GDP nosedives to 2.51% in Q2 2023
…Service peaks at 4.42%
By Patience Ikpeme
The National Bureau of Statistics (NBS) has confirmed that the Gross Domestic Product (GDP) growth in the second quarter of 2023 was 2.51% in real terms.
This is a decrease from the 3.54% growth recorded in the second quarter of 2022. The decrease was attributed to challenges in the economy.
According to the NBS, the Services sector was the main driver of GDP performance in the reference quarter, with a growth rate of 4.42% and contributing 58.42% to the overall GDP.
The Agriculture sector also saw improvement, growing by 1.50% compared to 1.20% in the second quarter of 2022.
However, the Industry sector experienced a decline in growth, with a growth rate of -1.94% compared to -2.30% in the previous year.
Both the Agriculture and Industry sectors contributed less to the overall GDP in the second quarter of 2023 compared to the same period in 2022.
In nominal terms, the aggregate GDP stood at N52,103,927.13 million in the second quarter of 2023, indicating a year-on-year growth of 15.77% compared to N45,004,520.89 million in the second quarter of 2022.
In terms of the oil sector, the average daily oil production was 1.22 million barrels per day (mbpd), lower than the 1.43 mbpd recorded in the same quarter of 2022.
The real growth of the oil sector was -13.43% in the second quarter of 2023, a decrease of 1.66% points compared to the corresponding quarter of 2022. The sector also saw a decrease of 9.22% points compared to the first quarter of 2023.
The oil sector contributed 5.34% to the total real GDP in the second quarter of 2023, down from the figures recorded in the same period of 2022 and the preceding quarter.
On the other hand, the non-oil sector grew by 3.58% in real terms in the second quarter of 2023. This rate was lower than the second quarter of 2022 but higher than the first quarter of 2023.
The non-oil sector was mainly driven by sectors such as Information and Communication, Financial and Insurance, Trade, Agriculture, Manufacturing, Construction, and Real Estate.
The sector contributed 94.66% to the nation’s GDP in the second quarter of 2023, higher than the contributions in the same period of 2022 and the first quarter of 2023.
The Agricultural sector grew by 1.50% in real terms in the second quarter of 2023, with an increase from the corresponding period of 2022 and the preceding quarter.
However, the sector’s contribution to overall GDP decreased compared to the second quarter of 2022 but increased compared to the first quarter of 2023.
The Manufacturing sector saw a growth rate of 2.20% in the second quarter of 2023, lower than the same quarter of 2022 but higher than the preceding quarter.
The Real Estate sector contributed 8.62% to GDP, lower than the second quarter of 2022 and the first quarter of 2023.
