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Again, GDP contracted by -2.24% in Q3

FOR the third consecutive, Nigerian economy contracted again during the third quarter of 2016.
Data released this morning by National Bureau of Statistics (NBS), the nation’s Gross Domestic Product (GDP) contracted by -2.24 per cent (year-on-year) in real terms.
“This was lower by 0.18 per cent points from growth recorded in the preceding quarter and also lower by 5.08 per cent points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99 per cent.”
In nominal terms, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices during the quarter comparing to the third quarter 2015 value of N24,313,636.94 million.
“Nominal GDP grew by 9.23 per cent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 per cent points. The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications
“During the period under review, Oil production according to NNPC, averaged at 1.63million barrels per day (mbpd), lower from production in second quarter of 2016. Oil production was also lower relative to the corresponding quarter in 2015 by 0.54million barrels per day when output was recorded at 2.17mbpd.”
NBS reported that as a result, real growth of the oil sector slowed by –22.01 per cent (year-on-year) in third quarter of 2016 representing a decline relative to growth recorded in same quarter of 2015 at 1.06 per cent. Growth declined by 23.07 per cent points and 4.54 per cent points relative to growth in third quarter of 2015 and second quarter of 2016 respectively. Quarter-on-Quarter, growth was 8.07 per cent.
As a share of the economy, the oil sector contributed 8.19 per cent of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27 per cent and 8.26 per cent respectively.
Growth in the non-oil sector was largely driven by the activities of agriculture (Crop Production), Information & Communication and other services.
Non-oil sector on the other hand, grew by 0.03 per cent in real terms in the third quarter of 2016, reversing the last two quarters of negative growth recorded in quarters one and two of 2016.
This was 0.41 per cent points higher from the second quarter of 2016, yet 3.03 per cent points lower from the corresponding quarter in 2015.
“In real terms, the non-oil sector contributed 91.81 per cent to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74 per cent) and the third quarter of 2015 a result, real growth of the oil sector slowed by –22.01 per cent (year-on-year) in third quarter of 2016.
“As a share of the economy, the oil sector contributed 8.19 per cent of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27 per cent and 8.26 per cent respectively,” it explained.
Growth in the non-oil sector was largely driven by the activities of agriculture (Crop Production), Information and Communication and other services.
The non-oil sector grew by 0.03 per cent in real terms in the third quarter of 2016, reversing the last two quarters of negative growth recorded in Q1 and Q2 2016.
This was 0.41 per cent points higher from the second quarter of 2016, yet 3.03 per cent points lower from the corresponding quarter in 2015 (Figure 3). In real terms, the non-oil sector contributed 91.81 per cent to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74 per cent) and the third quarter of 2015.
In real terms, Mining and Quarrying sector slowed by –21.64 per cent (year-on-year) in the third quarter of 2016, which was 22.77 per cent points lower than rates recorded in the same quarter of 2015, also 4.45 per cent points lower than rates recorded in second quarter of 2016.
The contribution of mining and quarrying to real GDP in the third quarter of 2016 stood at 8.34 per cent, showing a decline of 2.06 per cent points relative to the corresponding quarter of 2015 and also a decline of 0.07 per cent points relative to the second quarter of 2016.
In real terms, Mining and Quarrying sector slowed by –21.64 per cent (year-on-year) in the third quarter of 2016 which was 22.77 per cent points lower than rates recorded in the same quarter of 2015, also 4.45 per cent points lower than rates recorded in second quarter of 2016.