…The Services sector was the primary driver of the overall GDP growth, recording a significant growth of 3.98%. This sector contributed 56.55% to the aggregate GDP.
THUR, FEB 22 2024-theGBJournal|Nigeria’s GDP grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023, according to latest National Bureau of Statistics (NBS) GDP report.
While this represents a slight decrease from the 3.52% recorded in the same period of 2022, it is a notable improvement from the third quarter of 2023 growth of 2.54%.
The Services sector was the primary driver of the overall GDP growth, recording a significant growth of 3.98%. This sector contributed 56.55% to the aggregate GDP.
The Agriculture sector also exhibited positive growth, expanding by 2.10% compared to the fourth quarter of 2022, where it recorded a growth of 2.05%.
The Industry sector showed robust growth at 3.86%, marking a significant improvement from the -0.94% recorded in the fourth quarter of 2022.
In the fourth quarter of 2023, both the Industry and Services sectors contributed more to the aggregate GDP compared to the same period in 2022.
On an annual basis, the GDP grew by 2.74% in 2023, showing a slight dip from the 3.10% growth observed in 2022.
Highlights of Top 10 Contributing Activities to Real GDP in Q4 2023
-Crop Production 23.86%
-Trade 15.50%
-Real Estate 6.06%
-Crude Petroleum and Natural Gas 4.70%
-Financial Institutions 4.66%
-Food, Beverage and Tobacco 4.12%
-Construction 3.47%
-Professional, Scientific and Technical Services 3.28%
-Other services 3.17%
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