Nigeria’s GDP grows by 2.38% in Q4 2018

Nigeria’s Gross Domestic Product, GDP, in the fourth quarter of 2018 grew 2.38 per cent in real terms (year-on-year).

A report by the national bureau of Statistics, NBS, Abuja, showed that this represents an increase of 0.27 per cent compared to the fourth quarter of 2017 which recorded a growth of 2.11 per cent.

It shows a rise by 0.55 per cent compared with the growth recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31 per cent.

The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93 per cent compared to 0.82 per cent recorded the previous year, an increase of 1.09 per cent.

The Oil sector contributed 7.06 per cent to real GDP in Q4 2018, compared to 7.35 per cent in Q4 2017.

The Non-Oil sector contributed 92.94 per cent to real GDP in the fourth quarter, slightly higher than the 92.65 per cent seen in Q4 2017.

Key performing activities within the non-oil sector were ICT, Transportation & Storage, Arts and Entertainment as well as Agriculture and Manufacturing.