By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Gross Domestic Product (GDP) grew by 6.7 percent (6.7%) in the second quarter (Q2) of 2013.

According to available data from the National Bureau of Statistics (NBS) this is 1.51% higher than 6.6% recorded in the in the preceding quarter.

NBS said the development was attributed, largely, to the increase in the contribution of the non-oil sector.

Also, the NBS reported that the end-period headline inflation rate (year-on-year) was 8.4%, compared with 8.6% and 12.9% recorded at the end of the preceding quarter and the corresponding quarter of 2012, respectively.

The report affirmed that inflation rate on a twelve-month moving average basis was 10.4%, compared with 11.4% and 11.3% in the preceding quarter and the corresponding quarter of 2012, respectively.

NBS also reported foreign exchange inflow and outflow through the Central Bank of Nigeria (CBN) amounted to US$9.44 billion and US$12.45 billion, respectively, resulting in a net outflow of US$3.01 billion during the quarter.

It said foreign exchange sales by the CBN to the authorized dealers amounted to US$10.77 billion, compared with US$4.65 billion in the preceding quarter.

While the average exchange rate of the Naira vis-à-vis the US dollar at the wDAS window remained unchanged at N157.30 per US dollar, but appreciated marginally by 0.03 when compared with the level in the corresponding period of 2012.

According to the report, in the bureau-de-change and the interbank segments of the market, the Naira depreiciated by 0.6% and 0.7% when compared with their levels in the preceding quarter.

The NBS further affirmed in its report that total federally-collected revenue at the end of the second quarter of 2013 declined by 2.3% and 5.2% below the receipts in the preceding quarter and the corresponding quarter of 2012, respectively.

The NBS said oil receipts, which constituted 76.5% of the total, declined below the budget estimate and receipts in the preceding quarter by 6.2% and 194%, respectively.

“The decrease in oil receipts was attributed, largely, to the fall in all components of oil revenue except domestic crude oil/gas sales during the review quarter. Non-oil receipts were below the budget estimate and receipts in the preceding quarter by 38.3% and 3.3%, respectively,” NBS said.

Further to these, the NBS said Federal Government retained revenue was N938.29 billion, while total expenditure was N1, 280.14 billion. Thus, the fiscal operations of the

“Federal Government resulted in an estimated deficit of 4.8% of estimated nominal GDP for second quarter 2013, compared with the quarterly budget deficit of 3.1% of estimated GDP,” the report said.

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