Nigeria’s GDP drops to 1.94% in Q2 as economy contracts
The second quarter of 2019 has seen Nigeria’s Gross Domestic Product (GDP) growth rate drop to 1.94 per cent (year on year) in real terms compared to 2.10 per cent in the preceding quarter.
According to the National Bureau of Statistics (NBS), this represented a –0.16 percentage point contraction of the economy.
The GDP Report for Q2 2019, which was released recently by the statistical agency, compared to the corresponding quarter of 2018 (Q2 2018) which recorded a growth of 1.50 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per percentage points.
While the oil sector accounted for 8.82 per cent of growth in Q2, the non-oil sector contributed 91.18 per cent to GDP, the report revealed.
The report also said that daily oil production dropped to 1.98 million barrels per day (mbpd) compared to 1.99 mbpd in the preceding quarter.
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