May 20 (Lagos) - Data released by the National Bureau of Statistics shows that the Nigerian economy grew in Q1 2019 by +2.01% year-on-year. This growth is +0.12% higher than +1.89% growth recorded in Q1 2018, however, it is -0.37% lower than +2.38% growth recorded for Q4 2018.
The contraction in the oil sector continued for a 4th consecutive quarter, recording -2.40% in Q1 2019, from +14.02% in Q1 2018, and -1.62% in Q4 2018, while the non-oil sector grew by +2.47% in Q1 2019, from +0.76% in Q1 2018, and +2.70% in Q4 2018.
Overall, the Oil sector contribution increased to 9.14% of total real GDP in Q1 2019 from 7.06% in Q4 2018, while Non-oil contribution dropped to 90.86% in Q1 2019, from 92.94% in Q4 2018.
reporting for easykobo.com on Monday, May 20 2019 from Lagos, Nigeria