Nigeria’s Gross Domestic Product (GDP) has declined for a second consecutive quarter, according to a new report by the National Bureau of Statistics (NBS).
GDP growth improved on a year-on-year basis, but dropped compared to Q1 2019 which was a drop from the previous quarter.
In the report released on Tuesday, September 3, 2019, the NBS disclosed that the 2.10% (revised from 2.01% due to oil output revisions) reported for Q1 2019 declined to 1.94% in Q2 2019, a decline of -0.16% points. The Q1 figure had represented a decline by -0.38% points when compared to Q4 2018.
Despite the quarter-on-quarter decline, the NBS said the GDP grew year-on-year, in real terms, when compared to Q2 2018 which recorded a growth of 1.50%, an increase of 0.44% points.
The report read, “During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter.
“The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition.
“Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.
“On a half year basis, real growth in the first half of 2019 stood at 2.02%, higher than in 2018 which was 1.69%. Quarter on quarter, real GDP increased by 2.85% compared to a decline of –13.69% in the preceding period.”