| Author(s) |
National Bureau of Statistics, Nigeria |
| Date |
9/12/2024 |
| Country |
Nigeria |
| Language |
English |
| Contributor(s) |
NBS |
| Publisher(s) |
NBS, Nigeria |
| Description |
SUMMARY
▪ In the first quarter of 2024, Nigeria’s real GDP at basic prices grew by 2.98% on a year-on-year basis,
showing a higher growth rate compared to the corresponding quarter of 2023 which was 2.31%.
Growth of Q2 of 2024 remained positive at 3.19%, higher compared to the Q2 of 2023 growth
(2.51%). Moreover, relative to Q1 and Q2 of 2023, the performances in 2024 indicate an increase
of 0.67% points in the Q1 of 2024 growth rate and a rise of 0.68% points in Q2 of 2024 growth rate.
▪ Household Consumption Expenditure in Q1 and Q2 of 2024 fell by 42.28% and 61.18% in real terms,
year-on-year. The growth rates in Q1 and Q2 of 2024 were lower than the rates recorded in Q1 of
2023 and Q2 of 2023. Government Consumption Expenditure in real terms recorded growth rates
of 21.76% and -5.54% in Q1 and Q2 of 2024 respectively, on a year-on-year basis, higher, compared
to 17.83% in Q1 of 2023 and lower relative to 5.79% in Q2 of 2023.
▪ Net Exports recorded positive growth rates since Q3 2023, a departure from a negative growth
rate in the second quarter of 2023. Net exports grew in real terms in Q1 and Q2 of 2024 by 143.83%
and 340.30% respectively. These rates were higher than the -1,650.44% and -14.22% recorded in
Q1 and Q2 of 2023 respectively.
▪ National Disposable Income grew by 12.91% and 17.44% in Q1 and Q2 of 2024 respectively, higher
than the growth of 9.17% in Q1 of 2023 and 8.45% in Q2 of 2023 on a year-on-year basis in real
terms. The growth of National Disposable Income became positive since Q4 of 2021, showing a
better performance in Q1 and Q2 of 2024 relative to Q1 and Q2 of 2023.
▪ Compensation of Employees in the Q1 and Q2 of 2024 grew by 12.16%, and -19.68% respectively
in real terms on a year-on-year basis. These growth rates were lower than the 15.08% and 19.41%
recorded in Q1 and Q2 of 2023 respectively. |
| Abstract |
This publication provides data on Quarterly Gross Domestic Product (QGDP) estimates using the
EXPENDITURE and INCOME approach for the four quarters of 2023, annual 2023, and the first two quarters
of 2024.
Quarterly National Accounts (QNA) are integrated systems of macroeconomic accounts designed to
describe the entire system of production in a nation every quarter. They provide a picture of the current
status of the economy that is timelier and more frequent than that provided by Annual National
Accounts (ANA). The key attribute of QNA is that it allows for a reasonable level of details about the
economy that help the government assess, analyse, and monitor economic growth regularly. QNA
adopts the same concepts, definitions, and structure as ANA. In principle, QNA covers the entire
sequence of accounts and balance sheets as reflected in the 2008 System of National Accounts (2008
SNA).
The estimates herein are from a wide variety of sources including expenditure surveys, government
accounts from the three tiers (Federal, State, and Local governments), trade statistics from the Nigerian
Customs Service, Nigeria’s Balance of Payments (BOP) compiled by the Central Bank of Nigeria and
business/establishment survey among others.
We are grateful to the various agencies and establishments that made their data available as input to
the estimates. |
| Table of contents |
Preface - - - - - - - - - - - - 2
Gross Domestic Product
Consumption Expenditure Components - - - - - - - 7
Capital Formation - - - - - - - - - - 14
Balance of Trade in Goods and Services - - - - - - - 19
National Disposable Income
Domestic Income - - - - - - - - - - - 22
External Income - - - - - - - - - - - 27
Capital Finance
Savings and Net lending - - - - - - - - - 29
Appendix - - - - - - - - - - - - 31
Contacts - - - - - - - - - - - - 47 |
| Download |
https://microdata.nigerianstat.gov.ng/index.php/catalog/147/download/1072 |
