In actual terms, Nigeria’s GDP decreased by 2.51 percent (year over year) in the second quarter of 2023. This growth rate is less than that of the second quarter of 2022, which was 3.54 percent.
The difficult economic conditions being encountered, according to the Gross Domestic Product data released by the NBS on Friday, may be the cause of the growth decrease.
The Services sector, which saw growth of 4.42% and contributed 58.42% to the total GDP, was primarily responsible for the GDP’s performance in the second quarter of 2023. In comparison to the rise of 1.20 percent seen in the second quarter of 2022, the agriculture sector rose by 1.50%.
In comparison to the -2.30 percent registered in the second quarter of 2022, the industrial sector saw a growth rate of -1.94 percent. Agriculture and the industrial sectors made up a smaller portion of the total GDP in the second quarter of 2023 compared to the second quarter of 2022.
Total nominal GDP for the quarter under review was N52.1 trillion.
This result is better than the second quarter of 2022, when the total GDP was N45 trillion, representing a nominal annual growth rate of 15.77%.
Details to come…
