Nigeria’s gross domestic product GDP grew by 2.54 percent in the third quarter, Q3 of 2023, according to the reports released by the National Bureau of Statistics, NBS, on Friday, 24th November 2023.
The growth rate is greater than the 2.25 percent increase in the same quarter of 2022 and higher than the 2.51 percent growth in the 2nd quarter of 2023.
Furthermore, the performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP.
Meanwhile, the agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022.
However, the growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022.
According to NBS, In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.
The report also showed that he nominal GDP for Q3 2023 stood at N60.66 trillion while the real GDP was N19.44 trillion.
Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year.
However, real GDP is adjusted for inflation, while nominal GDP is not.
NBS said In the quarter under review, aggregate GDP stood at N60,658,600.37 million in nominal terms.
Story: Ihuoma Ukeje