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Nigeria GDP Q1 2018 Non Oil sector driven by Agriculture Crop production

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Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018 based on the report released by the Nigerian Bureau of Statistics today Monday 21 May 2018.

Overview of GDP in Quarter One 2018

Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points. Compared to the preceding quarter, there was a decline of –0.16% points from 2.11%. Quarter on quarter, real GDP growth was –13.40%.

The Non-Oil Sector

The non-oil sector grew by 0.76% in real terms during the reference quarter. This is higher by 0.04% point compared to the rate recorded same quarter of 2017 and 0.70% point lower than the fourth quarter of 2017. This sector was driven mainly by Agriculture (Crop production); other drivers were Financial institutions and insurance, Manufacturing, Transportation and Storage and Information and Communication. In real terms, the Non-Oil sector contributed 90.39% to the nation’s GDP, lower than 91.47% recorded in the first quarter of 2017 and 92.65% recorded in the fourth quarter of 2017.

Q1 2018 GDP published: Crop Production under Agric grew in real terms by 3.45% in Q1 2018 compared to 4.58% in Q4 2017 & 3.50% in Q1 2017

Q1 2018 GDP published: Accommodation & Food Services grew in real terms by 0.29% in Q1 2018 compared to 0.78% in Q4 2017 & -3.96% in Q1 2017

Q1 2018 GDP published: Food and Beverage under Manufacturing grew in real terms by 5.46% in Q1 2018 compared to 2.18% in Q4 2017 & 4.07% in Q1 2017

 

Q1 2018 GDP published: Fishing under Agric grew in real terms by 4.25% in Q1 2018 compared to 4.05% in Q4 2017 & 5.49% in Q1 2017

Forestry

Q1 2018 GDP published: Forestry under Agric grew in real terms by 2.94% in Q1 2018 compared to 2.83% in Q4 2017 & 1.72% in Q1 2017

Livestock

Q1 2018 GDP published: Livestock under Agric contracted in real terms by -1.85% in Q1 2018 compared to 0.19% in Q4 2017 & 1.72% in Q1 2017

 

 

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