August 25, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) grew by 2.51 percent (year-on-year) in real terms in the second quarter of 2023, up from 2.31 percent recorded in the first quarter of 2023, the National Bureau of Statistics (NBS), said in a report on Friday.
The NBS, however, noted that the GDP growth rate is lower than the 3.54 percent recorded in the second quarter of 2022.
According to the Bureau, major driver of the economy between Q1 and Q2 was the services sector, which recorded a growth of 4.42% percent and contributed 58.42 percent to the aggregate GDP.
On a quarter-on-quarter, the real GDP growth decreased by 0.17 percent in Q2 2023, reflecting a low production level than the preceding quarter of Q1 2023.
The agricultural sector grew by 1.50 percent, an improvement from the growth of 1.20 percent recorded in the second quarter of 2022. The growth of the industry sector was -1.94 percent relative to -2.30% recorded in the second quarter of 2022..
The economic activity in real terms for Q2 2023 stood at N17,719,335.38 million, which is lower than the rates recorded in Q1 2023, N17,750,060.97 million, but higher than Q2 2022, which stood at N17,285,882.91 million.
“This highlighted the shortfall in production level in the quarter under review when compared with the previous quarters of Q1 2023, but higher than the corresponding quarter of Q2 2022”, Statistician-general of the Federation and chief executive of National Bureau of Statistics (NBS), Adeniyi Adeniran, stated.
In nominal terms (current price), aggregate GDP stood at N52,103,927.13 million in Q2 2023, indicating a year-on-year nominal growth rate of 15.77 percent. This is higher than the value of N45,004,520.89 million in Q2 2022 and N51,242,151.21 million in the preceding quarter.
About the Author
