The National Bureau of Statistics (NBS) has disclosed that Nigeria’s annual gross domestic product (GDP) grew by 3.19 per cent in the second quarter (Q2) of 2024.
This was contained in the GDP report released on Monday.
According to the report, the growth rate is higher than the 2.51 per cent recorded in Q2 2023 and 2.98 per cent in Q1 2024.
The NBS further said the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023, adding that the GDP performance in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.
“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023,” the report showed.
The NBS said the nominal GDP for Q2 2024 stood at N60.93 trillion while the real GDP was N18.29 trillion.
“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms,” the bureau said.
“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.”
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The National Bureau of Statistics (NBS) has disclosed that Nigeria’s annual gross domestic product (GDP) grew by 3.19 per cent in the second quarter (Q2) of 2024.
This was contained in the GDP report released on Monday.
According to the report, the growth rate is higher than the 2.51 per cent recorded in Q2 2023 and 2.98 per cent in Q1 2024.
The NBS further said the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023, adding that the GDP performance in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.
“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023,” the report showed.
The NBS said the nominal GDP for Q2 2024 stood at N60.93 trillion while the real GDP was N18.29 trillion.
“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms,” the bureau said.
“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.”
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