Nigeria GDP Grows 1.94% YoY in Q2

The economy of Nigeria grew 1.94 percent year-on-year in the second quarter of 2019, easing from an upwardly revised 2.10 percent expansion in the prior period. Stability in oil output as well as the successful political transition were the main drivers to growth.
National Bureau of Statistics | Rafael Gonzalez | rafael.gonzalez@tradingeconomics.com 9/3/2019 8:22:49 AM
The oil sector expanded 5.15 percent in the three-months to June of 2019, after contracting 1.46 percent in the prior period. The country produced 1.98 million barrels of crude oil per day, higher than 1.84 MBPD in the same period a year earlier. As a result, the oil sector accounted for 8.82 percent of GDP compared to 8.55 percent a year ago. 

The non-oil sector rose 1.64 percent, slowing from a 2.47 percent growth in the prior quarter. 

Output increased at a softer pace for construction (0.67 percent vs 3.18 percent in Q1); accommodation & food services (2.92 percent vs 4.15 percent); arts, entertainment and recreation (0.81 percent vs 7.12 percent); professional, scientific and technical services (1.21 percent vs 1.73 percent); electricity, gas, steam and air conditioning supply (0.43 percent vs 8.47 percent) and agriculture (1.79 percent vs 3.17 percent). In addition, production dropped for trade (-0.25 percent vs 0.85 percent); real estate (-3.84 percent vs 0.93 percent) and manufacturing (-0.13 percent vs 0.81 percent). On the other hand, output rebounded for human health and social services (1.13 percent vs -0.16 percent) and mining & quarrying (5.02 percent vs -1.37 percent) while production advanced faster for administrative and support services (2.03 percent vs 1.43 percent); education (0.96 percent vs 0.18 percent) and for water supply, sewerage, waste management and remediation (14.35 percent vs 3.75 percent). 

On a quarterly basis, the economy advanced 2.85 percent, rebounding from an upwardly revised 13.69 percent contraction in the first quarter of 2019. 

Nigeria GDP Grows 1.94% YoY in Q2