According to the information released by National Bureau of Statistics (NBS), said the nation’s Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year) in real terms in the first quarter of 2019.
The NBS said this in its “Nigeria GDP Report for First Quarter 2019’’ released on Monday in Abuja.
According to the NBS, the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018.
It, however, said the figure, relative to the fourth quarter 2018, showed a decline by -0.38 per cent points.
According to the bureau, the strong performance recorded in the quarter may be due to general elections held within the first quarter of 2019.
It said the aggregate GDP stood at N31,79 million in nominal terms.
The bureau said the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 per cent.
According to the NBS, the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 per cent.
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 per cent points.
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.
However,The oil sector shrank in 2.4 percent in the first three-months to March of 2019, after contracting 1.6 percent in the prior period. The country produced 1.96 million barrels of crude oil per day, lower than 1.98 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.1 percent of GDP compared to 9.6 percent a year ago.
The non-oil sector rose 2.5 percent, slowing from a 2.7 percent growth in the prior quarter.
Output increased at a softer pace for manufacturing (0.8 percent from 2.4 percent in Q4 2018); internal trade (0.8 percent from 1 percent); information and communication (9.5 percent from 13.2 percent) and education. Also, production fell further for public administration (-14.2 percent from -0.3 percent); financial and insurance (-7.6 percent from -1.8 percent) and mining and quarrying (-2.3 percent from -1.2 percent). On the other hand, output advanced faster for agriculture (3.2 percent from 2.5 percent); electricity, gas, steam and air conditioning supply (8.5 percent from 0.9 percent); water supply, sewerage, waste management (3.8 percent from 1.8 percent); construction (3.2 percent from 2 percent); accommodation and food services (4.2 percent from 2.1 percent); professional, scientific and technical services (1.7 percent from 0.5 percent) and administrative and support services (1.4 percent from 0.8 percent)

Additionally, real state activities rebounded 0.9 percent, after declining 3.8 percent.
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.
Read more
https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

Okfiscal:
According to the information released by National Bureau of Statistics (NBS), said the nation’s Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year) in real terms in the first quarter of 2019.
The NBS said this in its “Nigeria GDP Report for First Quarter 2019’’ released on Monday in Abuja.
According to the NBS, the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018.
It, however, said the figure, relative to the fourth quarter 2018, showed a decline by -0.38 per cent points.
According to the bureau, the strong performance recorded in the quarter may be due to general elections held within the first quarter of 2019.
It said the aggregate GDP stood at N31,79 million in nominal terms.
The bureau said the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 per cent.
According to the NBS, the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 per cent.
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 per cent points.
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.
However,The oil sector shrank in 2.4 percent in the first three-months to March of 2019, after contracting 1.6 percent in the prior period. The country produced 1.96 million barrels of crude oil per day, lower than 1.98 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.1 percent of GDP compared to 9.6 percent a year ago.
The non-oil sector rose 2.5 percent, slowing from a 2.7 percent growth in the prior quarter.
Output increased at a softer pace for manufacturing (0.8 percent from 2.4 percent in Q4 2018); internal trade (0.8 percent from 1 percent); information and communication (9.5 percent from 13.2 percent) and education. Also, production fell further for public administration (-14.2 percent from -0.3 percent); financial and insurance (-7.6 percent from -1.8 percent) and mining and quarrying (-2.3 percent from -1.2 percent). On the other hand, output advanced faster for agriculture (3.2 percent from 2.5 percent); electricity, gas, steam and air conditioning supply (8.5 percent from 0.9 percent); water supply, sewerage, waste management (3.8 percent from 1.8 percent); construction (3.2 percent from 2 percent); accommodation and food services (4.2 percent from 2.1 percent); professional, scientific and technical services (1.7 percent from 0.5 percent) and administrative and support services (1.4 percent from 0.8 percent)

Additionally, real state activities rebounded 0.9 percent, after declining 3.8 percent.
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.
Read more
https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

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