The top five sectors in the second quarter of 2019 grew at an average of 7.86 percent which is four times faster than the broader economy which slowed to 1.94 percent.
The leading sectors were Water supply, Sewage, Waste Management and Remediation (14.35%); Information and Communications (9.01%); Transportation and Storage ( 8.02%); Mining and Quarrying (5.02%); and Accommodation and food Services (2.92%).
Water supply, Sewage, Waste Management and Remediation
Leading the pack, Water supply, Sewage, Waste Management and Remediation grew the fastest more than five quarters to expand at double digits for the first time since a 11.98 percent growth in the second quarter of 2018.
Quarter-on-quarter the sector expanded by 10.6 percent points from 3.75 in Q1. Average growth so far in 2019 is 9.05 percent, the third best among sectors.
Information and Communications
The second-best sector in the quarter was Information and Communications which has steadily declined for second straight quarter since it peaked at 13.2 percent in the fourth quarter of 2018.
The Information and Communication sector slowed to 9.01 percent dropping 0.48 percent points. Year-on-year the sector is 2.8 percent points lower. Average growth so far in 2019 is 9.25, the second best among sectors.
Transportation and Storage
For Transportation and Storage, the third best performing sector, growth halved in the second quarter from 19.5 percent noted in the first quarter of the year. The 8.02 percent expansion is the weakest in the sector in more than 5 quarters.
Compared to the same quarter of 2018, Transportation and Storage growth has fizzled by 13.73 percent points. Average growth so far in 2019 is 13.76 percent, the best so far among sectors.
Mining and Quarrying
Rebounding from four consecutive quarters of contraction Mining and Quarrying grew by 5.02 percent, the fastest since it entered a recession (defined by two straight quarters of negative growth) in the third quarter of 2018. The latest growth figure is highest since 14.12 percent in Q1 2018.
Mining has bounced from a 3.84 percent contraction a year ago and a 1.37 percent decline in the first quarter.
Average growth of the sector so far in the year is 1.82 percent.
Accommodation and food Services
The Accommodation and Food services sector after seeing its best quarterly performance in at least five quarters in the first three months of 2019 dropped to 2.92 percent, enough to see the sector round off the top five list.
Year-on-year the sector has expanded by 0.49 percent points and has an average growth of 3.54 percent so far in 2019.
Lagging sectors
The worst five sectors in the second quarter of 2019 had an average of negative growth of 2.91 percent.
Real Estate (-3.84%), Public Administration (3.39%), Finance and Insurance (- 2.24%), Trade (- 0.25%)
Real Estate
The Real Estate sector is the worst performing in the second quarter of 2019, dashing excitements of a rebound a reversal of a longstanding trend of negative growth in the first quarter of 2019. Growth in the first three months of 2019 was a 0.93 percent expansion.
A 3.84 percent decline which is a U-turn on growth worsens the sector’s decline by 0.04 percent points from the same period of 2018.
Average growth so far in 2019 is negative 1.45 percent, the third worst among sectors.
Public Administration
Public Administration emerged the second-worst with a decline of 3.39 percent, albeit and improvement from -14.21 percent in the first quarter.
The sector has been in a recession for more than five quarters and has an average growth decline of 3.39 percent so far in 2019.
Finance and Insurance
For the fourth straight quarter, finance and insurance sector has contracted after growth pared to 1.28 in the second quarter of 2018.
With a negative 2.24 growth in the second quarter of 2019, the sector has improved by 5.36 percent points but is still in ugly shape considering it grew 13.30 percent in the first quarter of 2018. Average growth so far in 2019 is -4.92 percent.
Trade
Trade contracted for the first time in since the quarter of 2018 after it declined 0.25 percent in the latest quarter published in the National Bureau of Statistics (NBS) report.
From the first quarter Trade declined by 0.6 percent points but year-on-year has improved by 1.89 percent. Average growth so far in 2019 is 0.3 percent.
Manufacturing
For the first time in more than five quarters, Nigeria’s manufacturing sector contracted according to the recently published data for Q2 2019.
Manufacturing contracted by 0.13 percent after it started a slowdown from 2.35 percent in the last quarter of 2018. On a quarterly basis the sector declined by 0.94 percent points while year-on-year it worsened by 0.81 percent points.
