Nigeria GDP Annual Growth Rate

The economy of Nigeria grew 1.8 percent year-on-year in the third quarter of 2018, up from a 1.5 percent expansion in the prior period. On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter. GDP Annual Growth Rate in Nigeria averaged 3.85 percent from 1982 until 2018, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983.

GDP Annual Growth Rate in Nigeria is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 3.20 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.

1Y 5Y 10Y MAX

width

height

Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

Learn More Questions? Contact us Already a Member? Login

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us

Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-02-27	07:55 AM	GDP Growth Rate YoY	1.92%	1.4%	1.65%	1.8%
2018-05-21	07:30 AM	GDP Growth Rate YoY	1.9%	2.1%		2.1%
2018-08-27	07:40 AM	GDP Growth Rate YoY	1.5%	1.9%		2.9%
2018-12-10	08:00 AM	GDP Growth Rate YoY	1.8%	1.5%		2%
2019-02-13	07:55 AM	GDP Growth Rate YoY		1.8%		1.8%
2019-05-20	07:30 AM	GDP Growth Rate YoY				2%
2019-08-23	07:40 AM	GDP Growth Rate YoY				3%

Nigeria GDP Grows 1.8% YoY in Q3

The economy of Nigeria grew 1.8 percent year-on-year in the third quarter of 2018, up from a 1.5 percent expansion in the prior period, as non-oil rose faster and oil sector shrank less. On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

The oil sector shrank 2.9 percent year-on-year in the three months to September of 2018, following a 4 percent contraction in the prior period. The country produced 1.94 million barrels of crude oil per day, lower than 2.02 mbpd in the same period a year ago. As a result, the oil sector accounted for 9.4 percent of GDP compared to 9.8 percent a year earlier.

The non-oil sector increased 2.3 percent, after expanding 1.5 percent in the second quarter.

Output advanced further for information and telecommunication (12.1 percent compared to 11.8 percent in Q2); food and accomodation services (2.7 percent compared to 2.4 percent); electricity, gas, steam and air conditioning supply (18.3 percent compared to 7.6 percent); manufacturing (1.9 percent compared to 0.7 percent) and financial and insurance (4.8 percent compared to 1.3 percent). Also, production rebounded for internal trade (1 percent compared to -2.1 percent) while it increased at the same pace for agriculture (1.9 percent, the same as in Q2). On the other hand, output slowed for transportation and storage (12 percent from 21.8 percent); arts, entertainment and recreation (2.8 percent compared to 3.5 percent); water supply, sewerage, waste management and remediation (2.3 percent compared to 12 percent); construction (0.5 percent compared to 7.7 percent). Meanwhile, output declined less for real estate activities (-2.7 percent compared to -3.9 percent); mining and quarrying (-2.8 percent compared to -3.8 percent); education (-0.4 percent compared to -0.7 percent) and public administration (-1 percent compared to -5.2 percent) and production fell for social services (-0.7 percent compared to 0.4 percent).

On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

National Bureau of Statistics | Agna Gabriel | agna.gabriel@tradingeconomics.com
12/10/2018 8:39:05 AM

News

Nigeria Annual GDP Growth Eases to 1.5% in Q2
The economy of Nigeria grew 1.5 percent year-on-year in the second quarter of 2018, slowing from a 1.9 percent expansion in the prior period. It was the weakest growth rate since the third quarter of last year, as oil output shrank while non-oil sector continued to rise. On a quarterly basis, the economy advanced 2.9 percent, after contracting 13.4 percent in the previous quarter.
Published on 2018-08-27

Nigeria GDP Growth Slows to 1.9% in Q1
The economy of Nigeria expanded 1.9 percent year-on-year in the first quarter of 2018, easing from an upwardly revised 2.1 percent growth in the previous period. It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed.
Published on 2018-05-21

Nigeria GDP Growth Expands the Most Since 2015
The Nigerian economy advanced 1.9 percent year-on-year in the fourth quarter of 2017, accelerating from a 1.4 percent growth in the prior period. It is the third consecutive quarter of expansion and the strongest since the fourth quarter of 2015, as the oil sector continued to recover.
Published on 2018-02-27

Nigeria GDP Grows 1.4% YoY in Q3
The Nigerian economy advanced 1.4 percent year-on-year in the third quarter of 2017, accelerating from an upwardly revised 0.72 percent growth in the previous period. It is the second consecutive quarter of expansion as oil production continued to recover.
Published on 2017-11-20

Nigeria GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	9.50	2.90	10.59	-13.98	percent	[+]
GDP Annual Growth Rate	1.81	1.50	19.17	-7.81	percent	[+]
GDP	375.77	404.70	568.50	4.20	USD Billion	[+]
GDP Constant Prices	16580508.10	16106734.90	18745360.19	56260.04	NGN Million	[+]
Gross Fixed Capital Formation	2494431.00	2129258.00	2876293.00	17236.65	NGN Million	[+]
GDP per capita	2412.41	2455.90	2563.10	1089.10	USD	[+]
GDP per capita PPP	5338.45	5434.70	5671.90	2750.10	USD	[+]
GDP From Agriculture	5288339.21	3789720.12	5288339.21	2594759.86	NGN Million	[+]
GDP From Construction	544228.74	747860.30	747860.30	369190.91	NGN Million	[+]
GDP From Manufacturing	1599043.51	1539566.75	1718985.30	875408.17	NGN Million	[+]
GDP From Mining	1696606.69	1418073.13	2406675.90	1228692.98	NGN Million	[+]
GDP From Public Administration	365540.65	380006.76	614330.87	358496.20	NGN Millions	[+]
GDP From Services	6067614.53	6938494.45	7087965.28	4564086.31	NGN Millions	[+]
GDP From Transport	221416.44	216351.50	253325.52	144848.60	NGN Millions	[+]
GDP From Utilities	111806.01	61027.25	126320.85	51342.43	NGN Million	[+]

Nigeria is the biggest economy in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	1.81	1.50	19.17	-7.81	1982 - 2018	percent	Quarterly	Constant 2010 Prices

Export Data API

Country	Last		Previous	Range
India	7.10	Sep/18	8.2	11.4 : -5.2	%
China	6.40	Dec/18	6.5	15.4 : 3.8	%
Indonesia	5.17	Sep/18	5.27	7.16 : 1.56	%
South Korea	3.10	Dec/18	2	20.8 : -7.3	%
United States	3.00	Sep/18	2.9	13.4 : -3.9	%
Australia	2.80	Sep/18	3.1	9 : -3.4	%
Mexico	2.50	Sep/18	2.6	9 : -9.1	%
Saudi Arabia	2.50	Sep/18	1.61	24.2 : -20.7	%
Netherlands	2.40	Sep/18	3.1	6.1 : -4.6	%
Spain	2.40	Sep/18	2.5	5.6 : -4.3	%
Switzerland	2.40	Sep/18	3.5	5.8 : -3.7	%
Singapore	2.20	Dec/18	2.3	19 : -8.8	%
Canada	2.10	Sep/18	1.9	9.3 : -4.1	%
Euro Area	1.60	Sep/18	2.2	5 : -5.5	%
Turkey	1.60	Sep/18	5.3	11.7 : -14.4	%
Russia	1.50	Sep/18	1.9	12.1 : -11.2	%
United Kingdom	1.50	Sep/18	1.4	9.7 : -6.1	%
France	1.40	Sep/18	1.7	12.6 : -3.8	%
Brazil	1.30	Sep/18	0.9	10.1 : -5.5	%
Germany	1.10	Sep/18	2	7.2 : -6.8	%
South Africa	1.10	Sep/18	0.4	7.1 : -2.6	%
Italy	0.70	Sep/18	1.2	10.3 : -7.2	%
Japan	0.00	Sep/18	1.4	9.4 : -8.8	%
Argentina	-3.50	Sep/18	-4	16.2 : -16.3	%