TUE, FEBRUARY 26 2019-theG&BJournal- The National Bureau of Statistics (NBS) yesterday published fresh data on Nigeria’s GDP (Expenditure and Income Approach) (Q1 & Q2 2018) which shows that household and government spending and investment had substantially recovered from recession and was set for further growth.
In the first and second quarters of 2018, real GDP grew by 2.04% and 1.46% respectively, building on the growth recorded in 2017 which stood at 0.81%. When compared with the corresponding quarters of 2017, real GDP growth rate increased by 3.09% points and 0.68% points in Q1 and Q2 2018 respectively. The growth testifies to the progress Nigeria has made in shrugging off the recession.
Real Household Consumption Expenditure in the first quarter of 2018, declined by 0.25% but grew 0.78% year on year in Q2 2018. Government Consumption Expenditures which had generally recorded negative year on year growth rates in 2017, grew by 13.83% in the first quarter, and 33.71% in second quarter of 2018.
Similarly, Net Exports grew in real terms in the first quarter of 2018 at 7.23% but declined 8.30% in Q2 2018 year on year. The growth recorded in the first quarter of 2018 was an improvement when compared to the corresponding quarter of the previous year (9.46%). However, the reverse was the case in Q2, as the growth rate in the second quarter of 2018 slowed by 8.30% compared to Q2 2017 (18.26%).
National Disposable Income rose by 0.26% in the first quarter of 2018 in real terms, but slowed by –.98% in the second quarter of 2018 year on year.
Compensation of Employees maintained its historical trend in the first and second quarters of 2018, growing at 14.71% and 15.33% respectively. – However, operating surplus continued to record negative growth rate, declining by 2.47% and 3.44% in Q1 and Q2 2018 respectively.
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