By Emmanuel Elebeke

The quarterly report released by the National Bureau of Statistics (NBS) Wednesday, shows that nation’s Gross Domestic Product (GDP) declined by 1.61 per cent points from growth recorded in the preceding quarter.

The growth also slowed by 4.19 per cent points from growth recorded in the corresponding quarter of 2014.
Meanwhile, GDP grew by 2.35 per cent (year-on-year) in real terms under the period in view.

However, NBS said the growth was lower by Quarter on quarter, real GDP increased by 2.57 per cent.

During the quarter, aggregate GDP stood at N22,859,153.01million (in nominal terms) at basic prices.

Compared to the Second Quarter 2014 value of N21,734,829.86 million, nominal GDP was 5.17 per cent
higher.

Nominal GDP growth was also higher relative to growth recorded in Q1 2015 by 0.85 per cent points.

Oil Sector
During the period under review, Oil production stood at 2.05 million barrels per day (mbpd) 5.9 per cent lower from pro-duction in Q1 of 2015. Oil production was also lower relative to the corresponding quarter in 2014 by 7.3 per cent, when output was recorded at 2.21mbpd.

Non-Oil sector
Growth in the Non-oil sector was largely driven by the activities of Trade, Crop Production, Construction and Telecommunications. The non-oil sector grew by 3.46 per cent in real terms in Q2 of 2015.

This was 2.13 per cent points lower from Q1 2015 and 3.26 per cent points lower from the corresponding quarter in 2014.

In real terms, the Non-Oil sector contributed 90.20 per cent to the nation’s GDP, marginally higher from shares recorded in Q1 2015 (89.55%) and Q2 2014 (89.24%)

Major Economic sector
The Mining and Quarrying sector comprises of four main activities which include Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals.

On a nominal basis, the sector slowed in the Second quarter of 2015 growing by 33.30 per cent (year on year) during the quarter.

This was substantially below growth recorded in the corresponding quarter of 2014 where growth was recorded at 13.23 per cent.

Growth was however an improvement relative to Q1 2015 (-46.20%).

The growth according the statistical body was driven by developments in crude oil and natural gas which slowed by -33.68er cent.

The sector contributed 7.75 per cent to overall GDP during Q2, 2015, lower than the share recorded in Q2 2014 (12.22 %), yet higher than its share in Q1 2015 (6.74 %).

In real terms, Mining and Quarrying sector sowed by 6.62 per cent (year-on-year) in the Second Quarter of 2015 which indicated growth 11.94 percentage points lower than rates recorded in the Second Quarter of 2014, yet 1.29 per cent points higher than growth rates estimate for Q1 2015.

The contribution of Mining and Quarrying to Real GDP in the Second Quarter of 2015 stands at 9.95 percent, showing that the sector’s share declined by 0.96 per cent points relative to the corresponding quarter of 2014 and also declined by 0.67 per cent points relative to Q1 2015.

Agriculture
Agriculture is made up of four sub-activities, namely: Crop Production, Livestock, Forestry and Fishing.

In nominal terms, the sector grew by 9.17 per cent year-on-year. This was higher than growth rates recorded in the corresponding quarter of 2014 and the First Quarter of 2015 by 2.50 per cent points and 1.73 per cent points respectively.

Growth in the sector was driven by output in Crop Production accounting for 83.89 per cent of overall growth of the sector. Agriculture contributed 17.89 per cent to nominal GDP during the quarter under review.

This was marginally higher that shares recorded in the corresponding period of 2014 and Q1 of 2015 by 0.65 per cent points and 0.12 per cent points respectively.

Real agricultural GDP growth in the Second Quarter of 2015 stood at 3.49 per cent (year-on-year), a decrease of 0.19 per cent points from the corresponding period of 2014.

Growth in the Second Quarter was also 1.21 per cent points lower from the first Quarter of 2015.

While positive, growth in agricultural output has been relatively lower as a result of lower crop output which in turn was as a result of a late onset of rains during the quarter. The contribution of Agriculture to overall GDP in real terms was 21.12 per cent in the Second Quarter of 2015, marginally higher from its share in the corresponding quarter of 2014 and higher from the First Quarter of this year by 1.33% points.