Nigeria GDP Annual Growth Rate 2005-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Nigeria expanded 6.23 percent in the third quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 6.14 Percent from 2005 until 2014, reaching an all time high of 8.60 Percent in the fourth quarter of 2010 and a record low of 3.46 Percent in the first quarter of 2012. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

   
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Nigeria GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
6.23 6.54 8.60 3.46 2005 - 2014 percent Quarterly
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, November 29, 2014.


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.

Average crude oil production fell to 2.15 million barrels per day (mbpd) in the third quarter of 2014 from 2.21 mbpd in the previous period. The oil sector shrank 3.6 percent year-on-year, following a 5.14 percent expansion in the three months to June.  

The non-oil sector expanded 7.51 percent, compared with a 6.71 percent rise in the previous quarter. Growth was mainly driven by manufacturing (16 percent), particularly apparel and footwear, crop production (up by 4.34 percent) and activities in telecommunications (6.25 percent) and real estate (5.9 percent). 

On a quarter-on-quarter basis, the economy expanded 8.67 percent, following a 4.18 percent expansion in the previous period. 

Nigeria National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
11/17/2014 4:36:13 PM


Recent Releases

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 Growth Slows in Q1
According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 6.21 percent year-on-year in the first quarter of 2014, lower than the revised figure of 6.77 percent recorded in the previous period. Growth was mainly driven by the services sector, while the oil sector contracted again. Published on 2014-07-15


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-07-15 05:40 PM
GDP Growth Rate YoY  Q1 2014
6.21% 6.77% 7.12%
2014-09-08 10:30 AM
GDP Growth Rate YoY  Q2 2014
6.54% 6.21% 6.10% 6.29%
2014-11-16 12:00 PM
GDP Growth Rate YoY  Q3 2014
6.23% 6.54% 6.96%


Nigeria GDP Last Previous Highest Lowest Unit
GDP 522.64 459.62 522.64 4.20 USD Billion [+]
GDP Growth Rate 8.67 4.18 8.99 -9.88 percent [+]
GDP Annual Growth Rate 6.23 6.54 8.60 3.46 percent [+]
GDP Constant Prices 17479127.58 16084622.31 17479127.58 56260.04 NGN Million [+]
GDP per capita 1097.97 1052.18 1097.97 468.10 USD [+]
Gross Fixed Capital Formation 2590816.13 2535525.94 2590816.13 17236.65 NGN Million [+]
GDP per capita PPP 5676.35 5439.62 5676.35 2757.70 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 3.10 May/14 3.50 9.00 -3.40 percent [+]
Brazil -0.20 Aug/14 -0.90 10.10 -3.15 percent [+]
Canada 2.59 Aug/14 2.54 8.80 -3.70 percent [+]
China 7.30 Aug/14 7.50 14.20 3.80 percent [+]
Euro Area 0.80 Aug/14 0.80 5.00 -5.50 percent [+]
France 0.40 Aug/14 0.00 4.90 -4.30 percent [+]
Germany 1.20 Aug/14 1.00 5.20 -6.80 percent [+]
India 5.30 Aug/14 5.70 11.40 -5.20 percent [+]
Indonesia 5.01 Aug/14 5.12 7.16 1.56 percent [+]
Italy -0.40 Aug/14 -0.30 10.30 -6.90 percent [+]
Japan -1.20 Aug/14 -0.20 9.40 -9.40 percent [+]
Mexico 2.20 Aug/14 1.60 8.50 -8.10 percent [+]
Netherlands 1.10 Aug/14 1.10 5.80 -4.40 percent [+]
Russia 0.70 Aug/14 0.80 12.10 -11.20 percent [+]
South Korea 3.20 Aug/14 3.50 18.20 -7.30 percent [+]
Spain 1.60 Aug/14 1.30 5.80 -4.40 percent [+]
Switzerland 0.60 May/14 2.10 7.30 -3.70 percent [+]
Turkey 2.10 May/14 4.70 12.60 -14.70 percent [+]
United Kingdom 3.00 Aug/14 3.20 9.80 -5.80 percent [+]
United States 2.40 Aug/14 2.60 13.40 -4.10 percent [+]