November 23, 2021/Coronation Research

The latest national accounts released by the National Bureau of Statistics (NBS) show that GDP grew by 4.0% y/y in Q3 ’21 compared with 5.0% y/y recorded in Q2 ’21.

This growth can be partly attributed to positive base effects, steady progress in stemming the spread of the coronavirus and resumption of economic/business activity. The oil economy contracted by -10.7% y/y in Q3 ‘21 compared with a contraction of -12.7% y/y recorded in Q2 ’21.

Meanwhile, the non-oil economy grew by 5.4% y/y compared with 6.7% y/y recorded in Q2 ‘21. In our chart, we highlight the top seven performing sectors in the non-oil economy, among those accounting for at least 1% of GDP. 

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