Nigeria’s Manufacturing Sector Records Real GDP Growth Of 3.49% In Q2 2021
Nigeria’s manufacturing sector recorded real GDP growth of 3.49 per cent (year-on-year) in the second quarter of 2021 compared to a decline of 8.78 per cent recorded in the corresponding period of 2020. This is according to the GDP report released by the National Bureau of Statistics (NBS).
Nominal GDP growth of the manufacturing sector in the second quarter of 2021 was recorded at 38.33 per cent, which is 38.47 per cent points higher than the figure recorded in the corresponding period of 2020 (-0.14 per cent) and 6.23 per cent points higher than the preceding quarter figure of 32.10 per cent.
Quarter on quarter growth of the sector was recorded at -9.22 per cent in nominal terms.
Nominal GDP growth of the manufacturing sector in the second quarter of 2021 was recorded at 38.33 per cent, which is 38.47 per cent points higher than the figure recorded in the corresponding period of 2020 (-0.14 per cent) and 6.23 per cent points higher than the preceding quarter figure of 32.10 per cent.
Quarter on quarter growth of the sector was recorded at -9.22 per cent in nominal terms.
The contribution of Manufacturing to Nominal GDP in the second quarter of 2021 was 14.18 per cent, higher than the figure recorded in the corresponding period of 2020 at 11.79 per cent but lower than the first quarter of 2021 at 15.27 per cent.
On the other hand, Real GDP growth in the manufacturing sector in the second quarter of 2021 was 3.49 per cent, 0.09 per cent higher than the preceding quarter of Q1 2021 (3.40 per cent).
On the other hand, Real GDP growth in the manufacturing sector in the second quarter of 2021 was 3.49 per cent, 0.09 per cent higher than the preceding quarter of Q1 2021 (3.40 per cent).
On a half-year basis, the growth rate of the sector stood at 3.44 per cent compared to -4.07 per cent recorded for the half-year 2020.
Real sector contribution to GDP in Q2 2021 was 8.69 per cent, lower than the 8.82 per cent recorded in the second quarter of 2020 and the 9.93 per cent recorded in the first quarter of 2021.
The manufacturing sector comprises of thirteen (13) activities, namely Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
Real sector contribution to GDP in Q2 2021 was 8.69 per cent, lower than the 8.82 per cent recorded in the second quarter of 2020 and the 9.93 per cent recorded in the first quarter of 2021.
The manufacturing sector comprises of thirteen (13) activities, namely Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
