Nigeria: Economic growth decelerates to over-two-year low in Q1
May 14, 2015
The economy decelerated sharply in Q1, with GDP expanding 4.0% over the same period last year, which was down from the 5.9% increase tallied in Q4. The result represented the weakest expansion since Q4 2012 and was broadly in line with the 3.9% increase that FocusEconomics Consensus Forecast panelists had expected.
According to the National Bureau of Statistics (NBS), Q1’s deceleration mainly reflected an outright contraction in the industrial sector, which fell 2.5% annually (Q4: +6.8% year-on-year). Depressed global oil prices continue to put a dent in the all-important oil industry. On the other hand, agriculture expanded 4.7% in Q1 (Q4: +4.3% yoy), while growth in the services sector accelerated to 7.0% (Q4: +6.9% yoy).
The NBS will release a more complete set of data, including GDP by expenditure, on 18 June.