GDP Rises to 6.54% in Second Quarter

GDP Rises to 6.54% in Second Quarter

Nigeria’s real Gross Domestic Product (GDP) increased to 6.54 per cent in the second quarter of the year (Q2 2014) compared to 6.21 per cent in the first quarter, according to the National Bureau of Statistics (NBS).
The NBS, in its quarterly GDP estimates released yesterday, said real GDP in monetary terms stood at about N16.08 trillion in Q2 2014 compared to about N15.43 trillion trillion in the previous quarter.
Nominal GDP was estimated at about N21.73 trillion in the period under review compared to about N20.16 trillion in Q1 2014.
The services sector accounted for the largest share of real GDP accounting for about N8.54 trillion or 53.15 per cent of GDP while industry accounted for about N4.17 trillion or 25.96 per cent as well as agriculture which accounted for the smallest sectoral contribution at about N3.36 trillion or 20.89 per cent of GDP.
Meanwhile, daily average crude oil production in Q2 2014 was put at 2.21 million barrels per day (mbpd) compared to 2.11 mbpd in the corresponding quarter of 2013.
The statistical agency said oil GDP in Q2 2014 stood at about N2.63 trillion in nominal terms compared to about N2.61 trillion in the previous quarter.
It said although the non-oil real sector grew by 6.71 per cent in Q2 2014, which represented a 2.17 per cent decline from the 8.8 per cent growth recorded in Q2 2013.
Also, relative to Q1 2013, non-oil growth was lower by 1.49 per cent when growth was recorded at 8.21 per cent.
Trade was ranked second in terms of its share to real GDP in Q2 2014 accounting for about N2.69 trillion or 16.77 per cent but was marginally lower than the 16.99 per cent in Q2 2013. This, the NBS as attributed to slower growth in agricultural output.
Also in real terms, the telecommunications sector contributed about N1.48 trillion or 9.25 per cent to total GDP in the period under review, which was 1.67 per cent higher than the result in Q1 2014 and almost unchanged when compared to the corresponding quarter of 2013.
The real estate represented 7.87 per cent of GDP in Q1 2014, marginally lower from its share of GDP in the corresponding quarter of last year.

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