In 2019, the International Monetary Fund (IMF) had projected that the Nigerian economy would take an upturn of 2.1% but according to data made public by the National Bureau of Statistics, the economy surpassed that expectation by a slight margin bringing it to a 2.27% increase.
The report states that in the fourth quarter of 2019, the economy grew by 2.55%.
The report states, “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019.
“Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.
“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.
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“Real growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by –0.13% points when compared to Q3 2019 which was 6.49%.
“The oil sector contributed 7.32% to total real GDP in Q4 2019, up from figures recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 7.06% and 9.77% respectively. Oil contributed 8.78% to real GDP in 2019.
“The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019). This was lower by –0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019.”
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