Q2 GDP drops to 2.51% in 2023 from 3.54% in 2022, says NBS
National Bureau of Statistics (NBS), yesterday, said that the Gross Domestic Product (GDP) growth rate in real terms (Constant price) grew by 2.51 per cent in the second quarter (Q2) of 2023 on a year-on-year basis.
This is 1.03 per cent percentage points lower than the rate recorded in Q2 2022 (3.54 per cent), but higher by 0.20 per cent percentage points relative to 2.31 per cent recorded in the first quarter (Q1) of 2023.
It also reflects a higher growth rate when compared to the preceding quarter (Q1 2023).
The major driver of the economy, it noted, is the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.
Similarly, on a quarter-on-quarter, the real GDP growth decreased by 0.17 per cent in Q2 2023, reflecting a low production level than the preceding quarter of Q1 2023.
The economic activity in real terms for Q2 2023, according to NBS, stood at ₦17,719,335.38 million, which is lower than the rates recorded in Q1 2023,which was ₦17,750,060.97 million, but higher than Q2 2022 which stood at ₦17,285,882.91 million.
This highlighted the shortfall in production level in the quarter under review when compared with the previous quarters of Q1 2023 but higher than the corresponding quarter of Q2 2022.
“In nominal terms (current price), aggregate GDP stood at ₦52,103,927.13 million in Q2 2023, indicating a year-on-year nominal growth rate of 15.77 per cent. This is higher than the value of ₦45,004,520.89 million in Q2 2022 and ₦51,242,151.21 million in the preceding quarter.
“The major contributing economic activities in real terms in the quarter under review (i.e., Q2 2023) are crop production 20.66 per cent, trade 16.80 per cent, telecommunication 16.06 per cent, crude petroleum 5.34 per cent, and real estate 5.29 per cent,” the bureau, said
