Nigeria GDP Grows 1.4% YoY in Q3

The Nigerian economy advanced 1.4 percent year-on-year in the third quarter of 2017, accelerating from an upwardly revised 0.72 percent growth in the previous period. It is the second consecutive quarter of expansion as oil production continued to recover.

The oil sector surged 25.89 percent year-on-year, following an upwardly revised 3.53 percent increase in the previous period. The country produced 2.03 million barrels of crude oil per day, up from 1.61 mbpd a year earlier. As a result, the oil sector accounted for 10.04 percent of GDP compared to 8.09 percent a year earlier. The non-oil sector declined 0.76 percent, compared to a 0.44 percent growth in the previous period. 

Output expanded faster for mining and quarrying (25.44 percent vs 3.51 percent); agriculture (3.06 percent vs 3.01 percent) and recovered for food and accomodation services (0.18 percent vs -4.05 percent) and arts, entertainment and recreation (0.44 percent vs -0.62 percent). In addition, output growth slowed for: electricity, gas, steam and air conditioning supply (11.46 percent vs 35.50 percent) and water supply, sewerage, waste management and remediation (0.33 percent vs 3.45 percent). In contrast,  contraction was observed for: manufacturing (-2.85 percent vs 0.64 percent in Q2); construction (-0.46 percent vs 0.13 percent); internal trade (-1.74 percent vs -1.62 percent); transportation and storage (-6.25 percent vs -6.18 percent); information and telecommunication (-4.48 percent vs -1.15 percent); financial and insurance (-5.96 percent vs 10.45); real estate activities (-4.12 percent vs -3.53 percent); public administration (-0.72 percent vs 1.63 percent); education (-1.22 percent vs -1.34 percent) and social services (-0.85 percent vs -0.96 percent).

On a quarterly basis, the economy expanded 8.97 percent, following an upwardly revised 3.40 percent rise in the previous quarter. 

Nigeria GDP Grows 1.4% YoY in Q3

National Bureau of Statistics | Luisa Carvalho |
11/20/2017 12:08:48 PM