The National Bureau of Statistics on Sunday released the country’s Gross Domestic Product figure for the quarter two of 2014. The report shows that the economy grew by 6.54 per cent during the period.
According to the report, the 6.54 per cent second quarter growth rate is higher than the 5.40 per cent recorded in the corresponding quarter of 2013 and also higher than the 6.21 per cent recorded in the first half of 2014.
In nominal terms, the report estimated the GDP at N21.73trn, adding that in real terms (after adjusting for inflation and other macroeconomic variables), the country’s GDP is estimated at N16.08trn
It said, “In the second quarter of 2014, Nigeria’s nominal GDP (at basic prices) was estimated at N21.73trn, and N16.08trn in real terms.
“In the corresponding quarter of 2013, nominal GDP was estimated N19.93trn and N15.09trn in real terms.
“As a result, the growth rate of real GDP was recorded at 6.54 per cent in Q2 2014 (4.18 per cent quarter-on-quarter), higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21 per cent recorded in the first quarter of 2014.”
The report said the services sector accounted for the largest share of real GDP in the second quarter of 2014, amounting to N8.54trn or 53.15 per cent.
Industry, it added, ranked second with a contribution of N4.17trn or 25.96 per cent, while agriculture constituted the smallest sector in the second quarter, representing N3.36trn or 20.89 per cent of GDP.
In terms of oil production, the report said the average daily crude oil production in the second quarter of 2014 was recorded at 2.21 million barrel per day as against 2.11 mbpd in the corresponding quarter of 2013.
This, it added, represents an increase of 0.10 mbpd or 4.7 per cent.
Consequently, it said oil GDP was valued at N2.63trn in nominal terms in the second quarter of 2014, compared to N2.63trn recorded in the corresponding quarter of 2013.
It said, “Real growth in the oil sector was recorded at 5.40 per cent in
Q2 2014 (-5.22 per cent quarter-on-quarter), indicating better performance compared to -16.42 per cent growth recorded ‐10 per cent in Q2 of 2013.
“The Non-oil real sector of the economy grew by 6.71 per cent in the second quarter of 2014 (5.4 per cent quarter on quarter), a decline of 2.17 percentage points from the 8.88 per cent growth recorded in the corresponding quarter of 2013.
“Relative to Q1 of 2013, non-oil growth was also lower by 1.49 percentage points when growth was recorded at 8.21 per cent.”
For the telecommunications sector, the report said in real terms, the sector contributed N 1.48trn or 9.25 per cent to total GDP in the Second quarter.
The real estate sector, it added, contributed 7.87 of real GDP in the second quarter of 2014, marginally lower from its share to GDP in the corresponding quarter of last year.
