The National Bureau of Statistics (NBS), on Monday released its much anticipated data for Q3 2018 showing that the Nigerian economy as measured by Gross Domestic Product (GDP) grew by 1.81% in the review period, relatively faster than the 1.5% reported in the preceding quarter and 1.17% in the corresponding period of 2017. The level is still below 2.11% growth recorded in the 2017Q4.
Nominal GDP stood at N33.69tr during the period, while real GDP was N18.08tr, with the oil sector contributing 9.38%, up from 8.55% n the previous quarter; and the non-oil sector, 90.62%, compared to 91.45%.
Highlights of the report showed that oil GDP remained constrained, contracting by -2.91%, at a time non-oil GDP climbed 2.32%, faster than the 2.05% of Q2 2018, or -0.76% in Q3 2017. Non-oil sector growth within the period was driven “by Information and communication; other drivers were Agriculture, Manufacturing, Trade, Transportation and Storage and Professional, Scientific and Technical Services.”
A further breakdown showed that a total of 1.94m barrels of oil were produced on the average per day in the Q3, up from 1.84mbpd, but lower than the 2.02mbpd in 2018Q1 and 2017Q4.
In the non-oil sector, the highest contribution to real GDP was the 48.79% from services, followed by agric sector’s 29.25% and industries, 21.97%.
Agriculture GDP was up 1.91% in Q3 2018, from 1.19% in Q2 2018 and 3.06% in Q3 2017; with crop Production under rising 1.87% in Q3 2018 from 1.49% in the preceding quarter and 3.21% in the corresponding period of 2017.
Livestock under Agriculture GDP climbed 2.56% in Q3 2018, from 1.95% in Q2 2018 and 2.52% in Q3 2017; Forestry under Agriculture GDP grew 3.72% in Q3 2018, slight down from 3.96% in Q2 2018 and 3.95% in Q3 2018.
Fishing under Agriculture GDP climbed 0.84% in Q3 2018, after contracting by 1.35% in Q2 2018 and -2.84% in Q3 2018.
Food, Beverage and Tobacco under Manufacturing GDP grows 2.90% in Q3 2018 from 1.21% in Q2 2018 and 0.58% in Q3 2018
Q3 Oil GDP was an improvement over the -3.95% recorded in Q2 2018; although a far cry from the 23.93% in Q3 2017; even as crude petroleum and gas under mining and quarrying GDP contracted by 2.91% in Q3 2018 from -3.95% in Q2 2018 and 23.03% in Q3 2017
Oil refining under Manufacturing GDP contracted -17.39% in Q3 2018, better than the -21.49% of Q2 2018, or -45.40% in Q3 2017; just as the rising tempo of manufacturing activities in the industry, helped cement under manufacturing GDP to leap 8.14% up in Q3 2018, from 3.84% in Q2 2018 and -4.56% in Q3 2017.
