Business Briefs
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THE National Bureau of Statistics, NBS, has said that the Nigeria’s real Gross Domestic Product, GDP, growth rate declined to 2.11 percent in the fourth quarter of 2015 compared to 2.84 percent in the third quarter of the same year. Nigeria’s economy grew at 3.86 percent and 2.35 percent in the first and second quarters of 2015.
According to the fourth quarter report released on Tuesday, March 8, by the NBS, the growth rate was lower by 0.73 percent relative to the growth recorded in the preceding quarter and by 3.83 percent in the corresponding quarter of 2014. However, NBS stated that the quarter-on-quarter real GDP growth rate increased by 3.10 percent.
During the quarter under review, aggregate GDP stood at N24.31 trillion (in nominal terms) at basic prices or 6.02 percent higher than the N22.93 trillion in the fourth quarter of 2014. Nominal GDP growth was also higher relative to growth recorded in first quarter of 2015 by 0.85 percent. It added that growth in fourth quarter was largely driven by the non-oil sector, which contributed 91.94 percent to the nation’s GDP in real terms. Growth in the non-oil sector was largely driven by the activities of trade, crop production, information and communication, other services and real estate.
The non-oil sector grew by 3.14 percent in real terms in fourth quarter of 2015, representing a rise of 0.08 percent from the third quarter of 2015 estimates but lower by 3.30 percent during the corresponding quarter in 2014.
In contrast, oil sector growth contracted, as daily oil output fell to 2.16 million barrels per day (mbpd) in the fourth quarter or 0.3 percent lower than the 2.17mbpd produced in third quarter of 2015. Oil production was also lower relative to the corresponding quarter in 2014 by 1.0 percent when output stood at 2.19mbpd.
According to the NBS, real growth of the oil sector slowed by 8.28 percent (year-on-year) in fourth quarter of 2015, representing a decline of 1.18 percent relative to growth recorded in fourth quarter of 2014. Growth also declined by 9.33 percent relative to growth in third quarter of 2015, while quarter-on-quarter, growth also slowed by 19.10 percent.
Nevertheless, the oil sector contributed 8.06 percent of total real GDP, down from figures recorded in the corresponding period of 2014 and in third quarter of 2015 by 0.91 percent and 2.21 percent, respectively.
— Mar 21, 2016 @ 01:00 GMT
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