Nigeria’s Gross Domestic Product (GDP) grew by 2.25per cent (year-on-year) in real terms in the third quarter (Q3) of 2022.
This growth rate entails a decline from 4.03 per cent in the third quarter of 2021.
In its Q3 GDP report released on Thursday, the National Bureau of Statistics (NBS) said the reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
The Q3 2022 growth rate according to NBS decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2 2022.
However, the NBS noted further that quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.
In the quarter under review, aggregate GDP stood at N52.255 trillion in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45.113 trillion, indicating a year-on-year nominal growth rate of 15.83 per cent.
The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter.
According to the statistics office, the nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd. (Figure 2).
It said the real growth of the oil sector was –22.67 per cent (year-on-year) in Q3 2022 indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021.
Growth also decreased by 10.91 per cent points when compared to Q2 2022 which was –11.77 per cent.
Quarter-on-Quarter, the NBS stated that the oil sector recorded a growth rate of -1.80 per cent in Q3 2022.
The Oil sector contributed 5.66 per cent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49% and 6.33% respectively.
The non-oil sector grew by 4.27 per cent in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022.
This sector was driven in the third quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Transportation (Road Transport); Financial and Insurance (Financial Institutions); Agriculture (Crop Production) and Real Estate, accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.34percent to the nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of 2021 which was 92.51percent and higher than the second quarter of 2022 recorded as 93.67 per cent.
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