The first quarter (Q1) Gross Domestic Product (GDP) for 2019 has been released by the National Bureau of Statistics.
The Q1’2019 GDP grew by 2.01%, which signifies an improvement from the 1.89% growth rate experienced in Q1’2018.
However, in comparison with Q4’2018 GDP, there is a decline of 0.37% from the quarter’s figure of 2.38% year-on-year.
It is the strongest first quarter performance since 2015, and this may be due to the 2019 general elections, according to report by the NBS.
Aggregate GDP stood at N31,794,085.85million in nominal terms. This is higher than the 2018 first quarter figure of N28,438,604.23million, representing a year-on-year nominal growth rate of 11.80%.
The aggregate GDP for Q1’2019 is however lower than the preceding quarter, Q4’2018 which had N35,230,607.63.
There was also an improvement of 2.54% in the nominal GDP growth rate for Q1 2019 compared to that of Q1 2018.
The manufacturing sector GDP grew by 0.81% in Q1’2019 compared with a growth of 3.39% in Q1’2018 and 2.35% in Q4’2018.
Other services enjoyed a good growth with its GDP growing by 2.35% in the first quarter of 2019, in comparison with its growth rate of 2.24% in Q1’2018 and 1.24% in Q4’2018.
Editor’s Note:
The latest GDP Q1 GDP is a clear indication that Nigeria’s economy has placed premium on the non-oil sector. Statistics from the NBS have shown that the Non-oil GDP is up by 2.47% in Q1’2019 up from the growth rate of 0.76% seen in Q1 2018.
Below is a breakdown of the performance of the Non-oil sector to the GDP in Q1’2019:
Q1 2019 GDP #Nigeria #growth
Coal mining: 31.1%
Quarrying & Other Minerals: 29.31%
Transportation: 19.50%
Electricity & gas production: 8.47%
Motor Vehicles & Assembly: 13.32%
Arts & entertainment: 7.12%
Telecoms: 12.18%
Agriculture: 3.17% (strongest growth since Q4 2017)
