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Non-oil sector firm as Q2 GDP drops by 1.61%


Photo; dreamstime

Photo; dreamstime

NIGERIA’S Gross Domestic Product (GDP) responded to the world oil price slide with the second quarter (Q2) dipping by 1.61 per cent, the National Bureau of Statistics (NBS) said yesterday.

According to the Q2 GDP report, the real growth in the oil sector slowed by 6.79 per cent year-on-year in Q2 2015, meaning that the volatile oil sector merely contributed 9.80 per cent of the total GDP in 2015.

The report said that Q2 GDP grew by 2.35 per cent in real terms, lower by 1.61 per cent from the Q1 growth rate. It also indicated that the current 2.35 per cent marginal growth was lower than the 4.19 per cent rise in 2014 Q2.

The report further showed that the non-oil sector contributed a total of 90.20 per cent to the GDP, a growth said to have been largely driven by trade, crop production, construction and telecommunications activities.

The NBS said the sector grew by 3.46 per cent in real terms in Q2, representing 2.13 per cent drop from Q1 figure and 3.26 per cent lower than the corresponding quarter in 2014.

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