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Home Business News Business

GDP: Agriculture sector grows by 3.42% in Q4 2020

William UkpebyWilliam Ukpe
2 years ago
in Business, Spotlight
Agricultural financing, GDP: Agriculture grows by 3.42% in Q4 report
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The Agriculture sector grew by 3.42% in real terms in Q4 2020 compared to a growth of 1.39% (year-on-year) recorded in the previous quarter (Q3 2020).

This was disclosed in the Q4 GDP report, released by the National Bureau of Statistics (NBS) on Thursday. The 2020 Agric GDP grew by 2.17% compared to 2.36% recorded in 2019.

READ: President Buhari boasts of External Reserves growth of $2.58 billion in May

The NBS disclosed that Crop Production grew by 3.68% compared to 1.38% in Q3 2020 & 2.52% in Q4 2019. The total 2020 GDP for Crop Production grew 2.24% compared to 2.51% in 2019

  • Livestock grew by 2.38% in the quarter under review compared to 2.29% in Q3 2020 & -0.20% in Q4 2019. It also grew by 1.91% in 2020 full year compared to 0.16% in 2019
  • Forestry grew by 1.24% in Q4 2020 compared to 2.55% in Q3 2020 & 1.26% in the corresponding period of 2019. Forestry also grew by 1.62% compared to 2.59% recorded in 2019
  • Fishing however contracted by 3.60% compared to a similar contraction of 2.07% recorded in Q3 2020 & a positive growth of 2.33% in Q4 2019. Fishing grew 0.26% compared to 3.33% in 2019

READ: Aviation’s real GDP contracts by 36.98% in 2020

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Tags: Agriculture SectorNational Bureau of Statistics (NBS)

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