By James Emejo in Abuja
Nigeria’s Gross Domestic Product (GDP) growth rate increased to 2.38 per cent (year-on- year) in the fourth quarter of 2018 (Q4, 2018), indicating a 0.55 percentage rise compared to the 1.81 per cent growth recorded in the preceding quarter, according to the National Bureau of Statistics (NBS).
This also represented an increase of 0.27 per cent when compared to the 2.11 per cent growth rate recorded in the fourth quarter of 2017.
According to the Nigerian Gross Domestic Product Report for the fourth quarter and full year 2018, released Tuesday by the statistical agency, 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 in
2018, compared to 0.82 per cent recorded in 2017, an increase of 1.09 per cent points,” the NBS stated.
In Q4, aggregate nominal GDP stood at N35.23 trillion, higher than N31.27 trillion recorded in Q4, 2017, representing a nominal growth rate of 12.65 per cent.
However, nominal GDP for the whole of 2018 stood at N127.76 trillion, representing a nominal growth rate of 12.36 per cent when compared to N113.71 trillion in 2017.