The real Gross Domestic Product (GDP) growth rate of the aviation sector contracted by -11.78% in the first quarter (Q1) of 2021 from -51.69% in Q4 2020 and 5.68% in Q1 2020.
This was disclosed by the National Bureau of Statistics in its Q1 2021 GDP report on Sunday.
It tweeted, “Air Transport under Services GDP contracted -11.78% compared to -51.69% in Q4 2020 & 5.68% in Q1 2020.
“Transport Services under Services GDP contracted -0.50% compared to -2.73% in Q4 2020 & -1.38% in Q1 2020.”
Q1 2021 GDP report published @ https://t.co/Ed8oyXE5Oq
Air Transport under Services GDP contracted -11.78% compared to -51.69% in Q4 2020 & 5.68% in Q1 2020.
Transport Services under Services GDP contracted -0.50% compared to -2.73% in Q4 2020 & -1.38% in Q1 2020. pic.twitter.com/Upoj7umAby
— Dr Yemi Kale (@sgyemikale) May 23, 2021
What you should know
Nairametrics had reported that the real GDP growth rate of the aviation sector contracted by 36.96% in 2020 compared to the 13.17% recorded in 2019.
The NBS 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.”
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.