October 18, 2021/NBS
In the first quarter of 2021, Real GDP at basic prices grew by 0.51% on a year on year basis showing a steady improvement in the economy following 2020 Q4 GDP rate of 0.11%. Growth however, improved further in second quarter 2021 with positive GDP growth rate of 5.01%. The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, this also led to a negative compared to the first and second quarters of 2020, the performance in 2021 indicated a decrease annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year on year basis. of -1.36% points and 11.12% points higher, respectively.
Household Consumption Expenditure, in Q1 and Q2 2021 grew by 43.72% and 48.16% in real terms, year on year. For 2020, the annual growth rate in real household consumption expenditure stood at 1.56% compared to -1.06% in 2019. Government Consumption Expenditure recorded growth rates at -4.57% and -53.56% in Q1 and Q2 2021 respectively, year on year, while annual growth rate stood at 61.58% in 2020 compared to 8.78% in 2019.
Net Exports recorded positive growth rates in the first two quarters of 2020 and shifted to
negative growth rates in third and fourth quarters of 2020 as well as first and second quarters of
110.50% and -74.49% respectively. On an annual basis, net exports grew by -30.00% in 2020 compared to 7.64% recorded in 2019.
– National Disposable Income grew by -2.25% in the first quarter of 2021 and -5.35% in second
19.44% respectively in real terms on year on year basis. For 2020, growth rate stood at 0.96%
– Compensation of Employees, during the first and second quarters of 2021 grew by 9.26%, and
2021, a departure from the trend in 2019. Net exports grew in real terms in Q1 and Q2 2021 by – relatively marginal growth rate in end 2019 (0.35%).
Compensation of Employees, during the first and second quarters of 2021 grew by 9.26%, and 19.44% respectively in real terms on year on year basis. For 2020, growth rate stood at 0.96% compared to 8.99% in 2019.
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