The services sector accounted for the largest share of Nigeria’s real Gross Domestic Product (GDP) in the second quarter of 2014, amounting to 8.5 billion naira (about 160 naira = US$1) or 53.15%, according to a statement from the National Bureau of Statistics (NBS), made available to PANA here on Monday.
“Industry ranked second with a contribution of 4.2 billion naira or 25.96%, while agriculture constituted the smallest sector in the second quarter, representing 3.4 billion naira or 20.89% of the GDP,’’ the statement added.
The latest GDP as released by NBS stands at 6.5% in the second quarter of 2014. The figure was 0.14% higher than the 5.40% recorded in the corresponding quarter of 2013.
NBS explained that in the second quarter of 2014, Nigeria’s Nominal GDP (at basic prices) was estimated at 21.7 billion naira and16.1 billion naira in real terms.
In the corresponding quarter of 2013, nominal GDP was estimated at 19.9 billion naira and 15.1 billion naira in real terms.
The average daily crude oil production in the second quarter of 2014 increased to 2.21 Million Barrel Per Day (MBPD) from 2.11 MBPD in the corresponding quarter of 2013. This is an increase of 0.10 MBPD or 4.7%.
In addition, the US dollar price of crude increased significantly from an average price of 104.31% in second (Q2) 2013 to 112.25% in Q2 of 2014, representing an increase of 7.6%.
The Oil GDP was valued at 2.6 billion naira in nominal terms in the second quarter of 2014, compared to the 2.6 billion naira recorded in the corresponding quarter of 2013.
NBS said the non-oil real sector of the economy grew by 6.71% in the second quarter of 2014.
“This is a decline of 2.17 percentage points from the 8.88 per cent growth recorded in the corresponding quarter of 2013.
“Relative to Q1 of 2013, non-oil growth was also lower by 1.49 percentage points when growth was recorded at 8.21%,” the statement noted.