Nigeria’s real gross domestic product grew by 6.23% y/y in the third quarter, slowing from a 6.54% expansion in the preceding quarter as the oil sector swung back into contraction, offsetting a stronger growth in non-oil GDP, data from the country’s National Bureau of Statistics (NBS) showed. In Q3 2013, the country’s GDP expanded by 5.17% y/y.
After expanding by 5.14% y/y in Q2, its first growth since Q2 2012, the oil sector of Africa’s biggest oil producer shrank by 3.6% y/y in Q3 as the average daily crude oil production fell 2.7% q/q to 2.15mbpd. Compared to the same period last year, Q3’s output was 4.9% lower. Oil exports account for about 70% of government revenues, but the country is troubled by widespread pipeline vandalism and oil theft, in addition to the recent drop in oil prices. The oil sector contributed 10.45% to real GDP in Q3, down from 10.76% in Q2.
On the other hand, growth in the non-oil sector quickened to 7.51% in Q3 from 6.71% in Q2, driven by the sectors of crop production, textile, apparel and footwear, telecommunications, and real estate, NBS said.
In q/q comparison terms, Nigeria’s GDP growth more than doubled to 8.67% from 4.18% in Q3, as the agriculture sector, expanded by 38.5% (+10.8% in Q2), and industry returned to growth (+1.3% in Q3 vs. -1.2% in Q2).
The services sector accounted for the largest share of real GDP in Q3 – 49.2%, followed by agriculture with a share of 26.6% and industry with 24.2%.
Nigeria’s nominal GDP (at basic prices) was estimated at NGN22.933trn ($134.8bn).
The IMF said last month that growth in Nigeria has been resilient despite poor security conditions and a decline in oil production and forecast GDP growth to speed up to 7.0% this year from 5.4% in 2013.
|Real growth rate by sector||Q1'13||Q2'13||Q3'13||Q4'13||Q1'14||Q2'14||Q3'14|
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