It was the slowest pace of economic expansion since the third quarter of 2018, reflecting the earliest effects of the disruption, mainly in the non-oil sector (1.55% vs 2.27% in Q4), amid declines in internal trade (-2.82% vs -0.58%); accommodation & food services (-2.99% vs 2.05%); public administration (-8.72% vs 0.06%); administrative & support services (-1.9% vs 1.27%). Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. The NBS stated:” Nigeria’s GDP decreased by –6.10 per cent YoY in real terms in the, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. GDP growth (annual %) - Nigeria. Between 2000 and 2014, Nigeria’s gross domestic product (GDP) grew at an average rate of 7% per year. The Gross Domestic Product (GDP) in Nigeria contracted 14.30 percent in the first quarter of 2020 over the previous quarter. GDP Growth Rate YoY The Trading Economics Application Programming Interface (API) provides direct access to our data. Also, the non-oil sector posted the first decline since the third quarter of 2017 (-6.1% vs 1.6%), as the pandemic hit critical activities such as transportation & storage (-49% vs 2.8% in Q1); accommodation & food services (-40.2% vs -3%); construction (-31.8% vs 1.7%) and internal trade (-16.6% vs -2.8%).On a quarterly basis, the GDP shrank 5%, following a 14.27% plunge in the preceding quarter. The economy of Nigeria advanced 1.87% year-on-year in the first quarter of 2020 compared to a 2.55% growth in the previous period, against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade. Following the oil price collapse in 2014-2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015. GDP Annual Growth Rate in Nigeria averaged 3.72 percent from 1982 until 2020, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983. The oil sector declined 6.6%, after rising 5.1% in the first quarter, amid lower crude oil production (1.81 million barrels per day, down from 2.07 mbpd in Q1 and 2.02 mbpd a year ago). GDP Growth Rate YoY These changes were known as the 2014 Nigeria Reference The economy of Nigeria advanced 2.28 percent year-on-year in the third quarter of 2019 compared to an upwardly revised 2.12 percent rise in the previous period. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period. The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period. TEForecast At the same time, the all-important oil sector lost steam (5.06% vs 6.36%). GDP Growth Rate YoY Constant 2010 Prices The base year for calculation (including information on the market structure) was updated from 1990 to 2010.GDP can be estimated through three methods: production, income, and expenditure.The estimate of total GDP of Nigeria increased from 42.4 trillion naira (US$270 billion at exchange rates) to 80.2 trillion naira (US$510 billion at exchange rates), an 89% increase.Nigeria's GDP increase far exceeded the expectations of analysts who had forecast an increase of between 40 and 60 per cent following the rebasing exercise.As a result of the size change, the stock market capitalization to GDP ratio estimate reduced from 33% to 18% (for comparison, the corresponding ratio for As a result of this change, more weight was given in the new series to services, with the role of In a report for the Brookings Institution on the rebasing in Nigeria as well as similar rebasings in Overall estimate of economy size increased significantlySectoral composition shifted toward services and away from oilOverall estimate of economy size increased significantlySectoral composition shifted toward services and away from oil It was the first contraction since the Q1 of 2017 and the steepest since the Q1 of 2004, amid still-subdued oil prices and lower levels of global economic activity resulting from nationwide shutdown efforts aimed at containing the Covid-19 pandemic.
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