and 6.38% respectively.
Meanwhile, the non-oil sector grew by 2.80% in real terms during the reference quarter (Q2 2024). This rate was lower by 0.78% points compared to the rate recorded in the same quarter of 2023 which was 3.58% and relatively same with the 2.80% recorded in the first quarter of 2024.
This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.30% to the nation’s GDP in the second quarter of 2024, lower than the share recorded in the second quarter of 2023 which was 94.66% and higher than the first quarter of 2024 recorded as 93.62%.
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