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 the 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. GDP Annual Growth Rate in Nigeria averaged 3.87 percent from 1982 until 2018, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983.

GDP Annual Growth Rate in Nigeria is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 3.20 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.

Nigeria GDP Annual Growth Rate
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2018-02-27 07:55 AM GDP Growth Rate YoY 1.92% 1.4% 1.65% 1.8%
2018-05-21 07:30 AM GDP Growth Rate YoY 1.9% 2.1% 2.1%
2018-08-27 07:40 AM GDP Growth Rate YoY 1.5% 1.9% 2.9%
2018-11-26 08:00 AM GDP Growth Rate YoY 1.5% 2%



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.


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



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.90 -13.40 10.59 -13.98 percent [+]
GDP Annual Growth Rate 1.50 1.95 19.17 -7.81 percent [+]
GDP 375.77 404.70 568.50 4.20 USD Billion [+]
GDP Constant Prices 16580508.10 16106734.90 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2494431.00 2129258.00 2876293.00 17236.65 NGN Million [+]
GDP per capita 2412.41 2455.90 2563.10 1089.10 USD [+]
GDP per capita PPP 5338.45 5434.70 5671.90 2750.10 USD [+]
GDP From Agriculture 3789720.12 3487312.92 5189365.99 2594759.86 NGN Million [+]
GDP From Construction 747860.30 650767.19 747860.30 369190.91 NGN Million [+]
GDP From Manufacturing 1539566.75 1595563.65 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1418073.13 1547119.11 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 380006.76 358496.20 614330.87 358496.20 NGN Millions [+]
GDP From Services 6067614.53 6938494.45 7087965.28 4564086.31 NGN Millions [+]
GDP From Transport 216351.50 241534.71 253325.52 144848.60 NGN Millions [+]
GDP From Utilities 111806.01 61027.25 126320.85 51342.43 NGN Million [+]


Nigeria GDP Annual Growth Rate

Nigeria is the biggest economy in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.95 19.17 -7.81 1982 - 2018 percent Quarterly
Constant 2010 Prices




Country Last
India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
Indonesia 5.17 Sep/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
United States 3.00 Sep/18
Mexico 2.60 Sep/18
Singapore 2.60 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Euro Area 1.70 Sep/18
Saudi Arabia 1.61 Jun/18
France 1.50 Sep/18
United Kingdom 1.50 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
Brazil 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Japan 0.30 Sep/18
Argentina -4.20 Jun/18


Related

Latest