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Nigeria’s GDP Growth Rises To 1.81% In 3rd Quarter — NBS

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The National Bureau of Statistics [NBS], on Monday, announced that the country’s Gross Domestic Product [GDP] for the third quarter of 2018 recorded a growth rate of 1.81 per cent year-on-year.

In an overview of the GDP in Q3, the reported stated that the nation’s GDP grew by 1.81% in real terms in the affected quarter.

The report stated that compared to the third quarter of 2017, which recorded a growth of 1.17%, there is an increase of 0.64% points.

The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points. Quarter on quarter, real GDP growth was 9.05%.

In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms.

This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.

This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the preceding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.

For clarity, the report stated that the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The full report could be downloaded here.

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