The National Bureau of Statistics on Sunday released the country’s Gross Domestic Product figure for the second quarter of this year, stating that the economy in real terms grew by 6.54 per cent.
The bureau, in the report, said the 6.54 per cent growth rate, was higher than the 5.40 per cent recorded in the corresponding quarter of 2013 and also higher than the 6.21 per cent recorded in the first half of 2014.
In nominal terms, the report estimated the GDP at N21.73tn, adding that in real terms (after adjusting for inflation and other macroeconomic variables), the country’s GDP was estimated at N16.08tn
It stated, “In the second quarter of 2014, Nigeria’s nominal GDP (at basic prices) was estimated at N21.73tn and N16.08tn in real terms. In the corresponding quarter of 2013, the nominal GDP was estimated at N19.93tn and N15.09tn in real terms.
“As a result, the growth rate of the real GDP was recorded at 6.54 per cent in Q2 2014 (4.18 per cent quarter-on-quarter), higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21 per cent recorded in the first quarter of 2014.”
The report said the services sector accounted for the largest share of the real GDP in the period under review, amounting to N8.54tn, or 53.15 per cent.
Industry, it added, ranked second with a contribution of N4.17tn, or 25.96 per cent; while agriculture contributed the least in the second quarter, representing N3.36tn, or 20.89 per cent of GDP.
In terms of oil production, the report said the average daily crude oil production in the second quarter of this year was recorded at 2.21 million as against 2.11 mbpd in the corresponding quarter of 2013.
This, it added, represented an increase of 0.10 mbpd, or 4.7 per cent.
Consequently, the NBS said the oil GDP was valued at N2.63tn in nominal terms in the second quarter of the current year, compared to N2.63tn recorded in the corresponding quarter of 2013.
It said, “Real growth in the oil sector was recorded at 5.40 per cent in Q2 2014 (-5.22 per cent quarter-on-quarter), indicating better performance compared to -16.42 per cent growth recorded 10 per cent in Q2 of 2013.
“The non-oil sector of the economy grew by 6.71 per cent in the second quarter of 2014 (5.4 per cent quarter on quarter), a decline of 2.17 percentage points from the 8.88 per cent growth recorded in the corresponding quarter of 2013.
“Relative to Q1 of 2013, non-oil growth was also lower by 1.49 percentage points when growth was recorded at 8.21 per cent.”
For the telecommunications sector, the report said in real terms, it contributed N 1.48tn, or 9.25 per cent to the total GDP in the second quarter.
The real estate sector, it added, contributed 7.87 per cent of real the GDP in the second quarter of 2014, marginally lower from its share of the GDP in the corresponding quarter of last year.
Punch
