Nigeria’s economy which emerged from a difficult recession in the second quarter of 2017 expanded further by 1.40 percent in the third quarter of the year, according to report just released by the National Bureau of Statistics (NBS).
According to the bureau, the nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017.
This growth is 3.74% points higher than the rate recorded in the corresponding quarter of 2016 ( –2.34%) and higher by 0.68% points from the rate recorded in the preceding quarter, which was revised to 0.72% from 0.55%
Quarter on quarter, real GDP growth was 8.97%. Year to date Real GDP growth stands at 0.43%.
Aggregate GDP stood at N29.5 trillion in nominal terms higher when compared to N26,54 trillion, resulting in a Nominal GDP growth of 10.98%.
Oil production is estimated to have averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).
Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd.
Real growth of the oil sector was 25.89% (year-on-year) in Q3 2017.
This represents an increase of 48.92% relative to rate recorded in the corresponding quarter of 2016.
Growth also increased by 22.36% when compared to Q2 2017 which was revised from 1.64% to 3.53%. Quarter-on-Quarter, the oil sector grew by 21.10% in Q3 2017.
As a share of the economy, the Oil sector contributed 10.04% of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and equally up from the preceding quarter, where it contributed 8.09% and 9.04% respectively.
Non oil sector grew by -0.7 percent in real terms, about -1.20 percent lower than the second quarter rate.
Onyinye Nwachukwu, Abuja
