Nigeria’s gross domestic product advanced 2.0 percent year-on-year in the first quarter of 2019, easing from a 2.4 percent expansion in the previous period and below market expectations of 2.1 percent, mainly due to a steeper contraction in the country's oil sector. GDP Annual Growth Rate in Nigeria averaged 3.83 percent from 1982 until 2019, 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 2.00 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.50 percent in 2020, according to our econometric models.

Nigeria GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
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 2.01% 2.4% 2.1% 2.1%
2019-08-23 07:40 AM GDP Growth Rate YoY 2.01% 1.8%
2019-11-25 08:00 AM GDP Growth Rate YoY 2.1%



Nigeria Q1 GDP Growth Slows More than Expected

Nigeria’s gross domestic product advanced 2.0 percent year-on-year in the first quarter of 2019, easing from a 2.4 percent expansion in the previous period and below market expectations of 2.1 percent, mainly due to a steeper contraction in the country's oil sector.

The oil sector shrank 2.4 percent in the three-months to March of 2019, after contracting 1.6 percent in the prior period. The country produced 1.96 million barrels of crude oil per day, lower than 1.98 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.1 percent of GDP compared to 9.6 percent a year ago. 

The non-oil sector rose 2.5 percent, slowing from a 2.7 percent growth in the prior quarter. 

Output increased at a softer pace for manufacturing (0.8 percent from 2.4 percent in Q4 2018); internal trade (0.8 percent from 1 percent); information and communication (9.5 percent from 13.2 percent) and education. Also, production fell further for public administration (-14.2 percent from -0.3 percent); financial and insurance (-7.6 percent from -1.8 percent) and mining and quarrying (-2.3 percent from -1.2 percent). On the other hand, output advanced faster for agriculture (3.2 percent from 2.5 percent); electricity, gas, steam and air conditioning supply (8.5 percent from 0.9 percent); water supply, sewerage, waste management (3.8 percent from 1.8 percent); construction (3.2 percent from 2 percent); accommodation and food services (4.2 percent from 2.1 percent); professional, scientific and technical services (1.7 percent from 0.5 percent) and administrative and support services (1.4 percent from 0.8 percent). Additionally, real state activities rebounded 0.9 percent, after declining 3.8 percent. 

On a quarterly basis, the economy shrank 13.8 percent, after a 5.3 percent growth in the last quarter of 2018. It was the steepest contraction in GDP since the March quarter of 2016.

Nigeria's central bank has forecast growth of 3 percent for 2019.



National Bureau of Statistics | Agna Gabriel | agna.gabriel@tradingeconomics.com
5/20/2019 8:36:28 AM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate -13.77 5.31 10.59 -13.97 percent [+]
GDP Annual Growth Rate 2.01 2.38 19.17 -7.81 percent [+]
GDP 375.77 404.70 568.50 4.20 USD Billion [+]
GDP Constant Prices 16555183.90 19277641.99 19277641.99 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2742192.51 2454034.29 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 3597916.08 4978775.48 5288339.21 2594759.86 NGN Million [+]
GDP From Construction 671448.37 662431.53 747860.30 369190.91 NGN Million [+]
GDP From Manufacturing 1608461.83 1686416.37 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1500081.65 1344156.80 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 307550.32 427538.21 614330.87 307550.32 NGN Millions [+]
GDP From Services 7196009.75 6068482.62 7196009.75 4564086.31 NGN Millions [+]
GDP From Transport 288637.00 277338.67 288637.00 144848.60 NGN Millions [+]
GDP From Utilities 64825.41 127728.46 127728.46 51342.43 NGN Million [+]


Nigeria GDP Annual Growth Rate

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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.01 2.38 19.17 -7.81 1982 - 2019 percent Quarterly
Constant 2010 Prices




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Euro Area 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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