…as Service sector accounts for highest growth
By Peter Egwuatu
THE nation’s Gross Domestic Product (GDP) grew by 1.81 percent Year-on-Year (YoY) in real terms in the third quarter, 2018 (Q3’18), driven by growth in the non-oil sector as the oil sector contracted by 2.8 percent YoY.
In its Q3’18 GDP report, the National Bureau of Statistics, NBS, indicated that the economy grew by 0.64 percent from 1.17 percent recorded in Q3’17.
The report also shows Services sector which constitutes 52% of the economy, led the GDP growth with a 2.6 percent YoY reading, trailed by manufacturing (9 percent of economy) and agriculture (29 percent of economy) growing at 1.9 percent YoY.
NOIPolls consumer confidence index drops 7 points in Q3’18
Notably, Q3’17 GDP growth was revised downward from 1.4 percent YoY to 1.2 percent YoY based on updated oil production numbers for the quarter.
In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms. This…
