Real estate grew by 10.84% in Q1 2022 – NBS
By Abimbola Mohammed
The National Bureau of Statistic (NBS) has released the 2022 Gross Domestic Product (GDP) of the first quarter report, the overall GDP grew by 3.11% (year-on-year) in real terms.
While the Real Estate sector grew by 10.84%, higher by 2.79% points than the growth rate recorded in the same period 2021.
The Q1 is higher by 7.35% points compared to the preceding Quarter. Quarter-on-Quarter, the sector growth rate was -22,62%.
According to the report, the contribution to nominal GDP in Q1 2022 stood at 400000.92% as against 5.03% recorded in the first quarter of 2021 and lower than the 5.85% accounted for in the fourth quarter of 2021.
Real GDP growth recorded in the sector for the first quarter of 2022 stood at 4.44%, higher than the growth recorded in the first quarter of 2021 by 2.67% points, and higher by 2.96% points relative to Q4 2021. Quarter-on-quarter, the sector grew by -26.75% in the first quarter of 2022.
It contributed 5.34% to real GDP in Q1 2022, higher than the 5.28% it recorded in the corresponding quarter of 2021.
The GDP shows a sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.
The first quarter 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of a gradual economic stability.
The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.
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