Nigeria GDP

Nigeria

Nigeria: GDP recovers in Q3 on increased oil supply

November 25, 2015

The economy accelerated in Q3 following Q2’s sharp slowdown mainly due to a stronger crude supply. GDP at basic prices expanded 2.8% over the same period last year, up from the 2.4% increase tallied in Q2. At market prices, GDP in Q3 grew 2.8%, which was up from the 2.3% growth tallied in Q2.

According to the National Bureau of Statistics (NBS), Q3’s acceleration mainly reflected a softer contraction in the industrial sector, which fell 0.1% annually (Q2: -3.3% year-on-year). While growth benefited from strong crude output, the overall economy was negatively affected by a strong naira and scarcity of hard currency. The services sector slowed further in Q3, expanding 4.0% over the same quarter last year (Q2: +4.7% yoy), while activity in the all-important agriculture sector was stable at the previous quarter’s 3.5% increase.

FocusEconomics panelists project the economy to grow 3.5% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 4.4%, which is also unchanged from last month’s forecast.


Author: Ricard Torné, Head of Economic Research

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Nigeria GDP Q315

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


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