Nigeria’s Gross Domestic Product (GDP) grew by 1.94%(year-on-year) in real terms in the second quarter of Compared to the second quarter of 2018, which recorded a growth of 1.50%, the growth observed in Q2 2019 indicates an increase of 0.44% points. When compared to 2.10% (revised from 2.01% due to oil output revisions) recorded in the first quarter of 2019 however, the Q2 2019 real growth rate indicates a decline of –0.16% points.
During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter. The performance observed in Q2 2019 follows an equally strong first-quarter performance and was likely aided by stability in oil output as well as the successful political transition. Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter. On a half-year basis, real growth in the first half of 2019 stood at 2.02%, higher than in 2018 which was 1.69%. Quarter on quarter, real GDP increased by 2.85% compared to a decline of –13.69% in the preceding period. For better clarity, the Nigerian economy has been classified broadly into the oil and nonoil sectors.