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GDP Records Slow Growth of 2.01% In 2019 First Quarter As Oil Slumps

Nigeria’s Gross Domestic Product (GDP) grown by  2.01 percent in real terms, in the first quarter (Q1) 2019, compared to 2.38 percent in Q4 2018. This is revealed in the latest GDP data released by the National Bureau of Statistics (NBS).

This is a difference of – 0.78 percentage points from the -1.62% recorded in the fourth quarter of 2018.

The nation’s GDP also contracted to 2.01% from 2.38% in Q4 2018.

Oil refining dropped to -49.62% from 33.6% in the preceeding quarter.

Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the first quarter 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by -0.38% points.

In the oil sector, -2.40% growth was recorded in first quarter of 2019. This indicated a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018.

This shows a growth decreased by -0.79% points when compared to Q4 2018 which was -1.62%.

The Mining and Quarrying sector grew by -2.31% in the first quarter of 2019. Compared to the first and last quarters of 2018, this represented a decline of -16.41% points and -1.07% points respectively.

Also, the agricultural sector grew by 3.17% in the first quarter of 2019, an increase of 0.17% points compared to the corresponding quarter of 2018, and 0.72% points compared to the preceding quarter.

Aggregate GDP stood at N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28,438,604.23 million, representing a year on year nominal growth rate of 11.80%.

The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%.

According to the NBS, the 2019 general elections may have affected the economy’s performance.

It is also described the GDP performance as the strongest first-quarter performance observed since 2015.

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