Nigeria Q3 2016 Report: GDP Shrank -2.24% Year-On-Year

Unic Press UK: National Bureau of Statistics (NBS) has issued Quarter Three 2016 report on Nigeria’s Gross Domestic Product (GDP), saying that that nation’s GDP contracted by -2.24%

“In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms. This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015.” (NBS: 21/11/2016)

The highlights on the report “Nigerian Gross Domestic Product Report Quarter Three 2016” included:

• The real growth of the oil sector slowed by –22.01% (year-on-year) in the third quarter of 2016.
• The non-oil sector grew by 0.03% in real terms in the third quarter of 2016, which was mainly driven by Agriculture (Crop Production), Information & Communication and Other Services.
• Oil production averaged at 1.63 million barrels per day (mbpd) in the third quarter of 2016, lower from production of 1.69 mbpd in the second quarter of 2016.
• Real GDP growth of Health and Social Services for Q3 2016 stood at -2.31% (year-on-year) compared to 2.50% for the corresponding period of 2015, which shows a drop of 4.80 % points.
• In real terms, Trade’s year on year growth stood at – 1.38%, which was 5.79% points lower than the rate recorded one year previous, also 1.35% points lower than in the preceding quarter.
• The real growth rate of construction activity stood at -6.13% (year on year) in the third quarter of 2016, a decline of 6.02% points from the rate recorded a year previous.
• In the third quarter of 2016, Real GDP growth of the manufacturing sector slowed by 2.63% points to -4.38% (year-on-year) from –1.75% growth recorded in third quarter of 2015.
• The contribution of Electricity, Gas, Steam and Air Conditioning Supply to real GDP in the third quarter of 2016 recorded as 0.33% minimally lower than the third quarter of 2015 at 0.34%, but maintaining the same rate contributed in the second quarter of 2016.