Nigeria GDP Annual 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 Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria. GDP Annual 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. 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. 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 Annual Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-02-27 12:00 PM Nigeria
GDP Annual Growth Rate YoY
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 GDP Expands 7.67% in Q4 2013

According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 7.67 percent year-on-year in the last quarter of 2013, higher than the revised figure of 6.81 and 6.99 percent recorded in the third quarter and the corresponding period of 2012, respectively. For 2013, growth rate was estimated at 6.87 percent, up from 6.58 percent in 2012.

The non-oil sector remained the major driver of growth, recording 8.73 per cent in the fourth quarter of 2013. The growth drivers in the non-oil sector remained agriculture; wholesale and retail trade; and services which contributed 1.64, 2.34, and 2.66 percent, respectively. 

The relatively robust growth performance despite sluggish global recovery reflected the continuing favorable climatic conditions for increased agricultural production, sustained outcome of banking sector reforms and macroeconomic stability.  

Central Bank of Nigeria | Joana Taborda | joana.taborda@tradingeconomics.com
1/22/2014 3:23:22 PM

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Nigerian Economy Expands 6.81% YoY in Q3
In the third quarter of 2013, the Nigerian economy advanced 6.81 percent, slightly up from 6.18 percent in the previous three-month period. While supply disruptions continue to hamper output in the oil sector, the agriculture, wholesale and retail trade and manufacturing sectors sustained growth. Published on 2013-11-18

Nigeria GDP Growth Slows to 6.18% YoY in Q2
In the second quarter of 2013, Nigerian economy grew 6.18 percent year-on-year, slower than the 6.56 percent recorded in the first quarter of 2013 and 6.39 percent a year ago, as theft and pipeline shutdowns continue to hurt the oil sector. Published on 2013-09-06


GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


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According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 7.67 percent year-on-year in the last quarter of 2013, higher than the revised figure of 6.81 and 6.99 percent recorded in the third quarter and the corresponding period of 2012, respectively. For 2013, growth rate was estimated at 6.87 percent, up from 6.58 percent in 2012.
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