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Breaking: Nigeria’s GDP shrinks from 1.95% to 1.5% in 2018 - NBS reveals

Breaking: Nigeria’s GDP shrinks from 1.95% to 1.5% in 2018 - NBS reveals

- The economy of the nation has continued to experience its ebbs and flows especially in the second quarter of 2018

- Statistically, the National Bureau of Statistics (NBS) on Monday, August 27, revealed that the Gross Domestic Product (GDP) has reduced from 1.95% in the first quarter to 1.5%

- The bureau, in the report said the second quarter growth rate was constrained by contractions in oil GDP

The National Bureau of Statistics (NBS) on Monday, August 27, released the Gross Domestic Product (GDP) growth rate for the second quarter of 2018, with Nigeria's economy recording a downward slope in performance from 1.95 % in the first quarter to 1.5%, Vanguard reports.

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The bureau, in the report said the second quarter growth rate was constrained by contractions in oil GDP.

It said oil GDP went down by -3.95 % in the second quarter, as against 14.77% in the first quarter of this year and 3.53 % in the second quarter of 2017.

The report said for the first time since the country's recovery from recession, growth was driven by the non-oil sector, which grew by 2.05 %, representing the strongest growth in non-oil GDP since the fourth quarter of 2015.

The 2.05 per cent growth rate is higher than the 0.76 per cent growth which the sector recorded in the first quarter of 2018.

It added that non-oil GDP growth which was 0.72 % in the first quarter of 2017, 0.45 percent, -0.76 %, 1.45 percent in the second, third and fourth quarters of 2017 grew by 2.05 % in the second quarter of this year.

The report further stated: “Non-oil growth was driven by transportation which grew by 21.76 per cent supported by growth in construction which grew by 7.66 per cent and electricity which grew by 7.59 per cent.

“Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51 per cent, water supply and sewage which grew by 11.98 per cent and broadcasting which grew by 21.92 per cent.

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“The non oil sector performance was however constrained by agriculture that grew by 1.3 per cent compared to three per cent in Q1 2018 and 3.01 per cent in Q2 2017.”

Meanwhile, Legit.ng reported that the Nigerian economy grew by 0.82 % in 2017, the National Bureau of Statistics stated in a release on Tuesday, February 27.

The 0.82 % growth in Gross Domestic Product (GDP) was an improvement over the contraction of -1.58% which the economy recorded in 2016 during the period of recession.

In the report which contained the full details of economic growth in the country in 2017, the NBS attributed the GDP growth in the fourth quarter of 2017 to growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

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Source: Legit.ng

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