NBS to release 2017 GDP figures Tuesday

WITH non-oil sector of the economy still in recession by the third quarter of 2017, National Bureau of Statistics (NBS) is set to release the fourth quarter gross domestic product data and full 2017 figures on Tuesday according to its data release calendar for 2018.

The economy only technically exited recession in the second quarter of 2017 through growth in mining & quarrying sector, which consists of crude petroleum and natural gas, coal mining, metal ore and quarrying and other minerals sub-activities.There was also growth in the agricultural sector.

According to 2017 Q3 GDP figures, oil sector contributed 10.04 percent of the economy; while non-oil sector contributed 89.96 percent.

Non-oil sector was also subdivided into services- 48.28 percent; agriculture- 29.15 percent; and industries: 22.56 percent.

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.

However, “non-oil sector grew by -0.76% in real terms during the reference quarter. This is lower by -0.79% point compared to the rate recorded same quarter, 2016 and -1.20% point lower than in the second quarter of 2017.

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“This sector was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.

“In real terms, the non-oil sector contributed 89.96% to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91%) and in the second quarter of 2017 (90.96%).”

Real GDP growth in the manufacturing sector during the quarter -2.85% (year on year), and even -3.49 percentage points lower than rate recorded in the preceding quarter.

Also, construction sector recorded a growth of -0.46% (year on year), higher by 5.67% points from the rate recorded a year previous but decreased by -0.59% points from the second quarter figure.

In real terms, growth in the Trade sector year on year growth stood at -1.74%, which was -0.35% points lower than the rate recorded one year previous, and -0.12% points lower than in the preceding quarter. Quarter on quarter growth stood at 1.50%.