The
National Bureau of Statistics (NBS), said the nation recorded a growth
of 1.92 per cent in its Gross Domestic Product (GDP) in the fourth
quarter (Q4) of 2017, while maintaining its positive growth trajectory
since the economy exited recession in the second quarter of 2017.
In its Q4 report released on Tuesday in
Abuja, NBS stated that the growth compared to a contraction of –1.73 per
cent recorded in the fourth quarter of 2016 and a growth of 1.40 per
cent recorded in the third quarter of 2017.
According to the bureau, 2017 recorded a
real annual growth rate of 0.83 per cent higher by 2.42 per cent than
–1.58 per cent recorded in 2016.
“In the quarter under review, aggregate
GDP stood at N31,209,137.74 million in nominal terms and higher when
compared to N29,169,058.99 million in Q4 2016, resulting in a nominal
GDP growth of 6.99 per cent. This growth is lower relative to growth
recorded in Q4 2016 at 12.49 per cent.
The bureau reported that in the period
under review, oil production averaged 1.91 million barrels per day
(mbpd), -0.12 million barrels lower than the daily average production
recorded in the third quarter of 2017.
It added that oil production during the
quarter was higher by 0.15 million barrels per day relative to the
corresponding quarter in 2016, which recorded an output of 1.76mbpd.
In term of contribution, NBS stated that
the oil sector contributed 7.17 per cent of total real GDP in the fourth
quarter of 2017, up from figure recorded in the corresponding period of
2016 and down from the preceding quarter, where it contributed 6.75 per
cent and 10.04 per cent respectively.
“Quarter-on-Quarter, the oil sector
dropped by–25.52 per cent in Q4 2017. The annual growth of the oil
sector stood at 4.79 per cent higher than the previous year’s growth of
–14.45 per cent
The statistics office also reported that
the mining and quarrying sector contributed 8.30 per cent to overall GDP
in the fourth quarter of 2017, higher than the contributions recorded
in 2016 fourth quarter at 6.70 per cent but lower than the previous
quarter recorded as 11.17 per cent. It’s annual contribution to GDP in
2017 stood at 9.22 per cent as against 5.39 per cent in 2016.
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