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In the second quarter of 2019, the Nigeria’s real GDP recorded a 1.94% growth year on year when compared to Q2 2018 which posted a growth rate of 1.50%. This figure, however, represents a fall of 0.16% points from the previous quarter (Q1 2019) which recorded a growth of 2.10%.
The Nigeria’s economy slowed down in Q2 2019, and this was largely attributed to contraction in the non-oil sector. Basically, the non-oil sector grew by 1.64% in real terms during the quarter. This was –0.40% points lower than the 2.05% recorded in the same quarter of 2018, and 0.83% point lower than the first quarter of 2019.
The Nigeria’s Consumer price Index (CPI) which measures inflation increased by 11.02% (year-on-year) in August 2019. This is 0.06% points lower than the rate recorded in July 2019 (11.08 %).
The composite food index rose by 13.17% in August 2019 compared to 13.39% in July 2019. This rise in the food index was caused by increases in prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers, and Fish.
Given the continuous stability in the exchange rates, the ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.68% in August 2019, down by 0.12% when compared with 8.80% recorded in July 2019.
The CPI takes into account the average change over time in prices of goods and services consumed by people for day-to-day living.
Nigeria’s Monetary Policy Rates (MPR), has in recent years fluctuated substantially, with an average of 11.02% between 2007 and 2019 and reaching a record 14% high in year 2016 and an all-time low of 6% in 2009.
Policymakers left the benchmark rate for the second time in 2019 at 13.50%, 0.5% points below the previous rate of 14%.
Nigeria's total exports in Q1 2019 was estimated at N4,535.3 billion, which stands for a 1.78% rise compared to Q4 2018, and a 3.9 % fall year-on -year, when compared to the first quarter of 2018.
Similarly, the total imports value rose to N3,703.7 billion, representing an increase of 3.39% relative to Q4 2018 and 29.84% when compared to the first quarter of 2018’s figure; while the trade balance stayed positive at N831.6 billion in Q1 2019, boosted by the increase in both exports and imports.
The Central Bank of Nigeria manufacturing purchasing manager index rose to 57.90 in August, 2019 from 57.60 recorded in the previous month, while the Non-manufacturing PMI also grew to 58.8 points in August as compared to 58.7 points recorded initially.
The PMI recorded indicates expansion in the manufacturing sector for the twenty-ninth consecutive month while the non-manufacturing index indicates expansion for the twenty-eighth consecutive month.
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.