Udo Udoma: Nigeria Budget and National Planning minister

The National Bureau of Statistics (NBS) said the nation’s Gross Domestic Product (GDP) contracted by -0.52 per cent (year-on-year) in real terms in the first quarter of 2017.

The NBS stated this in“ Nigerian Gross Domestic Product Report for first quarter 2017’’ on Tuesday in Abuja.

The bureau stated that it represented the fifth consecutive quarter of contraction since first quarter of 2016.

“This is 0.15 per cent higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67 per cent from –0.36 per cent).

“This is higher by 1.21 per cent points from rate recorded in the preceding quarter (revised to –1.73 per cent from –1.30 per cent)

“Quarter-on-quarter, real GDP growth was –12.92 per cent,’’ it stated.

During the quarter, the bureau stated that the aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in first quarter 2016 resulting in a Nominal GDP growth of 17.06 per cent.

“This growth was higher relative to growth recorded in first quarter 2016 which was 11.39 per cent.’’

According to NBS, the Nigerian economy can be more clearly understood when classified into oil and non-oil sectors.

During the period under review, the bureau stated that oil production average was 1.83 million barrels per day (mbpd), 0.07 million barrels higher than the daily average production recorded in the fourth quarter of 2016.

It stated that oil production during the quarter was lower by 0.22 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 2.05 mbpd.

However, the bureau stated that real growth of the oil sector slowed by –11.64 per cent (year-on-year) in first quarter of 2017.

“This represents a decline of –4.81 per cent relative to rate recorded in the corresponding quarter of 2016.

“Growth declined by 6.83 per cent and increased 6.06 per cent when compared to first 2016 and fourth quarter of 2016 respectively.”

Meanwhile, the bureau stated that growth in the non-oil sector was largely driven by the activities in the Agriculture Sector (Crop Production), Information and Communication, Manufacturing, Transportation and Other Services.

It stated that the non-oil sector grew by 0.72 per cent in real terms during the reference quarter.

“This was 1.05 per cent higher than the rate recorded in the fourth quarter of 2016, and 0.90 per cent higher than the corresponding quarter of 2016,’’ the bureau stated.

The News Agency of Nigeria (NAN) reports that NBS officially declared the economic recession after negative growth in the first two quarters of 2016.

The bureau declared the economic recession in the second quarter of 2016 when GDP declined by -2.06 per cent (year-on-year) in real terms. (NAN)