GDP Growth Improves to 2.28% in Q3

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By James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) growth rate increased to 2.28 per cent (year-on-year), in real terms, in the third quarter of the year (Q3 2019), compared to 2.12 per cent in the preceding quarter- representing an increase of 0.17 per cent, according to the National Bureau of Statistics (NBS).

NBS noted that on quarter on quarter basis, real GDP grew by 9.23 per cent while the growth rate in Q3 represented the second highest quarterly rate recorded since 2016.

According to Nigerian Gross Domestic Product Report Q3 2019, which was released Friday by the statistical agency, aggregate GDP stood at N37.80 trillion in nominal terms which was higher than the N33.36 trillion in Q3 2018, representing a year on year nominal growth rate of 13.30 per cent.

The NBS stated that the growth rate was, however, lower relative to rates recorded in Q3 2018 by –0.28 per cent and the rates recorded in the preceding quarter by –0.71 per cent.

Details later…