Recently released GDP report for the first quarter of 2018 shows a stronger growth in GDP, relative to the corresponding quarter of 2017. Driven particularly by growth in the Oil sector, Real GDP grew by 1.95 percent (Year-on-Year) in 2018Q11. In terms of sectoral growth, oil sector rose remarkably to 14.77 percent, a 30.37 percent increase from 2017Q1. Non-oil sector grew by 0.76 percent (Year on Year), slightly up from 0.8 percent- this marginal increase was driven mainly by Agriculture (Crop production), in addition to Manufacturing, Financial institutions and insurance, Transportation and Storage, and Information and Communication
Macroeconomic Report & Economic Updates
June 15, 2018
Nigeria Economic Update (Issue 20)
Recently released GDP report for the first quarter of 2018 shows a stronger growth in GDP, relative to the corresponding quarter of 2017. Driven particularly by growth in the Oil sector, Real GDP grew by 1.95 percent (Year-on-Year) in 2018Q11. In terms of sectoral growth, oil sector rose remarkably to 14.77 percent, a 30.37 percent […]
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Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.