Nigeria’s economy growth slows to 1.95% in Q1 2018 from 2.11% in Q4 2017 – NBS

Nigeria statistical agency, the Nigeria Bureau of Statistics (NBS) has indicated that the country’s economic growth slowed to 1.95 percent in first quarter of 2018, from 2.11 percent recorded in the fourth quarter of 2017.

The GDP report published Monday morning specifically indicated that real gross domestic product (GDP) rose by 1.95 percent in Q1 2018 compared to 2.11 percent (revised from 1.93%) in Q4 2017 & -0.91% in Q1 2017.

It said real GDP value as at end March 2018 stands at N16.106 trillion as against the nominal GDP figure of N28.464 trillion.

The main difference between nominal and real values is that real values are adjusted for inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP. Values for real GDP are adjusted for differences in prices levels, while figures for nominal GDP are not.

NBS stated that agriculture sector grew 3.0 percent (4.23% Q4 2017, 3.39% Q1 2017); Industry by 6.86%(4.87% Q4 2017, -5.83% Q1 2017); while services declined by 0.47 percent (0.10% Q4 2017, -0.37% Q1 2017).

Oil GDP was 14.77 percent in Q1 2018 compare to non-oil GDP of less than 1 percent. The performance of oil, according to analysts is a testimony to the impact of higher oil price, adding that they expect robust oil GDP growth for the first three quarters of 2018, due to higher oil price and low base effect.

Equally, publishing under information & communication grew in real terms by 12.53 percent in Q1 2018 compared to 3.16 percent in Q4 2017 & 1.03 percent in Q1 2017.

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