Wednesday , December 1 2021

Nigeria’s Economy Rises by 2.27% YoY in 2019

Nigeria’s Gross Domestic Product grew in real terms by 2.27% year-on-year, a significant improvement compared to 1.91% recorded in 2018, and 0.82% recorded in 2017, according to data published today by the National Bureau of Statistics (NBS). 2019

On the other hand, the annual growth rate in real household consumption expenditure fell -2.4% for 2019, compared to 4.63% in 2018. Public consumption expenditure expanded at 11.92%, 16.20% and 5.41% in Q2, Q3 and Q4 respectively, year on year, while annual growth rate stood at 15.04% against 39.85% in 2018.

Net exports also recorded positive growth rates in all four quarters of 2019, a departure from the trend in 2018. While no change was recorded in Q2 2019, net exports grew in real terms in Q3 and Q4 by 17.94% and 3.4% respectively. On an annual basis, net exports grew by 7.64% compared to –17.45% recorded in 2018.

National Disposable Income grew by 1.44% in the second quarter of 2019, but recorded negative growth in Q3 (-0.61%) and Q4 (-1.46%) on a year on year basis. Growth in national disposable income stood at 0.38% compared to –1.03% in 2018.

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Compensation of Employees, during the second, third and fourth quarters of 2019 grew 10.71%, 11,23% and 9.79% respectively in real terms on year on year basis. For 2019, growth rate stood at 8,99% compared to 12.22% in 2018.

The Q1 2020 growth is yet to be published but latest IMF latest projection says growth will crash -3.4% in 2020  on the back of growing country challenges.

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