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.