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Nigeria’s GDP drops by 5.94% in fourth quarter

By on February 24, 2015

Nigeria’s real Gross Domestic Product (GDP) further dropped to 5.94 per cent in the fourth quarter (Q4) of 2014 compared to 6.23 per cent in the third quarter, according to the  National Bureau of Statistics (NBS).

The NBS, in its quarterly GDP estimates released on Sunday, added that Q4 GDP was 0.28 per cent lower than the estimates for the previous quarter, adding that the economy grew by 3.84 per cent in Q4 2014 when compared with the previous month.

Interestingly, the statistical agency noted that despite the production and oil price challenges in the petroleum sector within the period under review, average daily production of crude oil increased to 2.18 million barrels per day (mbpd) compared to 2.15 mbpd in the third quarter.

Nevertheless, nominal GDP in Q4 2014 was estimated at N24.20 trillion compared to N22.93 trillion in Q3 as well as N21.40 trillion in the corresponding quarter of 2013.

In Q4 2014, the Non-oil sector recorded 6.44 per cent growth in real terms though lower 7.51 per cent in Q3.

According to the NBS, the non-oil sector growth was largely driven by growth in the crop production, trade, textile, apparel and footwear, and real estate sectors.

In real terms, agriculture sector GDP grew by 6.28 per cent (Year-on-Year) in the fourth Quarter of 2014, down by 2.91 per cent from the previous quarter-with Fishing recording highest growth rate of 14.68 per cent, followed by Livestock at 12.70 per cent.

Agriculture contributed 22.07 per cent to nominal GDP and 23.86 per cent in real terms within the  period under review. On the other hand, the oil sector also grew by 1.18 per cent in Q4 2014, contributing 8.97 percent to real GDP compared to 10.45 per cent in Q3.

The manufacturing sector contributed 9.11 per cent to nominal GDP in Q4, down from 9.77 per cent in the previous quarter.

The contribution of Manufacturing to Nominal GDP was 9.11 per cent in the fourth Quarter of 2014, up from 8.65 per cent recorded in the fourth quarter of 2013 and 9.77 per cent in the third quarter of 2014.

Real GDP growth in the sector stood at 13.47 per cent (year-on- year), down from 24.59 per cent growth recorded in fourth Quarter of 2013, representing 2.52 percentage points lower than the figure recorded in quarter three, 2014.

 

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