12th February, 2019
Nigeria’s Gross Domestic Product, GDP, grew by 2.38 percent in the fourth quarters of 2018, the National Bureau of Statistics, NBS, reports.
According to the NBS, the GDP grew by 2.38% in real terms (year-on-year), which represented an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%.
It also indicates a rise of 0.55% points when compared with the growth rate recorded in third quarters of 2018.
The NBS said on a quarter on quarter basis, real GDP growth was 5.31%, while the fourth quarter growth performance implied that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.
“During the quarter, aggregate nominal GDP stood at N35,230,607.63, which is higher than N31,275,354.08 recorded in fourth quarter of 2017, a nominal growth rate of 12.65%.
“For 2018, nominal GDP was therefore recorded at N127,762,545.58 representing a nominal growth rate of 12.36% when compared to N113,711,634.61 recorded in 2017,” it said.