Nigeria’s GDP declined to 1.94% in the second quarter of 2019. This represents a 0.16 percentage points lower than the 2.10% recorded in the first quarter of the year.
Thats according to latest data from the National Bureau of statistics.
The GDP grew year-on-year, in real terms, when compared to Q2 2018 which recorded a growth of 1.50%, an increase of 0.44% points.
The aggregate GDP stood at N34.94 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter.
The Oil sector recorded a real growth rate of 5.15% (year-on-year) in Q2 2019 contributing 8.82% to total real GDP.
The non-oil sector grew by 1.64% in real terms during the reference quarter.