By Mbakaan Kwen, Abuja
The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40 per cent (year-on-year) in real terms which is the second consecutive positive growth since the emergence of the economy from recession in Q2 2017. This growth is higher than the rate recorded in the corresponding quarter of 2016 which was (-2.34 per cent) and higher by 0.68 per cent points from the rate recorded in the preceding quarter, which was revised to 0.72 per cent from 0.55 per cent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).
According to data from National Bureau of Statistics (NBS), quarter on quarter real GDP growth was 8.97 per cent while year to date real GDP growth stands at 0.43 per cent. In the quarter under review, aggregate GDP stood at N29,451,303.99million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a nominal GDP growth of 10.98 per cent. This growth is higher relative to growth recorded in Q3 2016 of 9.15 per cent.
In the period under review, oil production is estimated to have averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017. Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd. Real growth of the oil sector was 25.89 per cent (year-on-year) in Q3 2017. This represents an increase of 48.92 per cent relative to rate recorded in the corresponding quarter of 2016. Growth also increased by 22.36 per cent when compared to Q2 2017 which was revised from 1.64 per cent to 3.53 per cent. Quarter-on-quarter, the oil sector grew by 21.10 per cent in Q3 2017. As a share of the economy, the oil sector contributed 10.04 per cent of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09 per cent and 9.04 per cent to GDP respectively.
The non-oil sector grew by -0.76 per cent in real terms during the reference quarter. This is lower by -0.79per cent point compared to the rate recorded same quarter, 2016 and -1.20 per cent point lower than in the second quarter of 2017. This sector has 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 per cent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 per cent) and in the second quarter of 2017 (90.96 per cent).
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