December 10, 2018

Breaking: Nigeria’s GDP grows by 1.81% in Q3 2018 – NBS

Youth Party proffers solution to economic challenges with bold plan

Economic growth

By Emmanuel Elebeke

The National Bureau of Statistics, NBS, says the nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. This was contained in IRS quarterly release made available on its website on Monday.

Economic growth

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Compared to the third quarter of 2017 which recorded a growth of 1.17%, the NBS said there was an increase of 0.64% points in the month under review.

“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%.

“In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms.

“This performance is higher when compared to the third quarter of 2017, which recorded a GDP aggregate of N29,377,674.03 million 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.