• Monday, June 17, 2024
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Here are Nigeria’s 5 best and worst performing sectors in Q2

Here are Nigeria’s 5 best and worst performing sectors in Q2

The recently released GDP report by the National Bureau of Statistics shows the best and worst performing sectors in the second quarter of 2020.

Five best performing sectors in Q2 2020

Finance and insurance sector emerged the best performing sector driven by the growth in the Financial Institutions which grew by 28.41 per cent in the second quarter of this year compared to -3.52 percent growth in the same period last year.

Telecommunication grew by 18.10 percent, a 56 percent increase from the 11.34 percent recorded in the second quarter of 2019.

Coal and mining emerged the third performing sector in Q2, growing by 10.53 percent compared to 7.63 percent in the second quarter of 2019.

Motor Vehicles and Assembly grew by 6.95 percent, higher than 1.52 recorded in 2019.

Water Supply Sewerage and waste management recorded a growth of 5.71 percent, a decline from 14.35 percent recorded in the same period last year.

Five Worst Performing Sectors

The pandemic has put a strain on some sectors of the economy resulting in a poor performance compared to other sectors.

Oil refining contracted by -67.66 percent during the second quarter compared to -23.83 percent in the same period last year.

The Transportation and Storage sector has one of the worst performances in the second quarter of 2020 with all six activities under this industry recording negative growth rates in Q2 2020, reflecting the significant impact of restricted movements as a result of COVID-19 during the quarter.

The road transport and Rail transport contracted the most by -51.37 percent and -63.32 percent respectively.

Accommodation and food services also contracted by -40.19 percent compared to 2.92 in the same period last year.