The
economy recorded a growth of 1.40 percent in the third quarter of 2017,
according to data which the National Bureau of Statistics (NBS) released on
Monday.
This is the second time of such
positive development since Nigeria exited recession in the second quarter.
NBS statistics showed that the
agricultural sector grew by 3.06 percent in the third quarter of 2017 as
against the 3.01 percent recorded in the second quarter of 2017.
The Q2 GDP growth, which was formerly
put at 0.55 percent, was revised to 0.72% following revisions by NNPC to oil
output.
Quarter-on-quarter, real GDP growth
was 8.97%
“Oil production is estimated to have
averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than
the revised daily average production recorded in the second quarter of 2017
(revised from 1.84mbpd to 1.87mbpd),” the report said.
Agriculture, other services and
electricity, gas, steam and air conditioning supply were the sectors that led
growth in the non-oil sector which grew by 0.3 percent to stand at -0.76
percent from -0.79 percent.
“In real terms, the non-oil sector
contributed 89.96% to the nation’s GDP, lower than the share recorded in the
third quarter of 2016 (91.91%) and in the second quarter of 2017 (90.96%),” the
report read.
“Cement under manufacturing sector
contracted by -4.56% in Q3 2017 from -4.16% in Q2 2017 and -6.26% in Q3 2016.
“Telecommunications & information
services under information and communication sector contracted by -5.68% in Q3
2017 from -1.92% in Q2 2017 and 0.95% in Q3 2016.”
The economy had recorded negative GDP
growth in 2016 thus slipping into a recession.
Read
full data here
No comments: