GDP in Nigeria
Nigeria - GDP
Growth gains steam in Q3
Nigeria’s recovery regained some lost momentum in the third quarter, after growth fell to a one-year low in the second quarter. According to data released by the National Bureau of Statistics (NBS), GDP expanded 1.8% annually in Q3, above Q2’s 1.5% increase, although still below market expectations of a stronger pick-up to around 2.0%. The acceleration was broad-based, with better performances recorded by both the non-oil and oil segments of the economy.
Growth in the non-oil sector of the economy gained steam in the third quarter, coming in at 2.3% annually (Q2: +2.1% yoy). Faster growth in the agricultural and services sectors drove momentum, while the industrial sector contracted mildly in Q3. Improved exchange rate liquidity and higher fiscal spending likely boosted momentum broadly, while better crop production fueled the improvement in the agricultural sector. That said, agricultural activity was still weak in a historical context, likely weighed on by the ongoing farmers and herdsmen conflict.
Meanwhile, the all-important energy sector continued to contract in the third quarter, although at a weaker pace than in the previous period. Activity in the oil sector fell 2.9% over the same period last year, after tumbling 4.0% in Q2. Higher oil production drove the sector’s slight improvement, partly thanks to reduced pipeline disruptions. Oil output rose from 1.84 million barrels per day (mbpd) in Q2 to 1.94 mbpd in Q3. In addition, firm energy prices helped boost the sector in the third quarter.
Looking ahead, growth is seen strengthening going forward thanks to rising oil production, better foreign exchange rate allocation and a pick-up in fiscal spending. However, political uncertainty is clouding the outlook ahead of the 2019 election.
FocusEconomics panelists project that the economy will grow 2.1% in 2019, unchanged from last month’s forecast. In 2020, growth is seen rising to 2.6%.
Nigeria - GDP Data
|Economic Growth (GDP, annual variation in %)||5.5||6.2||2.8||-1.6||0.8|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria GDP Chart
Source: National Bureau of Statistics
|Bond Yield||15.09||0.0 %||Jan 16|
|Exchange Rate||307.4||3.08 %||Jan 16|
|Stock Market||1.4||0.0 %||Jan 11|
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January 22, 2019
On 16 February, Nigerians will head to the polls to elect their next president and representatives in the National Assembly.
January 16, 2019
Consumer prices rose 0.74% on a month-on-month basis in December, slightly below November’s 0.80% increase.
January 4, 2019
In December, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 55.0, slightly below November’s 55.5.
December 17, 2018
Consumer prices rose 0.80% on a month-on-month basis in November, slightly above October’s 0.74% increase.
December 10, 2018
Nigeria’s recovery regained some lost momentum in the third quarter, after growth fell to a one-year low in the second quarter.