Real estate service growth fell from 2.51 per cent in the fourth quarter of 2019 to 1.12 per cent in the first quarter of 2020.
The National Bureau of Statistics (NBS) disclosed this in Nigeria’s gross domestic report for the first quarter of 2020.
It stated that in nominal terms, “Real estate services in the first quarter of 2020 grew by 1.12 per cent, lower by -9.15 per cent than the growth rate reported for the same period in 2019 and lower by -1.39 per cent compared to the preceding quarter.
“Quarter on quarter, the sector growth rate was -27.02 per cent.”
The contribution to nominal GDP in Q1 2020 stood at 5.23 per cent as against 5.79 per cent recorded in first quarter of 2019 and 6.45 per cent accounted in fourth quarter of 2019.
Real GDP growth for real estate services in the first quarter stood at -4.75 per cent, lower than the growth recorded in the same period of 2019 by -5.69 per cent, and -1.31 per cent relative to Q4 2019.
The report also showed that quarter on quarter, the sector grew by -28.10 per cent in the first quarter of this year.
It contributed 5.21 per cent to real GDP in Q1 2020, lower than the 5.57 per cent it recorded in the corresponding quarter of 2019.
According to the NBS, the construction sector grew by 44.26 per cent in nominal terms (year on year) in the first quarter of 2020, dropping -22.73 per cent compared to the rate of 66.99 per cent recorded in the same quarter of 2019.
There was a rise by 0.54 per cent when compared to the rate recorded in the preceding quarter. Nominal growth quarter on quarter was recorded at 11.03 per cent.
Construction contributed 7.94 per cent to the nominal GDP in the first quarter of 2020, higher than the 6.16 per cent it contributed a year earlier and higher than the 6.44 per cent contributed in the fourth quarter of 2019.
The real growth rate of the construction sector in the first quarter of 2020 was recorded at 1.69 per cent (year on year), lower by -1.49 per cent from the rate recorded a year ago.
Relative to the preceding quarter, there was an increase of 0.38 per cent points.
Quarter on quarter, the sector grew by 1.74 per cent in real terms, higher (by 0.38 per cent) than the 1.36 per cent it recorded in first quarter 2019 but lower than the 20.45 per cent recorded in Q4 2019.
Its contribution to total real GDP was 4.08 per cent in the first quarter 2020, marginally lower from its contribution of 4.09 per cent in the same quarter of the previous year.