The National Bureau of Statistics (NBS) on Monday released the country’s Gross Domestic Product report for the third quarter with the economy recording a growth rate of 1.81 per cent year-on-year.
The Bureau in the report which was posted on its website said the growth rate of 1.81 per cent represents an increase when compared to the growth rate of 1.5 per cent which the economy recorded in the second quarter of this year.
In nominal terms, the report put the value of the country’s economic output during the period at N33.36trn.
This, it stated, was higher when compared to the third quarter 2017 GDP output of N29.37trn.
The report reads in part, “The nation’s Gross Domestic Product grew by 1.81 per cent year-on-year in real terms in the third quarter of 2018.
“Compared to the third quarter of 2017 which recorded a growth of 1.17 per cent, there is an increase of 0.64 per cent points.
“The second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31 per cent points.”
It revealed that the non-oil sector of the economy continued its growth pattern in the third quarter of 2018, moving from 2.05% recorded in the second quarter to 2.32%.
“In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.”