Growth in finance and insurance industries in real terms totaled 12.70% in the third quarter of 2023. This is according to a recently released GDP report by the National Bureau of statistics.
The growth rate is lower by 10.53% points from the rate recorded in the third quarter of 2021, and down by 5.78% points from the rate recorded in the preceding quarter. Quarter-on-Quarter growth in real terms stood at -10.14%.
The contribution of Finance and Insurance to real GDP totaled 3.49%, higher than the contribution of 3.16% recorded in the third quarter of 2021 by 0.32% points, and lower than 4.25% recorded in Q2 2022 by 0.77% points.
From a broader view: In the quarter under review, aggregate GDP stood at N52.26 trillion in nominal terms. This performance is higher when compared to the third quarter of 2021, which recorded aggregate GDP of N45.11 trillion, indicating a year-on-year nominal growth rate of 15.83%.
The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter.
GDP Overview: Nigeria’s gross domestic product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. This growth rate declined from 4.03% in the third quarter of 2021.
The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
The Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and also decreased by 1.29% points, relative to 3.54% in Q2 2022. However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting higher economic activity in Q3 2022 than the preceding quarter.
