NIGERIA – Nigerian economy when measured by the Real Gross Domestic Product[GDP] grew by 6.23 per cent in the third quarter of 2014,higher by 1.06 percentage points from rates recorded in the Third quarter of 2013, and lower by 0.31 percentage points from the Second Quarter of 2014.
A statement on Sunday by the Statistician General of the Federation, Dr. Yemi Kale, said relative to the Second Quarter of 2014, the economy grew by 8.67 percent in the Third Quarter.
The nominal GDP at basic prices for the Third Quarter of 2014 was estimated at N22,933,144.01 million, up 12.06 percent from N20,464,395.99 million estimated for the corresponding quarter of 2013 and 5.51 percent from N21,734,829.86 million recorded in the second quarter of 2014.
The economy is broadly classified into two output sectors namely oil and non-oil sectors.
The NBS said the oil sector experienced production challenges as the average daily production of crude oil in the Third Quarter of 2014 was recorded at 2.15 million barrels per day (mbpd), a decrease from 2.26 mbpd recorded in the Third Quarter of 2013 and 2.21 mbpd recorded in Second Quarter of the year 2014.
The result was a decline in oil GDP by 3.6 percent in the Third Quarter of 2013, as this was also lower relative to 5.47 percent in the Second Quarter of 2014.
The Oil sector contributed approximately 10.45 percent to real GDP in the third quarter of 2014, lower from the 10.76 percent contribution in the Second Quarter of 2014, and the 11.51 percent contribution recorded during the Third Quarter of 2013.
The non-oil sector growth was driven by growth in activities recorded in the Crop Production, Textile, Apparel and Footwear; Telecommunications, and Real Estate sectors.
In the third quarter of 2014, the non-oil sector recorded 7.51 percent growth in real terms, lower compared to 8.46 percent at the corresponding period in 2013, yet higher than 6.71 percent in the second quarter of 2014.
A break-down of non-oil sector shows that agriculture which comprises four activities namely Crop Production, Livestock, Forestry and Fishing grew by 9.19 percent in the third quarter of 2014, up by 2.72 percentage points from Third Quarter of 2013 and 2.52 percentage points from the previous quarter of 2014.
Within the Sector, Fishing grew the fastest by 18.76 percent, followed by Livestock at 12.36 percent. Quarter-on-Quarter, the sector grew by 45.54 percent in the Third Quarter, with Crop Production and livestock growing the fastest by 52.83 percent and 5.05 percent respectively.
November 18, 2014; http://dailyindependentnig.com/2014/11/gdp-grew-6-23-per-cent-third-quarter/