GDP: Nigeria’s economy grew by 2.25% in Q3 2022

0
17



From Isaac Anumihe, AbujaThe National Bureau of Statistics (NBS) has disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms in the third quarter of 2022.According to a document obtained from the bureau’s website, the growth rate declined from 4.03 per cent in the third quarter of 2021. The reduction in growth, the bureau said, is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2 2022.However, on quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting ahigher economic activity in Q3 2022 than the preceding quarter.“In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregateGDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 per cent. Thenominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter.For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors” NBS said.On the oil sector, the nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by0.24mbpd.“The real growth of the oil sector was –22.67 per cent (year-on-year) in Q3 2022 indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021. Growth also decreased by 10.91 per points when compared to Q2 2022 which was –11.77 per cent” it said.On quarter-on-quarter, the oil sector recorded a growth rate of -1.80 per cent in Q3 2022 contributing about 5.66 per cent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 per cent and 6.33 per cent respectively.However, the non-oil sector grew by 4.27 per in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022. This sector was driven in the third quarter of 2022 mainly byInformation and Communication (Telecommunication); Trade; Transportation (Road Transport);Financial and Insurance (Financial Institutions); Agriculture (Crop Production) and Real Estate,accounting for positive GDP growth. In real terms, the non-oil sector contributed 94.34 per cent to thenation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of2021 which was 92.51 per cent and higher than the second quarter of 2022 recorded as 93.67 per cent.Meanwhile, the Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal Ore and Quarrying and other minerals sub-activities.“This sector grew nominally by 34.26 per cent (year-on-year) in Q3 2022. Quarrying and Other Minerals exhibited the highest growth rate of all the sub-activities at 62.52 per cent, followed by Metal Ore activity at 51.47 per cent. However, Crude Petroleum and Natural gas was the main contributor to the sector with a weight of 87.52 per cent in Q3 2022. Comparing Q3 2022’s rate of growth relative to Q3 2021 and Q2 2022 growth rates, there was a rise of 38.91 per cent points and a fall of 15.49 per cent.points respectively. The Mining & Quarrying sector contributed 7.32 per cent to the overall GDP in the third quarter of 2022, higher than the contributions recorded in 2021 third quarter at 6.32 per cent and lower than the previous quarter recorded at 8.20 per cent. In real terms, the Mining and Quarrying sector grew by –21.31 per cent (year-on-year) in the third quarter of 2022. Compared to the same quarter of 2021 and the second quarter of 2022, it was lower by 10.75 per cent points and lower by 10.21 per cent points respectively. Quarter on quarter, the growth rate recorded was – 0.63 per cent during the quarter. The contribution of Mining and Quarrying to Real GDP in the quarter under review stood at 5.90 per cent, lower than the rate of 7.66 per cent recorded in the corresponding quarter of 2021 and lower than the 6.51 per cent recorded in the second quarter of 2022.“Four sub-activities make up the agricultural sector: Crop production, livestock, forestry andfishing. The sector grew by 20.07 per cent year-on-year in nominal terms in Q3 2022, showing an increase of 12.13 per cent points from the same quarter of 2021. Looking at the preceding quarter’s growth rate of 13.83 per cent, there was an increase of 6.24 per cent points. Crop Production remained the major driver of the sector. This is evident as it accounts for 91.98 per cent of the overall nominal growth of the sector in the third quarter of 2022.“Quarter-on-quarter growth stood at 46.07 per cent in the third quarter of 2022. Agriculture contributed27.55 per cent to nominal GDP in the third quarter of 2022. This figure was higher than the rate recordedfor the third quarter of 2021 and higher than the second quarter of 2022 which recorded 26.57 per centand 21.90 per cent, respectively.“The agricultural sector in the third quarter of 2022 grew by 1.34 per cent (year-on-year) in real terms, an increase of 0.12 per cent points from the corresponding period of 2021, and an increase of 0.14 per cent points from the preceding quarter which recorded a growth rate of 1.20 per cent. It grew on a quarter-on-quarter basis at 40.02 per cent.“However, the sector contributed 29.67 per cent to overall GDP in real terms in Q3 2022, lower than thecontribution in the third quarter of 2021 and higher than the second quarter of 2022 which stoodat 29.94 per cent and 23.24 per cent, respectively.“The manufacturing sector is comprised of 13 activities: Oil Refining; Cement; Food, Beveragesand Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paperproducts; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubberproducts; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly;and Other Manufacturing.“Nominal GDP growth of the manufacturing sector in the third quarter of 2022 was recorded at2.20 per cent (year-on-year), 30.53 per cent points lower than the figure recorded in the corresponding period of 2021 (32.73 per cent) and 3.01 per cent points lower than the preceding quarter’s figure of 5.21 per cent. Quarter-on-Quarter, growth of the sector was recorded at 23.15 per cent during the quarter. The contribution of manufacturing to Nominal GDP in the third quarter of 2022 was 13.75 per cent, lower than the figure recorded in the corresponding period of 2021 at 15.59 per cent and higher than the second quarter of 2022 at 12.97 per cent.“Real GDP growth in the manufacturing sector in the third quarter of 2022 was -1.91 per cent (year-on-year), lower than the same quarter of 2021 and lower than the preceding quarter by 6.20 per cent points and 4.91 per cent points respectively. The growth rate of the sector on a quarter-on-quarter basis stood at 8.95 per cent. The real contribution to GDP in the 2022 third quarter was 8.59 per cent, lower than the 8.96 per cent recorded in the third quarter of 2021 and lower than the 8.65 per cent recorded in the 2022,” the document, noted.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here