Nigeria’s gross domestic product (GDP) grew by 2.28 per cent by the end of the third quarter of 2019 when compared to the third quarter of 2018 which recorded a growth of 1.81%.
According to GDP report for the quarter released Friday morning by the National Bureau of Statistics (NBS), real GDP growth rate observed in the third quarter of 2019 indicates an increase of 0.47% points.
“Relative to the second quarter of 2019, which recorded a growth rate of 2.12%, Q3 2019 represents an increase of 0.17% points.”
Viewed on a quarter on quarter basis, however, real GDP grew by 9.23% when compared to the second quarter 2019, marking the second-highest quarterly rate recorded since 2016.
In the quarter under review, aggregate GDP stood at N37,806,924.41 million in nominal terms.
This performance is higher compared to the aggregate of N33,368,049.14 million recorded in the third quarter of 2018, representing a year on year nominal growth rate of 13.30%.
The growth rate is, however, lower relative to rates recorded in the third quarter of 2018 by –0.28% points and the rates recorded in the preceding quarter by –0.71% points.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
