Q2 2023: Nigeria’s GDP grows by 2.51%

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Nigeria’s real Gross Domestic Product, GDP, at basic prices grew by 2.31 and 2.51 per cent in the first and second quarters of 2023.

The National Bureau of Statistics, NBS, disclosed this on Thursday in its Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1, Q2 2023).

However, the figure showed a lower growth rate when compared to the corresponding quarter of 2022, which stood at 3.11 per cent.

Also, in comparison between the period under review and the Q1 and Q2 of 2022, the performances in 2023 indicate a decrease of 0.80 per cent points in the Q1 of 2023 growth rate and a fall of 1.03 per cent points in Q2 of 2023.

Accordingly, the report states that in Q1 and Q2 of 2023, household consumption expenditure grew by -24.95 per cent and 3.30 per cent in real terms, year-on-year. The growth rates in Q1 and Q2 of 2023 were lower than those recorded in Q1 of 2022 and higher than in Q2 of 2022.

In Q1 and Q2 of 2023, household consumption expenditure grew by -24.95 per cent and 3.30 per cent in real terms, year-on-year. The growth rates in Q1 and Q2 of 2023 were lower than those recorded in Q1 of 2022 and higher than in Q2 of 2022.

Government Consumption Expenditure recorded growth rates of 17.83 per cent and 5.79 per cent in Q1 and Q2 of 2023, respectively, on a year-on-year basis, higher, compared to -9.91 per cent and -6.23 per cent in Q1 & Q2 of 2022.

The report is coming amid economic hardship in the country caused by the soaring inflation rate, which stood at 27.33 per cent in October 2023.