The real Gross Domestic Product of the aviation sector contracted by 36.96% in 2020 compared to the 13.17% recorded in 2019.
This was disclosed by the National Bureau of Statistics in its Q4 2020 GDP and full-year 2020 report on Thursday.
It tweeted, “Air Transport under Transportation & Storage real GDP contracted -51.69% compared to -38.86% in Q3 2020 & -14.98% in Q4 2019. 2020 Air transport real GDP contracted -36.98% compared to 13.17% in 2019.”
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Q4 2020 GDP& Full year 2020 report published @ https://t.co/ucXR0UbrMw
Air Transport under Transportation & Storage real GDP contracted -51.69% compared to -38.86% in Q3 2020 & -14.98% in Q4 2019.
2020 Air transport real GDP contracted -36.98% compared to 13.17% in 2019 pic.twitter.com/6FnYxuO0ng
— Dr Yemi Kale (@sgyemikale) February 18, 2021
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What you should know
Nairametrics reported last year that contribution of the Aviation industry to Nigeria’s economy (in nominal value) increased by 0.14% in 2019, as it rose to N198.62 billion. This was disclosed by the National Bureau of Statistics (NBS). But there are concerns that the feat would not be repeated or surpassed in 2020, as the industry is expected to suffer a decline.
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Prior to 2019, the Aviation Industry contributed N149.35 billion to the country’s gross domestic product in 2018, representing 0.12%, but in 2019, the figure increased due to political activities in Nigeria. Nigeria held its elections last
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