Nigeria’s Gross Domestic Product (GDP) grew by 2.28 percent in the third quarter of 2019, the National Bureau of Statistics (NBS) said on Friday.
The NBS’ GDP quarterly report showed that the real GDP growth rate observed in the third quarter indicated an increase of 0.47 percent, compared to the third quarter of 2018 which recorded a growth of 1.81 percent.
Relative to the second quarter, which recorded a growth rate of 2.12 percent, Q3 represents an increase of 0.17 percent.
On a quarter- on- quarter basis, however, real GDP grew by 9.23 percent. The growth rate in Q3 represents the second-highest quarterly rate recorded since 2016.
In the quarter under review, aggregate GDP stood at N37, 806,924.41 in nominal terms.
This performance is higher compared to the aggregate of N33, 368,049.14 recorded in the third quarter of 2018, representing a year- on- year nominal growth rate of 13.30%.
However, the growth rate is lower relative to rates recorded in the third quarter of 2018 by -0.28 percent points and the rates recorded in the preceding quarter by -0.71 percent points.
Also, in Q3, Nigeria recorded average daily oil production of 2.04 million barrels per day (mbpd), its highest in more than three years.
This output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018 and 0.02mbpd higher than the revised oil production levels in Q2 2019 of 2.02mbpd.
The real growth of the oil sector was 6.49 percent in Q3, indicating an increase of 9.40 percent points relative to the rate recorded in the corresponding quarter of 2018.
The rate was lower by -0.68 percent points when compared to Q2 2019 which was 7.17 percent.