Non-oil sector contributes 1.8% growth on GDP, NBS confirmed

Non-oil sector contributes 1.8% growth on GDP, NBS confirmed

Non-oil sector contributes 1.8% growth on GDP, NBS confirmed

The National Bureau of Statistics (NBS) has confirmed the fact that the country’s Gross Domestic Product (GDP) grew by a 1.8% margin in the third quarter of 2018, particularly by the non-oil sector of the economy.

Comparing the growth to the third quarter of 2017, which stands at 1.17%, the NBS states that the current figure represents an increase of 0.64%.

Similarly the second quarter of the year under review added a growth rate of 1.50%, an increase of 0.31% point, real GDP growth however stood at 9.05 per cent.

In NBS report for 2018, aggregate GDP was presented at N33,049 million in nominal terms, suggesting that the performance is higher when compared to 3rd quarter of 2017 which had a GDP aggregate of N29,377,674 million.

In further explanation NBS said there’s a positive year-on-year nominal growth rate of 13.58 per cent.

In its statement: “This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88 per cent and higher than the preceding quarter by 0.01 per cent with growth rates of 10.70 per cent and 13.57 percent respectively.

“The Nigerian economy has been classified into the oil and non-oil sectors. In the third quarter of 2018, the nation recorded an average daily oil production of 1.94 million barrels per day.”

 

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