33.2 C
Lagos
Thursday, December 8, 2022

Nigeria’s GDP Contracts by -6.10 Percent in Q2

Must read

- Advertisement -
- Advertisement -

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.

 

 

 

- Advertisement -
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article