Nigeria’s GDP Moved Up 2.28% In Q3 2019 Says NBS

Nigeria’s GDP Moved Up 2.28% In Q3 2019 Says NBS

The National Bureau of Statistics (NBS) on Friday said that Nigeria’s  Gross Domestic Product (GDP) grew by 2.28 per cent  in the third quarter of 2019, representing 0.17 percentage points higher than the 2.12 per cent  revised GDP growth recorded in the second quarter.

According to the official statistics producing agency, the third quarter growth rate represents the second highest quarterly rate recorded since 2016.

The GDP report indicated that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

The Bureau stated further that the non-oil sector grew by 1.85 per cent during the quarter under review, spurred largely by growth recorded in the Information and Communication, Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing sectors.

It clarified that in real terms, the non-oil sector contributed 90.23 per cent  to the nation’s GDP, adding that while the Mining and Quarrying sector grew by 5.98 per cent  in the quarter under review, Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03 per cent.

The sector was followed by Coal at 43.68 per cent  compared to Agricultural sector’s 14.88 per cent  growth during the quarter, representing a decline of –3.44 per cent  points when compared to the growth recorded in the corresponding period of 2018.

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