Non-oil sector records growth of 0.47% in 2017

Suzan Ozo

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The National Bureau of Statistics reported that the non-oil sector recorded an annual growth rate of 0.47 per cent compared to –0.22 per cent in 2016.

The bureau in the report said the Nigerian economy further consolidated it’s recovery from recession with GDP growing by 1.92 per cent in the fourth quarter of 2017, as against 1.4 per cent in the third quarter.

It said: “The nation’s GDP grew in Q4 2017 by 1.92 per cent year-on-year in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017.

“This growth is compared to a contraction of –1.73 per cent recorded in Q4 2016 and a growth of 1.40 per cent recorded in Q3 2017. Quarter on quarter, real GDP growth was 4.29 per cent.

“The year 2017 recorded a real annual growth rate of 0.83 per cent higher than –1.58 per cent  recorded in 2016.”

The growth in the non-oil sector, according to the report, was driven mainly by agriculture (crop), trade, transportation and storage.

In real terms, the non-oil sector contributed 92.83 per cent to the nation’s GDP, lower from the 93.25 per cent share recorded in the fourth quarter of 2016.

Suzan O.