By Dipo Olowookere

In the second quarter of 2019, the Gross Domestic Product (GDP) of Nigeria recorded a year-on-year growth of 1.94 percent in real terms. This is according to data released on Tuesday morning by the National Bureau of Statistics (NBS).

In the GDP figures of the stats office, the Q2 2019 growth was higher than the 1.50 percent rise achieved in the second quarter of 2018, indicating increase of 0.44 percentage points.

According to the NBS, when compared to 2.10 percent (revised from 2.01 percent due to oil output revisions) recorded in the first quarter of 2019, however, the Q2 2019 real growth rate indicates a decline of 0.16 percentage points.

It was further stated that during the quarter, aggregate GDP stood at N34.944 trillion in nominal terms, an increase of 13.83 percent over the performance in the second quarter of 2018 and 9.8 percent over the preceding quarter.

The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition.

Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.

On a half year basis, real growth in the first half of 2019 stood at 2.02 percent, higher than in 2018 which was 1.69 percent. Quarter on quarter, real GDP increased by 2.85 percent compared with a decline of 13.69 percent in the preceding period.

Business Post reports that in the second quarter of this year, the oil sector posted a real growth rate of 5.15 percent year-on-year in Q2 2019, representing a 9.10 percent points increase relative to the rate recorded in the corresponding quarter of 2018. It also indicates an increase of 6.61 percent points when compared with Q1 2019(revised). Quarter-on-Quarter, the oil sector recorded a growth rate of 1.55 percent in Q2 2019. The sector contributed 8.82 percent to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter.

In Q2 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6 percent higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd (revised from 1.96 mbpd).

On the other hand, the non-oil sector grew by 1.64 percent in real terms during the reference quarter. This was 0.40 percent points lower than recorded in the same quarter of 2018, and 0.83% point lower than the first quarter of 2019.

During the quarter, the sector was driven mainly by information and communication, mining and quarrying, agriculture, transportation and storage, as well as other services.

In real terms, the non-oil sector contributed 91.18 percent to the nation’s GDP, lower than the share recorded in the second quarter of 2018 (91.45 percent) but higher than the first quarter of 2019, which stood at 90.78 percent.

https://businesspost.ng/2019/09/03/nigerias-gdp-grows-1-94-in-q2-2019/

How many Likes for this man

Slowly but surely, we would get there.

Feels good to be back.

I bet Buhari does not know the Meaning of GDP GNP NNP and so on

Slow but steady

Good one..

Chai, why I con dey in-between enemy of the nation?

Bullcrap!

Okay.

Such little growth compared to Jonathan's administration.

omenka:
Slowly but surely, we would get there.

Feels good to be back.

china's gdp reached a stage where it grew 30%

our population is increasing
Nd economic growth resembles dat of a developed country

USA has d highest gdp at 22T nd it's growing at 2+%

Meanwhile population is exploding

i feel very scared fr upcoming generations

Top 10 fastest growing economies in Africa in 2018

1.Ghana 8.3%
2. Ethiopia 8.2%
3. CIV 7.2%
4. Djibouti7%
5. Senegal6.9%
6. Tanzania 6.8%
7. Sierra leone6.3%
8.Burkina Faso6.0%
9.Rwanda 5.9%
10.Niger Rep5.2%
—————
41.Nigeria 1.9%

In 2012, 2013, 2014, we were #1 in Africa.

Your country men and women are been killed and roasted like goat in a foreign land and here you all celebrating nonsense

This is the kind of GDP you expect from developed economies. A developing economy like Nigeria should grow at a faster rate. Even the USA, a developed country is growing at a faster rate than Nigeria.

As an economist, you don't rejoice @ a 1.94% growth in GDP without knowing the % growth in population within the same period.

If % growth in population is greater than % growth in GDP, then we are in recession.

Debroslink:
As an economist, you don't rejoice @ a 1.94% growth in GDP without knowing the % growth in population within the same period.

If % growth in population is greater than % growth in GDP, then we are in recession.

Our population growth rate is currently estimated at betwixt 2.6% and 2.8% . As you rightly stated, if economic growth rate is less than population growth rate, we are still experiencing negative growth.

omenka:
Slowly but surely, we would get there.

Feels good to be back.

he is back...


one of the sellers of Dullardihno.

You are all not immune to the suffering, both in the FAKE CHANGE & the useless NEXT LEVEL

lilfreezy:
Top 10 fastest growing economies in Africa in 2018

1.Ghana 8.3%
2. Ethiopia 8.2%
3. CIV 7.2%
4. Djibouti7%
5. Senegal6.9%
6. Tanzania 6.8%
7. Sierra leone6.3%
8.Burkina Faso6.0%
9.Rwanda 5.9%
10.Niger Rep5.2%
—————
41.Nigeria 1.9%

In 2012, 2013, 2014, we were #1 in Africa.

Stop spreading fake news we were never the fastest growing economy in Africa.

Although we are the largest economy in Africa when we rebased our economy..


This 1.9 is a quarterly growth rate figure not yearly growth.

We need security assurance over Rise in GDP

Check the Igr from sales of coffin & mortuaries between 2015-now

Iamgrey5:
Stop spreading fake news we were never the fastest growing economy in Africa.

Although we are the largest economy in Africa when we rebased our economy..

This 1.9 is a quarterly growth rate figure not yearly growth.

But we slowed down from 2.1% in the first quarter of this year..?
https://www.thecable.ng/breaking-nigerias-gdp-slows-to-1-96-second-consecutive-decline

fergie001:

But we slowed down from 2.1% in the first quarter of this year..?
https://www.thecable.ng/breaking-nigerias-gdp-slows-to-1-96-second-consecutive-decline

That is true though, but not as he painted it.

During elections politicians spray money everywhere and it affects the economy positively, but they begin to gather money right after the elections

It is a sad development tbh

good

Iamgrey5:
That is true though, but not as he painted it.

During elections politicians spray money everywhere and it affects the economy positively, but they begin to gather money right after the elections

It is a sad development tbh

So, which way Nigeria?

Iamgrey5:
Stop spreading fake news we were never the fastest growing economy in Africa.

Although we are the largest economy in Africa when we rebased our economy..


This 1.9 is a quarterly growth rate figure not yearly growth.

Nigeria was the fastest growing economy in Africa between 2003 and 2009. You need to learn to get your facts right before making statements on the internet.

Population growth 3% , GDP growth 1.9%

#singing out loud "Ayele oo ibosi ooo"



...

GDP dey grow and yet local man cannot afford bread

fergie001:

So, which way Nigeria?

No way bro