STATS ON THE NIGERIAN ECONOMY: Q1 2018
A quick look at #Nigeria’s #Economy: Q1 2018:
In the first quarter of 2018, the nominal year on year growth rate of Trade stood at -2.12%. This indicates a drop of 11.71% points when compared to the first quarter of 2017 and 5.24% points lower than the preceding quarter.
In nominal terms, Other Services grew by 2.71% (year-on-year) in Q1 2018. This growth rate is less than the 14.95% growth rate recorded in the same quarter of the previous year and lower than the growth rate of 4.52 % in Q4 2017 by 12.24 % points and 1.81% points respectively.
Nominal GDP growth of Manufacturing in the first Quarter of 2018 was recorded as 8.93% (year-on-year), – 7.70% points lower than figures recorded in the corresponding period of 2017 (16.63%) and -0.27% points lower than the preceding quarter figure of 9.20%. Quarter on Quarter growth of the sector is recorded at – 1.04%.
In nominal terms, the Public Administration sector grew by -1.27 % in Q1 2018, lower by 12.00% points from the corresponding quarter of 2017 and lower by 1.84 points relative to Q4 2017. Quarter-on-Quarter, the sector grew by -16.34%.
Nominal growth in the Education sector in the first quarter of 2018 was 1.61% (year-on-year), down by 12.31% points from the growth of 13.92% reported in the corresponding quarter of 2017, but up by 0.24% points when compared to Q4 2017 growth rate of 1.37%.
Crop Production is the major driver of the Agric sector. This is evident as it accounts for 85.28% of overall nominal growth of the Agriculture sector. In the first quarter of 2018, Agriculture contributed 17.42% to nominal GDP.
The non-oil sector grew by 0.76% in real terms during the reference quarter. This is higher by 0.04% point compared to the rate recorded same quarter of 2017 and 0.70% point lower than the fourth quarter of 2017. Real growth of the oil sector was 14.77% (year-on-year) in Q1 2018. This represents an increase of 30.37% points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24% in Q1 2018.
For the first time on record, the sector to import the largest amount of capital was Servicing, which accounted for $130.98 million, or 20.24% of the total.
(Source: National Bureau of Statistics)