Nigeria GDP Annual Growth Rate

The economy of Nigeria advanced 2.4 percent year-on-year in the last quarter of 2018, following a 1.8 percent expansion in the previous period and beating market expectations of a 2.1 percent gain. It was the highest growth rate since the third quarter of 2015, as the non-oil sector increased further and the oil sector contracted less. On a quarterly basis, the economy expanded 5.3 percent, lower than a 9.5 percent in the prior quarter. GDP Annual Growth Rate in Nigeria averaged 3.84 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 2.00 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 3.00 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.

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Calendar	GMT		Actual	Previous	Consensus	TEForecast
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%
2019-02-12	07:30 AM	GDP Growth Rate YoY	2.4%	1.8%	2.1%	1.8%
2019-05-20	07:30 AM	GDP Growth Rate YoY		2.4%		2%
2019-08-23	07:40 AM	GDP Growth Rate YoY				3%
2019-11-25	08:00 AM	GDP Growth Rate YoY				3.2%

Nigeria Q4 GDP Annual Growth Rate Strongest Since 2015

The economy of Nigeria advanced 2.4 percent year-on-year in the last quarter of 2018, following a 1.8 percent expansion in the previous period and beating market expectations of a 2.1 percent gain. It was the highest growth rate since the third quarter of 2015, as the non-oil sector increased further and the oil sector contracted less. On a quarterly basis, the economy expanded 5.3 percent, lower than a 9.5 percent in the prior quarter.

The oil sector shrank 1.6 percent in the fourth quarter of 2018, after contracting 2.9 percent in the prior period. The country produced 1.91 million barrels of crude oil per day, lower than 1.95 mbpd in the same period a year earlier. As a result, the oil sector accounted for 7.1 percent of GDP compared to 7.4 percent a year ago.

The non-oil sector rose 2.7 percent, higher than a 2.3 percent growth in the third quarter.

Output increased further for information and telecommunication (13.2 percent compared to 12.1 percent in Q3); arts, entertainment and recreation (4.2 percent compared to 2.8 percent); agriculture (2.5 percent compared to 1.9 percent); manufacturing (2.4 percent compared to 1.9 percent); and construction (2.1 percent compared to 0.5 percent). Also, output rebounded for education (0.4 percent compared to -0.4 percent) and contracted less for mining and quarrying (-1.2 percent compared to -2.8 percent); financial and insurance (-1.8 percent compared to -4.8 percent); public administration (-0.3 percent compared to -1 percent) and social services (-0.6 percent compared to -0.7 percent). On the other hand, growth slowed for transportation and storage (9.5 percent compared to 12 percent); food and accommodation services (2.1 percent compared to 2.7 percent); electricity, gas, steam and air conditioning supply (1 percent compared to 18.3 percent); and water supply, sewerage, waste management and remediation (1.9 percent compared to 2.3 percent). Additionally, real estate activities declined faster (-3.9 percent compared to -2.7 percent) while internal trade advanced at the same pace (1 percent, the same as in Q3).

On a quarterly basis, the economy expanded 5.3 percent, lower than a 9.5 percent in the prior quarter.

In 2018, the Nigerian economy grew 1.9 percent, quickening from 0.8 percent in 2017. It is the fastest expansion since 2015.

National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
2/12/2019 2:45:34 PM

News

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.
Published on 2018-12-10

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	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	5.30	9.50	10.59	-13.98	percent	[+]
GDP Annual Growth Rate	2.40	1.81	19.17	-7.81	percent	[+]
GDP	375.77	404.70	568.50	4.20	USD Billion	[+]
GDP Constant Prices	19041437.59	18081342.10	19041437.59	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	4978775.48	5288339.21	5288339.21	2594759.86	NGN Million	[+]
GDP From Construction	662431.53	544228.74	747860.30	369190.91	NGN Million	[+]
GDP From Manufacturing	1686416.37	1599043.51	1718985.30	875408.17	NGN Million	[+]
GDP From Mining	1344156.80	1696606.69	2406675.90	1228692.98	NGN Million	[+]
GDP From Public Administration	427538.21	365540.65	614330.87	358496.20	NGN Millions	[+]
GDP From Services	6068482.62	6331541.15	7087965.28	4564086.31	NGN Millions	[+]
GDP From Transport	277338.67	221416.44	277338.67	144848.60	NGN Millions	[+]
GDP From Utilities	104510.68	111806.01	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 March of 2019.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	2.40	1.81	19.17	-7.81	1982 - 2018	percent	Quarterly	Constant 2010 Prices

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Country	Last		Previous	Range
India	6.60	Dec/18	7	11.4 : -5.2	%
China	6.40	Dec/18	6.5	15.4 : 3.8	%
Indonesia	5.18	Dec/18	5.17	7.16 : 1.56	%
South Korea	3.10	Dec/18	2	20.8 : -7.3	%
United States	3.10	Dec/18	3	13.4 : -3.9	%
Saudi Arabia	2.50	Sep/18	1.61	24.2 : -20.7	%
Spain	2.40	Dec/18	2.4	5.6 : -4.3	%
Australia	2.30	Dec/18	2.7	9 : -3.4	%
Netherlands	2.00	Dec/18	2.4	6.1 : -4.6	%
Singapore	1.90	Dec/18	2.4	19 : -8.8	%
Mexico	1.70	Dec/18	2.5	9 : -9.1	%
Canada	1.60	Dec/18	1.9	9.3 : -4.1	%
Russia	1.50	Sep/18	1.9	12.1 : -11.2	%
Switzerland	1.40	Dec/18	2.4	5.8 : -3.7	%
United Kingdom	1.30	Dec/18	1.6	9.7 : -6.1	%
Brazil	1.10	Dec/18	1.3	10.1 : -5.5	%
Euro Area	1.10	Dec/18	1.6	5 : -5.5	%
South Africa	1.10	Dec/18	1.3	7.1 : -2.6	%
France	0.90	Dec/18	1.3	12.6 : -3.8	%
Germany	0.60	Dec/18	1.1	7.2 : -6.8	%
Japan	0.30	Dec/18	0.1	9.4 : -8.8	%
Italy	0.00	Dec/18	0.6	10.3 : -7.2	%
Turkey	-3.00	Dec/18	1.8	11.7 : -14.4	%
Argentina	-6.20	Dec/18	-3.7	16.2 : -16.3	%