Non-oil Sector Drives Nigeria's Economy To 1.81% In Q3 - NBS
The National Bureau of Statistics, NBS has released a health check report for Nigeria’s economy between July and September 2018.
According to NBS, within the period, Nigeria’s economy grew 1.81% from a year earlier, pushed higher by the non-oil sector.
“The nation’s GDP grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points,” the NBS said.
“The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points. Quarter on quarter, real GDP growth was 9.05%.”
According to the report, in the quarter under review, aggregate GDP stood at 33.4 billion naira in nominal terms.
This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of 29.4 billion naira thus, presenting a positive year on year nominal growth rate of 13.58%.
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.
Meanwhile, it was the non-oil sector that led this expansion as it grew 2.32% in the third quarter with the information and communication services being the main driver of the expansion.
Don't forget to share this story with your friends.