shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria’s GDP Improved By 4.03% in Q3, 2021 — NBS

Nigeria’s GDP Improved By 4.03% in Q3, 2021 — NBS

by Joshua
May 12, 2022
in News

Oluyinka Onigbinde

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) increased by 4.03 per cent in the third quarter of 2021.

NBS-building

This is according to a report released by the NBS on Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for Q3, Q4 2021 in Abuja on Wednesday.

According to the report, in the third quarter of 2021, Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020.

The NBS said that growth improved further in the fourth quarter of 2021 with a positive GDP growth rate of 3.98 per cent.

“The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent in 2019 on a year-on-year basis.

“Annual growth in 2021 stood at 3.40 per cent, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65 per cent points and 3.87 per cent points higher, respectively.”

The report said Household Consumption Expenditure in Q3 and Q4 2021, grew by 19.36 per cent and 7.30 per cent in real terms, year-on-year.

For 2021, the annual growth rate in real household consumption expenditure stood at 25.65 per cent compared to -1.69 per cent recorded in 2020.

“The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2 accounting for negative growth rates informed by the COVID 19 pandemic.

“However, positive growth rates were recorded in Q3 and Q4 of 2020 as well as the four quarters of 2021.”

Household consumption expenditure consists of expenditure, including imputed expenditure, incurred by resident households on consumption goods and services.

It said that Government Consumption Expenditure recorded growth rates of -39.51 per cent and -16.76 per cent in Q3 and Q4 of 2021 respectively, year-on-year.

The Bureau said the annual growth rate according to the report stood at -34.03 per cent in 2021, compared to 61.58 per cent in 2020.

The report said Net Exports recorded positive growth rates in the first two quarters of 2020 and shifted to negative growth rates in the third and fourth quarters of 2020.

The negative growth rate was also recorded in the first three quarters of 2021, a departure from the trend in 2019.

It, however, said that Net exports grew in real terms in Q3 and Q4 of 2021 by -38.27 per cent and 1.35 per cent respectively.

Read Also:  Gulf Of Guinea: NIMASA Pledges Logistics Support, Policies To Fight Piracy

“On an annual basis, net exports grew by -55.77 per cent in 2021, compared to -13.17 per cent recorded in 2020.”

The report said that National Disposable Income grew by -1.48 per cent in the third quarter of 2021 and 2.84 per cent in the fourth quarter of 2021.

However, a growth of 0.32 per cent and -1.28 per cent in Q3 and Q4 of 2020 on a year-on-year basis in real terms was recorded.

This gave a slower growth rate of -2.52 per cent for the annual figure in 2021, compared to a positive growth rate at the end of 2020 (1.07 per cent).

The report said Compensation of Employees during the third and fourth quarters of 2021 grew by 14.54 per cent, and 11.79 per cent respectively in real terms on a year-on-year basis.

“For 2021, the growth rate stood at 13.68 per cent compared to 0.96 per cent in 2020,” it said.

shippingposition

Kindly like us on Facebook


Tags: NBS

Related Posts

BREAKING: President Buhari Commissions Dala Inland Dry Port

BREAKING: President Buhari Commissions Dala Inland Dry Port

January 30, 2023
Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

January 30, 2023
Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

January 30, 2023
Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

January 30, 2023

Latest News

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

January 30, 2023

QUESTION OF THE WEEK: What is “Shipped On Board” in Logistics?

SHIP TALK: Different Types Of Bill Of Lading

Shipping Company Sentenced in MARPOL Violation Case, Engineer Acquitted

INCREDIBLE: Boy Ends up Accidentally Traveling 1600NM in a Locked Shipping Container

Minister Hails Military’s Fight Against Piracy In Gulf Of Guinea

U.S. Naval Commander Attributes Drop In Piracy To Obangame Exercises

Here’s Welcoming Lekki Deep Seaport

Do you think the Federal Government is sincere about the CVFF disbursement?

BREAKING: President Buhari Commissions Dala Inland Dry Port

VESSELS EXPECTED AT LAGOS PORTS AS AT 30TH JANUARY, 2023.

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition