The GDP in Nigeria shrank by 2.1 percent year-on-year in the second quarter of 2016, compared to a 0.36 percent drop in the previous period and worse than market consensus of a 1.5 percent decline. It is the first contraction in 20 years due to a decline in oil prices.
The oil sector recorded a 17.48 percent contraction (-15.59% in Q1) due to lower oil production and prices. Oil output was estimated at 1.69 million barrels per day (mbpd) during the second quarter, 0.42 mbpd lower than in the preceding period.
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Industrial production shrank 9.53 percent (-5.49 percent in Q1): manufacturing declined 3.36 percent (-7 percent in Q1), mining and quarrying fell by 17.19 percent (-2.96 percent in Q1); electricity, gas, steam and water supply dropped 10.46 percent (-44.46 percent in Q1) and construction fell 6.28 percent (-5.37 percent in Q1).
The non-oil sector fell 0.38 percent, from a 0.18 percent decline in the previous period. Services dropped 1.25 percent, following a 0.8 percent increase in the previous period. Information and communication rose at a slower pace of 1.35 percent (+4.07 percent in Q1); internal trade went down by 0.03 percent (+2.02 percent in Q1); while real estate fell 5.27 percent (-4.69 percent in Q1) and finance and insurance decreased 10.82 percent (-11.28 percent in Q1).
Agriculture expanded 4.53 percent, higher than 3.09 percent in Q1.
Quarter on quarter, the GDP expanded 0.82 percent, following a 13.7 percent fall in the previous period.