NIGERIAN GDP UP 1.93% 2018__NBS

It appears the Nigerian economy in 2018 proved all forecasts wrong, according to latest Gross Domestic Product figures released by the National Bureau of statistics released this week.

According to the NBS, the GDP grew at new high of 2.38% in the 4th quarter of 2018, thus driving full year growth to 1.93% year on year.

In quarter 3, real growth recorded was 1.81% and this encouraged more optimistic forecasters to expect around 2% growth come full year.

On the other hand, given the below single digit real growths in the first of the year, more pessimistic forecasters (including Henates) expected real growth of around 1.5% for the year.

Thus, growing by 1.93% meant that it surpassed the projection of the more pessimistic forecasters but fell short of more bullish expectations.

The growth was driven by non oil sector, according to the NBS. The oil sector slowed down as  production averaged 1.91mbps in compared to 1.95mbpd average previously

Hence, the sectors contribution to GDP in 4th quarter dropped to 7.06% compared to 9.38% in quarter 3 2018 and 7.31% by the 4th quarter of 2017.

In contrast, says the NBS, non oil sector grew by 2.7% in quarter 4 2018 leading to 92.94% contribution to the GDP compared to 92.65% at the same time in 2018.

Leading growth was 2.9% recorded in Services followed by 2.46% in the agricultural sector and then, 2.35% increase in the manufacturing sector.

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