Nigeria’s Q2 2020 Real GDP contracted by -6.10 percent compared to 1.87 percent in Q1 2020, and 2.12 percent in Q2 2019, the National Bureau of Statistics said today.
Oil GDP contracted by -6.63 percent (5.06% in Q1 2020; 5.15%% in Q2 2019), while non-Oil GDP contracted -6.05% (1.55% in Q1 2020; 1.64% in Q2 2019).
This means Nigeria’s GDP has contracted by -2.06 percent in the first half of the year.
Key Data Points from the report
Services real GDP contracted by -6.78 percent compared to 1.57 percent in Q1 2020 & 1.94 percent in Q2 2019.
Industry real GDP contracted by -12.05 percent compared to 2.26 percent in Q1 2020 & 2.10 percent in Q2 2019.
Construction under Industry real GDP contracted by -31.77 percent compared to 1.69 percent in Q1 2020 and 0.67 percent in Q2 2019.
Textiles, Apparel & Footwear real GDP contracted by -14.43% compared to 1.03 percent in Q1 2020 and -1.42 percent in Q2 2019.
Food & Beverage under Manufacturing real GDP contracted by -3.01 percent compared to 1.10 percent in Q1 2020 and 1.22 percent in Q2 2019.
Cement under Manufacturing real GDP contracted by -5.54 percent compared to 1.67 percent in Q1 2020 and 1.58 percent in Q2 2019.
Manufacturing under Industry real GDP contracted by -8.78 percent compared to 0.43 percent in Q1 2020 & -0.13 percent in Q2 2019.
Oil refining under Manufacturing GDP contracted by -67.66 percent compared to -52.81 percent in Q1 2020 & -23.83 percent in Q2 2019.
Crude Petroleum & Natural Gas under Mining & Quarrying real GDP contracted by -6.63% compared to 5.06% in Q1 2020 & 7.17% in Q2 2019.
Agric real GDP grew by 1.58 percent compared to 2.20 percent in Q1 2020 & 1.79 percent in Q2 2019.
Crop Production under Agric real GDP grew by 1.44 percent compared to 2.38 percent in Q1 2020 & 1.94 percent in Q2 2019.