Just in: Nigeria’s economy maintains growth pace in Q3 23 rising by 2.54%
Latest data from the National Bureau of Statistics (NBS) revealed that the domestic economy maintained its growth pace for the third consecutive quarter in Q3-23, as the real GDP rose by 2.54% y/y (Q2-23: +2.51% y/y).
However, the growth outturn is 41bps lower than Cordros’ estimate (+2.95% y/y) and 35bps lower than Bloomberg’s median consensus (+2.89% y/y) estimate.
According to the GDP breakdown provided, the oil sector improved in Q3-23 (-0.85% y/y | Q2-23: -13.43% y/y) albeit still in the contractionary territory, as the crude oil production increased by 20.8% y/y to an average of 1.45mb/d in Q3-23 (Q2-23 1.22mb/d). Consequently, the oil sector contributed 5.48% to the total GDP (Q2-23: 5.34%) during the review period.
On the other hand, the non-oil sector sustained its positive growth trend, albeit lower than the previous quarter, rising by 2.75% y/y in Q3-23 (Q2-23: +3.58% y/y). Accordingly, the non-oil sector contributed 94.52% to the total GDP (vs 94.66% in Q1-23).
From a sectoral perspective, the Agriculture GDP grew slower by 1.30% y/y (Q2-23: +1.50% y/y), Industries GDP grew by 0.46% y/y compared to the contraction (-1.94% y/y) in Q2-23, while Services GDP grew by 3.99% y/y (Q2-23: +4.42% y/y).
In terms of contributions, Services, Agriculture and Industries, respectively, had a total of 52.70%, 29.31% and 18.00% of overall output growth.
