Nigeria GDP


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.

The National Bureau of Statistics expects the economy to expand 5.5% this year and 5.8% in 2016. FocusEconomics panelists project the economy to grow 4.5% in 2015, which is down 0.1 percentage points from last month’s estimate. For 2016, panelists expect the economy to grow 5.4%.

Author: Ricard Torné, Lead Economist

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Nigeria GDP Chart

Nigeria GDP Q115

Note: Year-on-year changes of GDP in %.
Source: National Bureau of Statistics and FocusEconomics Consensus Forecast.

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