Nigeria’s Gross Home Product shrinks by 3.62 % within the third quarter of 2020 following a 6.10 % contraction recorded within the second quarter. Collectively, financial productiveness declined by 9.72 % within the final two quarters to tug the nation again into recession for a second-time in 4 years.
The oil sector grew at a damaging price of -13.89 % within the quarter, representing a decline of 20.38 % in comparison with the identical interval of 2019. Nigeria produced 1.67 million barrels of crude oil per day through the quarter.
The sector contributed 8.73 % to the whole actual GDP within the third quarter.
The non-oil sector declined by simply 2.51 % regardless of COVID-19. Representing a decline of 4.36 % in comparison with the identical quarter of 2019 and three,54 % increased than the second quarter of 2020. Because of the Data and Communication (Telecommunications Sector) that bolstered progress through the interval. The non-oil sector contributed 91.27 % to the whole actual GDP.
Data and communication sector grew by 15.91 % within the quarter beneath assessment, up by 4.72 % from the speed of 11.19 % filed in the identical quarter of 2019 and 17.06 % increased than the second quarter of 2020. The sector contributed 9.57 % to the nominal GDP within the third quarter of 2020.
Agricultural Sector grew by 13.52 % year-on-year in nominal phrases within the third quarter. Representing a decline of 1.36 % factors from the identical quarter of 2019. Crop manufacturing contributed probably the most to the sector among the many 4 key subsectors (crop manufacturing, livestock, forestry and fishing). Crop manufacturing accounted for 92.93 % of general progress within the sector through the quarter beneath assessment.
The manufacturing sector expanded by 13.54 % in the identical quarter, a decline of 26.15 % when in comparison with the 39.69 % filed within the third quarter of 2019.
On a quarterly foundation, the manufacturing sector grew by 32.13 %. Contributing 13.56 % to nominal GDP within the third quarter, increased than the 12.34 % posted in 2019.
The development sector retained its sturdy progress within the quarter. Rising by 35.50 % in nominal phrases. “A drop of –13.30% points compared to 48.80% recorded in the same quarter of 2019. There was an increase of 38.70% points when compared to the rate recorded in the preceding quarter. Nominal growth quarter on quarter was recorded at 21.73%. Construction contributed 7.23% to nominal GDP in the third quarter of 2020, higher than the 5.52% it contributed a year earlier and the 6.83% contributed in the second quarter of 2020,” the report acknowledged.
The monetary and Insurance coverage sector consists of two subsectors, monetary establishments and insurance coverage, which accounted for 88.89 % and 11.11 % of the sector in actual phrases.
Collectively the sector grew by 5.91 % in nominal phrases with the monetary establishments increasing by 9.6 % whereas the insurance coverage subsector contracted by 16.54 % through the third quarter. The sector contributed 2.46 % to the general nominal GDP.