BusinessNews

Nigeria’s GDP Records Growth by 1.50% In Second Quarter of 2018

This translates to N16.58trillion and means a 0.79% points rise from what was obtained in the same period in 2017.

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Nigeria’s Gross Domestic Product (GDP) has grown by 1.50 percent in the second quarter of the year 2018, according to the National Bureau of Statistics (NBS).

This translates to N16.58trillion and means a 0.79% points rise from what was obtained in the same period in 2017.

However, the second quarter GDP is 0.45% points lower than the 1.95% made in the first quarter of 2018.

And on a quarter on quarter basis, Nigeria’s real GDP growth stood at 2.94%.

Nigeria’s aggregate GDP for the period under review showed that the GDP was at N30.69trillion in nominal terms.

The figure signifies a rise in nominal GDP by 7.85% in contrast to the previous quarter (N28.46trillion) and 13.57% growth when placed side-by-side with the corresponding quarter of 2017 (N27.03trillion).

This recent growth in the nation’s GDP in the Q2 was due to some positive growth made in the non-oil as well as in the services sectors of Nigeria’s economy.

On the other hand, the slower growth of the GDP in the Q1 of 2018 as against what was obtainable in the same time in 2017, can be traced to developments in the oil and non-oil sectors.

Source: OkayNG.com

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Farouk Mohammed
the authorFarouk Mohammed
Chief Editor
Farouk Mohammed is a Senior Editor at Okay Nigeria (OkayNG.com). He has been publishing for 5 years and focused more on Local/World News on OkayNG.com.

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