Nigeria’s real gross domestic product (GDP) grew by 2.04% and 1.46% in the first and second quarters of 2018 respectively, according to data from the National Bureau of Statistics (NBS).
The bureau said this was a build up on the growth recorded in 2017 which stood at 0.81%.
“When compared with the corresponding quarters of 2017, real GDP growth rate increased by 3.09% points and 0.68% points in Q1 and Q2 2018 respectively.
“Real Household Consumption Expenditure in the first quarter of 2018, declined by 0.25% but grew 0.78% year on year in Q2 2018.”
According to NBS, government Consumption Expenditures which had generally recorded negative year on year growth rates in 2017, grew by 13.83% in the first quarter, and 33.71% in second quarter of 2018.
Similarly, Net Exports grew in real terms in the first quarter of 2018 at 7.23% but declined 8.30% in Q2 2018 year on year.
The growth recorded in the first quarter of 2018 was an improvement when compared to the corresponding quarter of the previous year (9.46%).
However, the reverse was the case in Q2, as the growth rate in the second quarter of 2018 slowed by 8.30% compared to Q2 2017 (18.26%).
National Disposable Income rose by 0.26% in the first quarter of 2018 in real terms, but slowed by –.98% in the second quarter of 2018 year on year.
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Compensation of Employees maintained its historical trend in the first and second quarters of 2018, growing at 14.71% and 15.33% respectively.
However, operating surplus continued to record negative growth rate, declining by 2.47% and 3.44% in Q1 and Q2 2018 respectively.
Household Consumption contributed the largest share to Gross Domestic Product. It accounted for 59.67% in Q1 and 60.62% in Q2 of 2018, compared to 61.05% and 61.03% contributed in the corresponding quarters of 2017.
While NPISH contributed less than 1% over the period, its contribution moved from 0.53% in Q1 of 2017 to 0.61% in Q1 of 2018, with Q2 for both periods relatively same at 0.23%.
General Government Consumption accounted for 5.57% and 5.04% in Q1 and Q2 of 2018 respectively.
However, the contribution of Net Exports increased in Q1 2018 by 17.99% against 17.12% in the previous year.
Subsequently, in the second quarter of 2018, the contribution fell to 16.64% from 18.41% in Q2 of 2017.
Basic price GDP grew in real terms by 0.82% year-on-year in 2017.
This was a significant improvement compared to a decline of -1.58% decline in real GDP growth rate in 2016.
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