Nigeria GDP Annual Growth Rate 2005-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Nigeria expanded 2.35 percent in the second quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 5.98 percent from 2005 until 2015, reaching an all time high of 8.60 percent in the fourth quarter of 2010 and a record low of 2.35 percent in the second quarter of 2015. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

Nigeria GDP Annual Growth Rate
Please Paste this Code in your Website

Actual Previous Highest Lowest Dates Unit Frequency
2.35 3.96 8.60 2.35 2005 - 2015 percent Quarterly
Constant 2010 Prices
In Nigeria, the annual growth rate in GDP measures the change in the value of the goods and services produced by the country economy during the period of a year. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria GDP Annual Growth Rate - was last refreshed on Saturday, August 29, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2014-11-16 12:00 PM Q3 6.23% 6.54% 6.96%
2015-05-14 10:40 AM Q1 3.96% 5.94% 6.99%
2015-08-26 08:00 AM Q2 2.35% 3.96% 3.85% 2.75%
2015-11-16 12:00 PM Q3 2.35% 2.3%


Nigeria GDP Growth Slows in Q2


The Nigerian economy grew by 2.35 percent year-on-year in the second quarter of 2015, down from a 3.96 percent expansion reported in the previous quarter. It is the lowest gdp growth rate since the quarterly data is being released due to decline in oil production and prices.

The oil sector shrank 6.79 percent, compared to a 5.14 percent growth a year earlier and 8.2 percent contraction in the previous quarter. Oil production stood at 2.05 million barrels per day (mbpd), 0.13mbpd lower than the preceding period and 0.16mbpd down from a year earlier. As a result, industrial production shrank 3.31 percent (-2.53 percent in Q1): manufacturing declined 3.82 percent (-0.7 percent in Q1); electricity, gas, steam and water supply dropped by 11.61 percent (-27.92 in Q1); and mining and quarrying contracted 6.62 percent (-7.91 in Q1).

In contrast, construction grew 6.42 percent (+11.17 in Q1). Services expanded at a slower 4.67 percent, compared with a 7.04 percent rise in the previous period. Information and communication sector grew 6.26 percent; internal trade went up 5.07 percent; finance and insurance grew 6.41 percent and real estate increased 2.97 percent. Agriculture expansion slowed to 3.49 percent (+4.7 percent in Q1). 

Oil accounts for nearly 70 percent of Nigeria public revenues and around 90 percent of foreign exchange earnings. The fall in oil prices has been hurting the country’s public finances and currency, with the naira losing nearly 9 percent to the USD so far this year due to capital outflows. The devalued currency prompted a rise in prices of imported goods with inflation rate hitting 9.2 percent in July, the highest in more than two years. 


NBS | Yekaterina Guchshina | yekaterina@tradingeconomics.com
8/26/2015 6:02:17 PM


Recent Releases

Nigeria GDP Growth at 2-Year Low
The Nigerian economy expanded 3.96 percent year-on-year in the first three months of 2015, the lowest growth since the last quarter of 2012. It was the third straight quarter of slowdown as lower oil prices and supply constraints dragged the oil sector down.
Published on 2015-07-02

Nigeria GDP Growth Slows Slightly in Q4
The Nigerian economy advanced 5.94 percent year-on-year in the last three months of 2014, slightly down from a 6.23 percent increase in the previous period. It is the lowest figure in five quarters due to a slowdown in the services sector.
Published on 2015-02-23

Nigeria GDP Expands 6.23% in Q3
The Nigerian economy advanced 6.23 percent year-on-year in the three months to September of 2014, marginally down from 6.54 percent in the previous period. Yet, the oil sector stalled, hurt by lower production and a fall in international prices.
Published on 2014-11-17

Nigeria GDP Growth Accelerates in Q2
Nigerian GDP advanced 6.54 percent year-on-year in the April to June period, driven by a rebound in oil production. According to Nigeria National Bureau of Statistics estimates, the economy accelerated from a 6.21 percent expansion in the first three months of 2014 and a 5.4 percent increase a year earlier.
Published on 2014-09-08


Nigeria GDP Last Previous Highest Lowest Unit
GDP 568.51 514.97 568.51 4.20 USD Billion [+]
GDP Growth Rate 2.57 -11.57 8.99 -11.57 percent [+]
GDP Annual Growth Rate 2.35 3.96 8.60 2.35 percent [+]
GDP Constant Prices 16463341.91 16050601.38 18150356.45 56260.04 NGN Million [+]
GDP per capita 1091.64 1055.84 1091.64 468.10 USD [+]
Gross Fixed Capital Formation 2780352.23 2793779.10 2805531.46 17236.65 NGN Million [+]
GDP per capita PPP 5606.56 5422.69 5606.56 2739.59 USD [+]
GDP From Agriculture 3477845.24 3176598.13 4655322.16 2594759.86 NGN Million [+]
GDP From Construction 740204.22 697366.62 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1829246.64 1637067.07 1829246.64 875408.17 NGN Million [+]
GDP From Mining 1637476.71 1391091.74 3083257.13 1391091.74 NGN Million [+]
GDP From Public Administration 420192.52 389597.47 614330.87 389597.47 NGN Millions [+]
GDP From Services 6200866.06 5984386.62 6864557.92 4564086.31 NGN Millions [+]
GDP From Transport 200076.31 166402.03 219878.67 144848.60 NGN Millions [+]
GDP From Utilities 86681.88 78894.38 110386.78 51342.43 NGN Million [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.30 Mar/15 2.50 9.00 -3.40 percent [+]
Brazil -2.60 Jun/15 -1.60 10.10 -3.15 percent [+]
Canada 2.06 Mar/15 2.63 8.80 -3.70 percent [+]
China 7.00 Jun/15 7.00 14.20 3.80 percent [+]
Euro Area 1.20 Jun/15 1.00 5.00 -5.60 percent [+]
France 1.00 Jun/15 0.82 12.50 -3.95 percent [+]
Germany 1.60 Jun/15 1.20 6.00 -7.90 percent [+]
India 7.50 Mar/15 6.60 11.40 -5.20 percent [+]
Indonesia 4.67 Jun/15 4.71 7.16 1.56 percent [+]
Italy 0.50 Jun/15 0.10 10.30 -6.90 percent [+]
Japan 0.70 Jun/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.20 Jun/15 2.50 8.50 -8.10 percent [+]
Netherlands 1.60 Jun/15 2.50 5.80 -4.40 percent [+]
Russia -4.60 Jun/15 -2.20 12.10 -11.20 percent [+]
South Korea 2.20 Jun/15 2.50 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.60 -4.30 percent [+]
Switzerland 1.20 Jun/15 1.20 5.40 -3.60 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.60 Jun/15 2.90 9.80 -5.80 percent [+]
United States 2.70 Jun/15 2.90 13.40 -4.10 percent [+]