Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms, representing a drop of 0.23% points compared to Q1 2019 and 0.68% points decline compared to Q4 2019
Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This is according to the first quarter (Q1) GDP report, released by the National Bureau of Statistics (NBS) on Monday.
The performance recorded in Q1 2020 represents a drop of 0.23% points compared to Q1 2019 and 0.68% points decline compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy.
The non-oil sector grew by 1.55% in real terms during the reference quarter (Q1 2020). This was slower by -0.93% points compared to the rate recorded during the same quarter of 2019, and –0.72% points slower than the fourth quarter of 2019.
However, the oil sector recorded a real growth rate of 5.06% (year-on-year) in Q1 2020, indicating an increase of 6.51% points relative to the rate recorded in the corresponding quarter of 2019.
Details shortly…..
