Nigeria Annual GDP Growth Eases to 1.5% in Q2


The economy of Nigeria grew 1.5 percent year-on-year in the second quarter of 2018, slowing from a 1.9 percent expansion in the prior period. It was the weakest growth rate since the third quarter of last year, as oil output shrank while non-oil sector continued to rise. On a quarterly basis, the economy advanced 2.9 percent, after contracting 13.4 percent in the previous quarter.

The oil sector shrank 4.0 percent year-on-year in the second quarter of 2018, following a 14.8 percent expansion in the prior period. The country produced 1.84 million barrels of crude oil per day, down from 1.87 mbpd in the same period a year ago. As a result, the oil sector accounted for 8.6 percent of the GDP compared to 9.0 percent a year earlier.

The non-oil sector increased 2.0 percent, after expanding 0.8 percent in the previous period.

Output advanced further for information and telecommunication (11.8 percent compared to 1.6 percent in Q1); transportation and storage (21.8 percent compared to 14.5 percent); food and accomodation services (2.4 percent compared to 0.3 percent); electricity, gas, steam and air conditioning supply (7.6 percent compared to 4.9 percent); arts, entertainment and recreation (3.5 percent compared to 0.3 percent) and water supply, sewerage, waste management and remediation (12.0 percent compared to 11.6 percent). Also, production rebounded for construction (7.7 percent compared to -1.5 percent) and social services (0.4 percent compared to -0.4 percent). In addition, output declined less for real estate activities (-3.9 percent compared to -9.4 percent) and internal trade (-2.1 percent compared to -2.6 percent). Meanwhile, output growth slowed for agriculture (1.2 percent compared to 3.0 percent); manufacturing (0.7 percent compared to 3.4 percent) and financial and insurance (1.3 percent compared to 13.3 percent). Additionally, production fell for mining and quarrrying (-3.8 percent compared to 14.9 percent) and education (-0.7 percent compared to 0.5 percent) and dropped faster for public administration (-5.2 percent compared to -1.7 percent).

On a quarterly basis, the economy advanced 2.9 percent, after contracting 13.4 percent in the previous quarter.

Nigeria Annual GDP Growth Eases to 1.5% in Q2


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
8/27/2018 8:32:22 AM