Gross Domestic Product (GDP) chart

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Data source: National Bureau of Statistics


Notes

  • GDP growth rate is measured at constant prices
  • Oil and Non-oil GDP are measured in terms of contribution to GDP

Summary of Gross Domestic Product (GDP) in Nigeria

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.

2019 Nairametrics