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

The Gross Domestic Product (GDP) in Nigeria expanded 6.54 percent in the second quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 6.13 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.

   
 
 

Nigeria GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
6.54 6.21 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 Tuesday, September 16, 2014.


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.

The average daily crude oil production reached 2.21 mbpd in the second quarter of 2014 compared to 2.11 mbpd a year earlier. In addition, crude price increased significantly from an average of USD 104.31 in Q2 2013 to USD 112.25 in Q2 2014, an increase of 7.6 percent. The oil sector increased 5.40 percent, compared to a 16.42 percent fall in the second quarter of 2013. 

The non-oil sector grew 6.71 percent year-on-year, slowing from an 8.88 percent increase a year earlier. The services sector advanced at a slower 6.54 percent (8.95 percent in Q2 2013) while industry and agriculture expanded at a faster 8.97 percent and 3.68 percent, respectively (0.89 percent and 2.57 percent respectively a year earlier). 

On a quarter-on-quarter basis, the economy expanded 4.18 percent in the second quarter of 2014, following a 9.88 percent contraction in the previous period.

Nigeria National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
9/8/2014 2:29:25 PM


Recent Releases

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

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. Published on 2014-01-22


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%
2014-07-15 05:40 PM Nigeria
GDP Growth Rate YoY
Q1 2014 6.21% 6.77% 7.12%
2014-09-08 10:30 AM Nigeria
GDP Growth Rate YoY
Q2 2014 6.54% 6.21% 6.10% 6.29%
2014-11-25 02:00 PM Nigeria
GDP Growth Rate YoY
Q3 2014 6.54% 6.96%


GDP Last Previous Highest Lowest Unit
GDP 522.64 459.62 522.64 4.20 USD Billion [+]
GDP Growth Rate 4.18 -9.88 8.99 -9.88 Percent [+]
GDP Annual Growth Rate 6.54 6.21 8.60 3.46 Percent [+]
GDP Constant Prices 16084622.30 15438679.50 17132164.77 56260.04 NGN Million [+]
GDP per capita 1097.97 1052.18 1097.97 468.10 USD [+]
Gross Fixed Capital Formation 20700.06 24236.34 46242.96 17236.65 NGN Million [+]
GDP per capita PPP 2293.54 2213.39 2293.54 1187.51 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 3.10 Jun/14 3.50 9.00 -3.40 Percent [+]
Brazil -0.90 Jun/14 1.90 10.10 -3.15 Percent [+]
Canada 2.45 Jun/14 2.14 8.80 -3.70 Percent [+]
China 7.50 Jun/14 7.40 14.20 3.80 Percent [+]
Euro Area 0.70 Jun/14 1.00 5.00 -5.50 Percent [+]
France 0.30 Jun/14 0.70 4.90 -4.30 Percent [+]
Germany 0.80 Jun/14 2.50 5.20 -6.80 Percent [+]
India 5.70 Jun/14 4.60 11.40 -5.20 Percent [+]
Indonesia 5.12 Jun/14 5.22 7.16 1.56 Percent [+]
Italy -0.20 Jun/14 -0.40 10.30 -6.90 Percent [+]
Japan -0.10 Jun/14 3.00 9.40 -9.40 Percent [+]
Mexico 1.60 Jun/14 1.90 8.50 -8.10 Percent [+]
Netherlands 0.90 Jun/14 0.00 5.80 -4.40 Percent [+]
Russia 0.80 Jun/14 0.90 12.10 -11.20 Percent [+]
South Korea 3.50 Jun/14 3.90 18.20 -7.30 Percent [+]
Spain 1.20 Jun/14 0.50 5.80 -4.40 Percent [+]
Switzerland 0.60 Jun/14 2.10 7.30 -3.70 Percent [+]
Turkey 2.10 Jun/14 4.70 12.60 -14.70 Percent [+]
United Kingdom 3.20 Jun/14 3.00 10.20 -6.80 Percent [+]
United States 2.50 Jun/14 1.90 13.40 -4.10 Percent [+]





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