Nigeria’s GDP Grows By 2.38% In Q4 2018

By Emmax




The Nigeria’s Gross Domestic Product, GDP grew by 2.38 percent in real terms (year on year) in the fourth of 2018, the National Bureau of Statistics, NBS has said.

In its quarterly report released on Tuesday, the bureau said the growth represents an increase  of 0.27% points, when compared to the fourth quarter of 2017, which recorded a growth  rate of 2.11%.

The report indicates that the fourth quarter GDP growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018. This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018.

According to the report, the non-oil sector contributed to the growth  of the GDP in the fourth quarter which recorded 2.70% growth in real terms during the period under review of 2018.

The growth is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018.

‘‘In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 2.38% in real terms (yearon-year). This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%.

‘‘It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31%.

‘‘The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

‘‘During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65%. For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared to N113,711,634.61million recorded in 2017.