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Home Business News Politics

Nigeria records 1.81% Q3 2018 GDP growth

Onome Ohwovoriole by Onome Ohwovoriole
December 10, 2018
in Politics
Market survey, FSDH Merchant Bank Ltd, Inflation rate, private sector loans, NBS
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Third quarter 2018 GDP figures released by the National Bureau of Statistics, show Gross Domestic Product grew by 1.81% in the third quarter of 2018. This represents a 0.31% increase from the 1.50% growth recorded in the second quarter of 2018.

Here are highlights of the report

  • On a year on year basis, GDP grew by 0.64% year on year from the 1.17% recorded in the third quarter of 2017.
  • Oil sector GDP continued to retract with a negative growth rate of 2.91%
  • The non-oil sector grew by 2.32% in real terms during the reference quarter. This is 0.28% point higher than the second quarter of 2018. This sector was driven this quarter mainly by Information and communication sector.
  • In real terms, the Non-Oil sector contributed 90.62% to the nation’s GDP, lower than 91.45% recorded in the second quarter of 2018

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Tags: GDP growth rateNational Bureau of Statistics (NBS)On the Money
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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