Inflation rises to 12.26% in March – NBS

By Emmanuel Elebeke

Nigerian GDP Grew by 2.27% in 2019 — NBS

Nigeria’s real GDP recorded an annual growth rate of 2.27% for 2019. The National Bureau of Statistics, NBS revealed this in its report published on its website.

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It said that this was made possible due to the steady increase in quarter growth recorded from Q2 to Q4 of the year compared to 1.91% in 2018 on a year on year basis.

According to the bureau, the GDP at basic prices also grew by 2.12% on a year on year basis in the second quarter of 2019, leading to accelerated growth in the third and fourth quarters by 2.28% and 2.55% respectively.

Compared to the second quarter of 2018, the report shows that the performance in 2019 indicated an increase of 0.61% points while the third and fourth quarters were 0.47% points and 0.17% points higher, respectively than the corresponding quarters of 2018.

Household Consumption Expenditure

In Q2, Q3 and Q4 the GDP grew by –1,33%, -3.7% and 0.38% in real terms, year on year.

However, the annual growth rate in real household consumption expenditure stood at –2.40% in 2019 compared to 4.63% in 2018.

Household Consumption

Household Consumption accounted for the largest share of real Gross Domestic Product at basic prices, representing 58.62% in Q2, 57.70% in Q3 2018 and 61.61% in Q4, 2019, compared to  60.67%, 61.28% and 62.94% in the corresponding quarters of 2018.

For 2019, its share stood at 58.68%, less than 61.49% recorded in 2018. In size, this was followed by Net Exports which represented 18.65% of total real GDP in 2019, accounting for 16.38% in Q2, 22.62% in Q3 and 17.16% in Q4.

Net Exports

In the same year under review, Net Exports recorded positive growth rates in all four quarters, a departure from the trend in 2018. While no change was recorded in Q2 2019, net exports grew in real terms in Q3 and Q4 by 17.94% and 3.4% respectively.

On an annual basis, net exports grew by 7.64% in 2019 compared to –17.45% recorded in 2018.

Disposable Income

National Disposable Income also grew by 1.44% in the second quarter of 2019, but recorded negative growth in Q3 (-0.61%) and Q4 (-1.46%) on a year on year basis. For 2019, growth in national disposable income stood at 0.38% compared to –1.03% in 2018.

Compensation of Employees

Compensation of Employees, during the second, third and fourth quarters of 2019 grew 10.71%,11,23% and 9.79% respectively in real terms on year on year basis. For 2019, growth rate stood at 8,99% compared to 12.22% in 2018.

Gross Fixed Capital Formation

Gross Fixed Capital Formation accounted for 16.00% of real GDP in 2019, distributed as 18.36% in Q2, 13.87% in Q3 and 15.24% in Q4.

Government Consumption Expenditure

For government consumption expenditure it recorded growth rates at 11.92%, 16.20% and 5.41% in Q2, Q3 and Q4 respectively, year on year, while annual growth rate stood at 15.04% against 39.85% in 2018.

General Government Consumption

General Government Consumption expenditure made up 6.10% of real GDP in 2019, with quarterly trends recorded at 6.13%, 5.83% and 5.55% in Q2, Q3 and Q4 respectively.

Non-Profit Institutions Serving Households

The share of Non-Profit Institutions Serving Households (NPISH) remained at less than 1% over the period, recording 0.23%, 0.21% and 0.40% in Q2, Q3 and Q4 respectively, with annual 2019 share at 0.35%.



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