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Nigerian GDP grew by 2.27% in 2019 — NBS

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By Emmanuel Elebeke

Nigerian GDP Grew by 2.27% in 2019 — NBS

Nigeria’s real GDP recorded an annual growth rate of 2.27% for 2019. The National Bureau of Statistics, NBS revealed this in its report published on its website.

It said that this was made possible due to the steady increase in quarter growth recorded from Q2 to Q4 of the year compared to 1.91% in 2018 on a year on year basis.

According to the bureau, the GDP at basic prices also grew by 2.12% on a year on year basis in the second quarter of 2019, leading to accelerated growth in the third and fourth quarters by 2.28% and 2.55% respectively.

Compared to the second quarter of 2018, the report shows that the performance in 2019 indicated an increase of 0.61% points while the third and fourth quarters were 0.47% points and 0.17% points higher, respectively than the corresponding quarters of 2018.

Household Consumption Expenditure

In Q2, Q3 and Q4 the GDP grew by –1,33%, -3.7% and 0.38% in real terms, year on year.

However, the annual growth rate in real household consumption expenditure stood at –2.40% in 2019 compared to 4.63% in 2018.

Household Consumption

Household Consumption accounted for the largest share of real Gross Domestic Product at basic prices, representing 58.62% in Q2, 57.70% in Q3 2018 and 61.61% in Q4, 2019, compared to  60.67%, 61.28% and 62.94% in the corresponding quarters of 2018.

For 2019, its share stood at 58.68%, less than 61.49% recorded in 2018. In size, this was followed by Net Exports which represented 18.65% of total real GDP in 2019, accounting for 16.38% in Q2, 22.62% in Q3 and 17.16% in Q4.

Net Exports

In the same year under review, Net Exports recorded positive growth rates in all four quarters, a departure from the trend in 2018. While no change was recorded in Q2 2019, net exports grew in real terms in Q3 and Q4 by 17.94% and 3.4% respectively.

On an annual basis, net exports grew by 7.64% in 2019 compared to –17.45% recorded in 2018.

Disposable Income

National Disposable Income also grew by 1.44% in the second quarter of 2019, but recorded negative growth in Q3 (-0.61%) and Q4 (-1.46%) on a year on year basis. For 2019, growth in national disposable income stood at 0.38% compared to –1.03% in 2018.

Compensation of Employees

Compensation of Employees, during the second, third and fourth quarters of 2019 grew 10.71%,11,23% and 9.79% respectively in real terms on year on year basis. For 2019, growth rate stood at 8,99% compared to 12.22% in 2018.

Gross Fixed Capital Formation

Gross Fixed Capital Formation accounted for 16.00% of real GDP in 2019, distributed as 18.36% in Q2, 13.87% in Q3 and 15.24% in Q4.

Government Consumption Expenditure

For government consumption expenditure it recorded growth rates at 11.92%, 16.20% and 5.41% in Q2, Q3 and Q4 respectively, year on year, while annual growth rate stood at 15.04% against 39.85% in 2018.

General Government Consumption

General Government Consumption expenditure made up 6.10% of real GDP in 2019, with quarterly trends recorded at 6.13%, 5.83% and 5.55% in Q2, Q3 and Q4 respectively.

Non-Profit Institutions Serving Households

The share of Non-Profit Institutions Serving Households (NPISH) remained at less than 1% over the period, recording 0.23%, 0.21% and 0.40% in Q2, Q3 and Q4 respectively, with annual 2019 share at 0.35%.

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