Nigeria GDP Growth Rate

The Gross Domestic Product (GDP) in Nigeria expanded 7.72 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Growth Rate in Nigeria is reported by the Central Bank of Nigeria. GDP Growth Rate in Nigeria averaged 6.80 Percent from 2005 until 2013, reaching an all time high of 8.60 Percent in the fourth quarter of 2010 and a record low of 4.50 Percent in the first quarter of 2009. Nigeria is one of the most developed countries in Africa. Agriculture is the largest sector of the economy, accounting for about 42 percent of total GDP. Yet, the fastest growing segments are Wholesale and Retail Trade and Telecommunication and Post. Together they account for almost 35 percent of total output. The third largest sector is Crude Petroleum and Natural Gas which constitutes 13.5 percent of total weight, but its contribution to GDP have been decreasing over the last two years. Industry and Construction account for the remaining 9.5 percent of the GDP. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-19

Actual Previous Highest Lowest Forecast Dates Unit Frequency
7.72 6.81 8.60 4.50 6.77 | 2014/06 2005 - 2013 Percent Quarterly

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Nigeria GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-02-27 09:00 AM Nigeria
GDP Growth Rate QoQ
Q4 2012 6.99%
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GDP Last Previous Highest Lowest Forecast Unit
GDP per capita 1052.34 2012-12-31 1015.56 1052.34 430.97 1110.27 2014-06-30 USD [+]
GDP per capita PPP 2293.54 2012-12-31 2213.39 2293.54 1187.51 2419.80 2014-06-30 USD [+]
GDP 262.61 2012-12-31 243.98 262.61 4.40 287.84 2014-06-30 USD Billion [+]
GDP Constant Prices 284028.72 2013-11-15 259839.44 284028.72 56260.04 279307.92 2014-06-30 NGN Million [+]
GDP Growth Rate 7.72 2013-12-31 6.81 8.60 4.50 6.77 2014-06-30 Percent [+]
GDP Annual Growth Rate 7.72 2013-12-31 6.81 8.60 4.50 6.77 2014-06-30 Percent [+]
Gross Fixed Capital Formation 20700.06 2013-02-15 24236.34 46242.96 17236.65 12768.98 2014-06-30 NGN Million [+]
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Nigeria’s GDP May Rise after Rebasing Exercise

Nigeria National Bureau of Statistics will replace the present GDP price structure (base year) for the first time in 23 years with a more recent one to reflect structural changes in the economy.

Presently, 1990 is being used as the base year and the rebasing exercise will change it to 2010. 

The process will take into account new sectors of the economy that have sprung up over the last twenty three years. This is a very important statistical exercise, which when completed will give a more realistic and true estimate of the value and size of economic activities in Nigeria.

Data will be collected from major establishments in the Manufacturing, Building and Construction, Mining and Quarrying, Transportation, Hotels and Restaurants, Wholesale and Retail and Business Services sectors of the economy amongst others, across the thirty six states of the Federation and the Federal Capital Territory.

The new GDP figures will give greater weight to communications, entertainment and mining.

The statistical office is being assisted by technical teams from the African Development Bank, International Monetary Fund and World Bank and the official release date is likely in February of 2014.

National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
1/22/2014 11:34:08 PM

RECENT RELEASES

Nigerian GDP Grows 6.81% in Q3
In the third quarter of 2013, Nigeria’s GDP growth accelerated to 6.81 percent, up from 6.18 percent in the previous quarter. While the oil-sector shrank for the fourth quarter in a row hurt by supply disruptions, the contraction eased and daily average crude oil production rose. Published on 2013-11-18

Nigerian Economy Expands 6.18% YoY in Q2
In the second quarter of 2013, Nigeria's GDP increased 6.18 percent year-on-year, the lowest expansion in more than four years. While the oil sector experienced production challenges, the non-oil sector increased, driven by agriculture, air-lines, hotels and restaurants and construction. Published on 2013-09-06


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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Nigerian Inflation Rate Edges Up Slightly in March  
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