GDP grew by 1.94% in Q2   


Sep 3 (Lagos) - Data released by the National Bureau of Statistics shows that the Nigerian economy grew in Q2 2019 by +1.94% year-on-year. 


This growth is +0.44% higher than +1.50% growth recorded in Q2 2018, however, it is a 2nd consecutive quarter of decline in GDP growth rate at -0.16% lower than +2.10% revised growth recorded for Q1 2019.
 

The oil sector expanded for the first time in 5 consecutive quarters, recording a growth of +5.15% in Q2 2019, from -3.95% in Q2 2018 and -1.46% in Q1 2019, while the non-oil sector grew by +1.64% in Q2 2019, lower than +2.04% in Q2 2018 and +2.47% in Q1 2019. 


Overall, the Oil sector contribution declined to 8.82% of total real GDP in Q2 2019 from 9.22% in Q1 2019, while Non-oil contribution increased to 91.18% in Q2 2019, from 90.78% in Q1 2019.



reporting for easykobo.com on Tuesday, Sep 3 2019 from Lagos, Nigeria
Copyright @ 2010-2019 Easykobo.com by Naija infotech & solar energy ltd. All rights reserved