The National Bureau of Statistics (NBS), on Monday said the economy recorded a growth of 1.40 percent in the third quarter (Q3) of 2017. This is the second time of such positive development since Nigeria exited recession in the second quarter.
NBS statistics showed that the agricultural sector grew by 3.06 percent in the third quarter of 2017 as against the 3.01 percent recorded in the second quarter of 2017.
The Q2 GDP growth, which was formerly put at 0.55 percent, was revised to 0.72% following revisions by NNPC to oil output.
Quarter-on-quarter, real GDP growth was 8.97%
“Oil production is estimated to have averaged 2.03million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd),” the report said.
Agriculture, other services and electricity, gas, steam and air conditioning supply were the sectors that led growth in the non-oil sector which grew by 0.3 percent to stand at -0.76 percent from -0.79 percent.
“In real terms, the non-oil sector contributed 89.96% to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91%) and in the second quarter of 2017 (90.96%),” the report read.
“Cement under manufacturing sector contracted by -4.56% in Q3 2017 from -4.16% in Q2 2017 and -6.26% in Q3 2016.
“Telecommunications & information services under information and communication sector contracted by -5.68% in Q3 2017 from -1.92% in Q2 2017 and 0.95% in Q3 2016.”
The economy had recorded negative GDP growth in 2016 thus slipping into a recession.
