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|Nigerian Record Worst Consumption Expenditure In Over 12 Quarters by mxhabib2001: 2:04am On Dec 07, 2020|
Nigerians spent a total of N46.99 trillion on household consumption expenditure in the first half of 2020 (January – June). This is contained in the Nigerian Gross Domestic Product report (Expenditure and Income approach), released by the National Bureau of Statistics (NBS).
According to the report, the final consumption expenditure of Nigerian households in nominal terms stood at N46.99 trillion in H1 2020, indicating a 4.2% decline compared to N49.06 trillion recorded in the corresponding period of 2019.
In terms of quarterly breakdown, household consumption expenditure grew by 8.62% in Q1 2020 to stand at N25.49 trillion, while it dipped by 15.96% at N21.5 trillion in the second quarter of the year.
Consumption expenditure is an important factor in determining economic growth for any country. Thus, as Nigerians suffered the effects of the Covid-19 lockdown in the second quarter of the year, consumption expenditure dropped meaning more Nigerians spent less as they stayed at home.
The Nigerian economy contracted by 6.1% in the second quarter of 2020, and consequently slipped into recession after enduring a second contraction in Q3 2020.
The decline in economic activities in the country can be attributed to the disruptions brought about by the lockdown as a result of covid-19 pandemic.
Household disposable income, which measures the income of households after taking into account net interest, dividends received, payment of taxes, and social contributions grew by 2.55% and 0.66% in Q1 and Q2 2020 respectively.
Household consumption expenditures continue to decline, indicating that the impact of COVID-19 has not been eliminated. Everyone has no psychological security, so I hope the government can stimulate people's consumption and promote economic development.
|Re: Nigerian Record Worst Consumption Expenditure In Over 12 Quarters by Airlove: 2:58am On Dec 07, 2020|
No money, no food for the average Nigerian
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