By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Gross Domestic Product (GDP) grew by 2.84 percent (year-on-year) in real terms, higher by 0.49 percent from growth recorded in the preceding quarter, yet lower by 3.38 percent from growth recorded in the corresponding quarter of 2014, the Nigerian Bureau of Statistics (NBS) said on Tuesday.
“Quarter-on-quarter, real GDP increased by 9.19 percent,” the NBS reported.
The report says during the quarter, aggregate GDP stood at N24, 313,636.94 million (in nominal terms) at basic prices. Compared to the Third Quarter 2014 value of N22, 933,144.01 million, nominal GDP was 6.02 percent higher.
“Nominal GDP growth was also higher relative to growth recorded in Q1 of 2015 by 0.85 percent,” the nation’s statistics office affirmed.
The NBS said oil production reflects output at 2.17 million barrels per day (mbpd) up from production in the Second Quarter (Q2) of 2015 by 0.17mbpd. “Oil production was also marginally higher to the corresponding quarter in 2014 by 0.02 mbpd when output was recorded at 2.15 mbpd,” the report added.
As a result, real growth of the oil sector increased by 1.06 (year-on-year) in Q3 of 2015, higher by 4.65 percent points from the corresponding quarter of 2014, and higher from the Q2 when growth declined by 6.79 percent. Quarter-on-quarter, growth also increased by 14.35 percent.
As a share of the economy, the Oil sector represented 10.27 percent of total real GDP, down from the shares recorded in the corresponding period of 2014 by 0.18 percent and up from the share in the Second Quarter of 2015 by 0.46 percent.
While, the non-oil sector grew by 3.05 percent in real terms in the Q3 of 2015 which was 4.45 percent lower from the corresponding quarter in 2014 and marginally lower from the Second Quarter of 2015.
The report says in real terms, the Non-Oil sector contributed 89.73 percent to the nation’s GDP, marginally higher from shares recorded in the Q3 of 2014 (89.55 percent), but lower from the Q2 of 2015 (90.20 percent)
This growth in the non-oil sector was largely driven by the activities of Crop Production, Financial Services, Telecommunications, and Trade amongst others, according to the NBS.
