GDP Drops to 1.94% in Q2
Nigeria’s Gross Domestic Product (GDP) growth rate dropped to 1.94 per cent (year on year) in real terms in the second quarter of the year (Q2 2019) compared to 2.10 per cent in the preceding quarter, according to the National Bureau of Statistics (NBS).
This represented a –0.16 percentage point contraction of the economy.
According the GDP Report for Q2 2019, which was released by the statistical agency Tuesday, compared to the corresponding quarter of 2018 (Q2 2018), which recorded a growth of 1.50 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per percentage points.
While the oil sector accounted for 8.82 per cent of growth in Q2, the non-oil sector contributed 91.18 per cent to GDP.
Daily oil production also dropped to 1.98 million barrels per day (mbpd) compared to 1.99 mbpd in the preceding quarter.