Nigeria GDP Growth Rate Q2 2019

Nigeria Gross Domestic Product (GDP) grew by 1.94%(year-on-year) in real terms in Q2 2019. Compared to the Q2 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 Q1 2019 indicating a decline of –0.16% points.

During the quarter, aggregate GDP stood at   N34,944,151.61m in nominal terms, an increase of 13.83% over the performance in Q2 2018 and 9.8% over the preceding quarter. The performance observed in Q2 2019 follows an equally strong Q1 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 H1 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.