Nigeria’s GDP growth drops to 1.94% in Q2 2019 – NBS
Nigeria’s Gross Domestic Product (GDP) grew by 1.94 percent compared to 2.10 percent (revised from 2.01 percent) in first quarter (Q1) 2019 and 1.50 percent in Q2 2018, according to a report by the National Bureau of Statistics (NBS) released this morning.
The Q2 2019 real growth rate indicates a decline of –0.16 percentage points.
“During the quarter, aggregate GDP stood at N34.9 trillion in nominal terms, an increase of 13.83 over the performance in the second quarter of 2018 and 9.8 percent over the preceding quarter. The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition,” the report stated
“Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter. On a half year basis, real growth in the first half of 2019 stood at 2.02 percent, higher than in 2018 which was 1.69 percent. Quarter on quarter, real GDP increased by 2.85 percent compared to a decline of –13.69 percent in the preceding period,” it furher stated.
Also, Oil GDP grew by 5.15 percent (-1.46 percent in Q1 2019; -3.95 percent in Q2 2018). Non oil GDP grows by 1.64 percent in Q2 2019(2.47 percent in Q1 2019; 2.05 percent in Q2 2018)2.01 percent (year-on-year), in real terms, in the first quarter of 2019, The Q1 2019 growth rate represented an increase of 0.12 percent points when compared to Q1 2018 which recorded real GDP growth rate of 1.89 percent.
Analysts had predicted Q2 2019 growth will be much slower than Q1 2019 due drop in oil prices in q2.