Nigeria’s GDP grows by 1.5% in second quarter

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The Nigerian Bureau of Statistics, (NBS), says the country’s Gross Domestic Product (GDP) has recorded growth by 1.5%.

GDP growth was 1.95% in Q1 2018 and 0.72% in Q1 2017.

“Non-oil GDP growth was -0.18% in Q1 2016, -0.38% in Q2 2016, 0.03% in Q3 2016, -0.33% in Q4 2016, 0.72% in Q1 2017, 0.45% in Q2 2017, -0.76% in Q3 2017, 1.45% in Q4 2017and 0.76% Q1 2018.

“ Non-oil growth was driven by transportation which grew by 21.76% supported by growth in construction which grew by 7.66% and electricity which grew by 7.59%.

“Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51%, water supply and sewage which grew by 11.98% and broadcasting which grew by 21.92%.’’

Agriculture grew by 1.3% compared to 3.00% in Q1 2018 and 3.01% in Q2 2017.

Q2 2018 GDP growth was also constrained by oil GDP with crude oil and gas production contracting by -3.95% compared to 14.77% in Q1 2018 and 3.53% in Q2 2017

Services GDP recorded its best performance in 9 quarters, growing by 2.12% in Q2 2018 compared to -0.47% in Q1 2018 and -0.85% in Q2 2017.

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