Data just published by Nigeria’s stats office indicates that the Nigerian economy grew at a slower pace in the second quarter (Q2) of 2019, when compared with the pace of growth recorded in the first quarter (Q1) of the same year.
According to the statistics released Tuesday morning, Nigeria’s economy measured by Gross Domestic Product (GDP) grew by 1.94 percent in Q2 2019 compared to 2.10 percent which was revised from 2.01 percent in Q1 2019.
GDP quantitatively expresses a nation’s total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.
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A breakdown of Nigeria’s broad economic sectors showed, oil GDP grew by 5.15 percent against a 1.46 percent contraction in Q1 2019 while non oil GDP grew 1.64 percent in Q2 2019, slower than the 2.47 percent recorded in Q1 2019.
Oil GDP’s contribution to overall growth stood at 8.82 percent in the second quarter lower than 9.22 percent recorded in the first quarter while non -oil GDP’s contribution to growth improved to 91.18 percent in the second quarter from 90.78 percent recorded in the first quarter.
Real GDP for the second quarter of 2019 stands at N16.90 trillion while nominal GDP was pegged at N34.94 for the same period.
The largest contributor to real GDP for the second quarter was the services sector. It added 53.96 percent to overall growth. While industries and agriculture added 23.21 percent and 22.82 percent respectively.
Growth in the Agric sector slowed by 1.8 percent against 3.2 percent in Q1 2019.
In the services sector growth was also slower by 1.94 percent compared to 2.41 percent in Q1 2019 and 2.12 percent in Q2 2018.