BEVERLY HILLS, December 01, (THEWILL) – The National Bureau of Statistics (NBS ) on Tuesday said that Nigeria’s real GDP at basic prices in the first quarter of 2020, grew by 1.87% but declined in the second quarter by -6.10% on a year on year basis.
The report titled “Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1 – Q4 2019 & Q1 – Q2 2020)”, said “this brought real GDP growth rate for the first half of 2020 to -2.18% year on year.”
Compared to 2019, the growth rate in Q2 2020 was 8.2% points lower than in Q2 2019.
Furthermore, growth rate for the first half of 2020 was 4.28% points lower than in 2019.
Household Consumption Expenditure in Q1 and Q2 2020 grew by -4.03% and -0.08% respectively, in real terms, year on year, compared to -2.68% and 0.75% for the corresponding periods in 2019.
Government Consumption Expenditure recorded growth rates of 6.8% and 152.1% in Q1 and Q2 2020 respectively, year on year.
For the first half of 2020, real household consumption expenditure declined by -1.99% compared to -0.94% in 2019, while government consumption expenditure grew 77.25%, compared to 4.46% in 2019.
Net Exports grew 18.15% in Q1 but declined -61.12% in Q2 2020, compared to 7.08% and 0.00x% recorded in the corresponding quarters of 2019. For the first half of 2020, net exports contracted by -19.89%, compared to growth of 3.56% for the same period in 2019.
National Disposable Income in Q1 and Q2 2020 grew by 2.55% and 0.66% respectively, in real terms, year on year, compared to 2.64% and 1.4% for the corresponding periods in 2019.
Compensation of Employees recorded positive real growth rate of 6.7% in Q1 but contracted -6.47% in Q2 2020, year on year. For the first half of 2020, Compensation of Employees contracted by -0.34% compared to 7.4% growth in the first half of 2019.
