Dec 13 (Lagos) - Data released by the National Bureau of Statistics shows that the Nigerian economy grew in Q3 2018 by +1.81% year-on-year. This growth is +0.64% higher than +1.17% recorded in Q3 2017, and +0.31% higher than +1.50% recorded for Q2 2018.
Quarter on quarter, real GDP growth was +9.05%.
The oil sector contracted for a 2nd consecutive quarter, by -2.91% in Q3 2018, from +23.03% in Q3 2017, and -3.95% in Q2 2018, while the non-oil sector grew by +2.32% in Q3 2018, from -0.76% in Q3 2017, and +2.05% in Q2 2018.
Overall, the Oil sector contributed 9.38% of total real GDP in Q3 2018 from 8.55% in Q2 2018, while Non-oil contributed 90.62% in Q2 2018, from 91.45% in Q2 2018.
These numbers don't look good no matter how you try to analyse them. The stock market is close to going below the 30K mark after another painful year.
reporting for easykobo.com on Thursday, Dec 13 2018 from Lagos, Nigeria