The second quarter Nigerian Gross Domestic Product Report released Sunday evening by the Bureau revealed that the service sector accounted for the largest share of the real GDP, with Industry coming second, with Agriculture making the smallest contribution to the GDP during the period.
The report shows that the Services sector grew by N 8,549,170.96 million or 53.15. Industry, which came second, contributed N4,175,000.87 million or 25.96%. Agriculture made N3,360,450.48 million or 20.89% of GDP.
The report said: “In the Second Quarter of 2014, Nigeria’s Nominal Gross Domestic Product, GDP (at basic prices) was estimated at N 21,734,829.86 million, and N16,084,622.31 million in real terms. In the corresponding quarter of 2013, nominal GDP was estimated N19,931, 015.71 and N15,096,763.55 million in real terms.
“As a result, the growth rate of real GDP was recorded at 6.54% in the second quarter of 2014 (4.18% quarter-on-quarter), higher than 5.40% recorded in the corresponding quarter of 2013, and also higher than the 6.21% recorded in the first quarter of 2014.
“The average daily crude oil production in the Second Quarter of 2014 was recorded at 2.21 mbpd as against 2.11 mbpd in the corresponding quarter of 2013, an increase of 0.10 mbpd or 4.7%. In addition, the US dollar price of crude increased significantly from an average price of 104.31 in the second quarter 2013 to 112.25 in the second quarter of 2014, an increase of 7.6 per cent.
“Consequently, Oil GDP was valued at N2,633,328.61 million in nominal terms in the Second Quarter of 2014, compared to N2,633,328.61 million recorded in the corresponding quarter of 2013. Real growth in the Oil sector was recorded at 5.40% in the second quarter of 2014 (-5.22% quarter-on-quarter), indicating better performance compared to -16.42% growth recorded in the second quarter of 2013.”
According to the report, the Non-oil real sector of the economy grew by 6.71% in the Second Quarter of 2014, a decline of 2.17 per cent from the 8.88% growth recorded in the corresponding quarter of 2013, adding that relative to first quarter of 2013, non-oil growth was also lower by 1.49 percentage points when growth was recorded at 8.21% .
In the non-oil sector, according to the report, crop production was the largest contributor to real GDP in the second quarter of 2014, with N2,983,925.41 million or18.55% of total real GDP, which is marginally lower by 0.54 percentage points from same period in 2013 .
The report also revealed that growth in the Second Quarter was recorded at 3.56% year-on-year (12.89%) adding that this was however lower by 1.86 percentage points from the First Quarter of 2014.
The report said: “While growth was not as strong as was experienced in the first quarter of 2014, the sector nevertheless remains buoyed by government interventions in the sector by the way of the Agricultural Transformation Agenda.
“Trade ranked second in terms of share to real GDP in second quarter 2014. It contributed N2,697,757.92 million or 16.77 % of real GDP in the Second quarter of 2014, marginally lower than the 16.99% contribution to GDP recorded in the corresponding quarter of 2013.”
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