46 Sectors Record N66.7trn Output In First Half Of 2019

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Budget

The manufacturing sector and forty-five (45) other sectors contributed an output of N66.7trn to the Nigerian economy in the first half of 2019.

This was contained in a Gross Domestic Product (GDP) analysis from the National Bureau of Statistics (NBS).

The N66.7trn in comparison with the  N59.13tn economic output for the first half of 2018 indicates an increase of N7.64tn or 12.92 per cent.

There are 46 sectors in the formal sector of the Nigerian economy, according to the NBS.

An analysis by the NBS has shown that 14 of those economies faced a decline while other 32 enjoyed productivity within same period.

Going by a quarterly analysis of economic performance, some sectors experienced improvements in their outputs with the Crop production sector, oil refining and others in the mix.

Crop production figures rose from N5.17tn in the first quarter to N5.95tn in the second quarter; quarrying from N18.4bn to N79.27bn; oil refining from N21.92bn to 42.65bn and cement from N469.99bn to N481.08bn.

The food sector also rose from N1.47tn to N1.51tn; textile from N858.9bn to N893.7bn; wood products from N100bn to N106bn; paper from N41.23bn to N48.4bn and chemical from N77.16bn to N134.49bn.

Sectors that produce plastics, rubbers, and others also enjoyed improvements in outputs with their figures set at; Non metallic products N190.18bn to N220.4bn; plastics and rubber from N111.99bn to N196.78bn; iron and steel from N75.44bn to N133.5bn among others.

Animal food production hit a decline with livestock and fishing suffering decline. Livestock production declined from N514.9bn in the first quarter to N500.6bn in the second quarter and fishing from N321.89bn to N262.6bn.

Crude petroleum production declined from N3.14tn to N3tn, with coal mining from N5.15bn to N4.11bn, metal ores from N4.7bn to N2.59bn, and motor vehicle from N54.39bn to N32.69bn, among others.

In its analysis, the NBS placed Nigeria’s GDP growth in Q2’2019 at 1.94% Year on Year.  This represents an increase of 0.44% from the second first quarter growth rate value of 1.50%. There is however a decline of 0.16% in comparison with the 2.10% value obtained in Q1’2019.

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“The GDP grew by 1.94 per cent year-on-year in real terms in the second quarter of 2019.

“Compared to the second quarter of 2018, which recorded a growth of 1.5 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per cent points.

“When compared to 2.10 per cent (revised from 2.01 per cent due to oil output revisions) recorded in the first quarter of 2019, however, the Q2 2019 real growth rate indicates a decline of 0.16 per cent points.”

The NBS explained further that; “The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition

“Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.

“On a half -year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent.

“Quarter-on-quarter, real GDP increased by 2.85 per cent, compared to a decline of 13.69 per cent in the preceding period.”

Aggregate GDP has been set at N34.94trn in nominal terms, an increase of 13.83% from the first quarter of 2018. The said aggregate GDP also stands for a 9.8% increase on the preceding quarter.

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