Compared to the second quarter of 2018 which recorded a growth of 1.50 per cent, the growth observed in quarter 2 2019 indicates an increase of 0.44 per cent points.
When compared to 2.10 per cent (revised from 2.01 per cent due to oil output revisions) recorded in the first quarter of 2019 however, the Q2 2019 real growth rate indicates a decline of –0.16 per centpoints. During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83 per cent over the performance in the second quarter of 2018 and 9.8 per cent over the preceding quarter.
According to the GDP report, the performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition. Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.
On a half year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69per cent. Quarter on quarter, real GDP increased by 2.85 per cent compared to a decline of –13.69 per cent in the preceding period.During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83 per cent over the performance in the second quarter of 2018 and 9.8 per cent over the preceding quarter.
The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition. Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter. On a half year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent.
Quarter on quarter, real GDP increased by 2.85 per cent compared to a decline of –13.69 per cent in the preceding period. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The oil sector posted a real growth rate of 5.15 per cent (year-on-year) in Q2 2019, representing a 9.10 per cent points increase relative to the rate recorded in the corresponding quarter of 2018. It also indicates an increase of 6.61 per cent points when compared to Q1 2019(revised).
Quarter-on-Quarter, the oil sector recorded a growth rate of –1.55 per cent in Q2 2019. The sector contributed 8.82 per cent to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter.
The non-oil sector grew by 1.64 per cent in real terms during the reference quarter. This was –0.40 per cent points lower than recorded in the same quarter of 2018, and -0.83 per cent point lower than the first quarter of 2019.
During the quarter, the sector was driven mainly by information and communication, mining and quarrying, agriculture, transportation and storage, as well as other services. In real terms, the Non-Oil sector contributed 91.18 per cent to the nation’s GDP, lower than the share recorded in the second quarter of 2018
(91.45 per cent) but higher than the first quarter of 2019 (90.78 per cent).
In Q2 2019, Nigeria recorded average daily oil production of 1.98million barrels per day (mbpd), or 7.6 per cent higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd-revised from 1.96 mbpd).
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