On an aggregate basis, the economy when measured by the Real Gross Domestic Prod-uct (GDP), grew by 6.48 percent in the third quarter of 2012 as against 7.37 percent in the corresponding quarter of 2011.

The nominal GDP for the third quarter of 2012 was estimated at 10,967,272.89 million naira as against 9,856,176.33 million naira during the corre-sponding quarter of 2011. The economy, comprising two broad output groups of Oil and Non-oil sectors, witnessed slower growth output in the third quarter of 2012 as a result of declines in non-oil sector output.

While the oil sector witnessed positive growth for the first time in four quarters, the slower non-oil sector growth was driven by growth in activities recorded in the building & construction, cement, hotel and restaurant, and electricity sectors.

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