Economy shrinks more by
-2.24% in the Q3 – NB
NATIONAL Bureau of Statistics NBS latest Gross Domestic Product
GDP report indicates that the country’s economy contracted by -2.24% in real
terms the third quarter of 2016 even as the rate of inflation has continued to
observe an unprecedented upward trend. This negative growth rate according to
NBS was lower by 0.18% points from growth recorded in the preceding quarter and
also lower by 5.08% points from growth recorded in the corresponding quarter of
2015.
The report shows that during the quarter, aggregate nominal GDP at basic
prices stood at N26, 558,952.83 million compared to the third quarter 2015
value of N24,313,636.94 million. On sectoral compositions, the report revealed
that during the period under review, oil production according to NNPC, averaged
at 1.63million barrels per day (mbpd), lower from production in second quarter
of 2016.
According to NBS, growth in the non- oil sector was largely driven by
the activities of Agriculture, information and communication and Other
Services. It further explained that real agricultural GDP growth in the third
quarter of 2016 stood at 4.54% (year-on-year), an increase of 1.07% points from
the corresponding period of 2015. The non-oil sector grew by 0.03% in real
terms in the third quarter of 2016, reversing the last two quarters of negative
growth recorded in the first and second quarter of 2016. This was 0.41% points
higher from the second quarter of 2016, yet 3.03% points lower from the
corresponding quarter in 2015.
In real terms, the non-oil sector contributed
91.81% to the nation’s GDP, higher than the shares recorded in the second
quarter of 2016 which stood at 91.74%, the report stated
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