Nigeria’s Gross Domestic Product (GDP) grew by 2.31 per cent (year-on-year) in real terms in the first quarter of the year (Q1, 2023), the National Bureau of Statistics (NBS) said Wednesday.
However, the growth represented a declined from 3.52 per cent in the preceding quarter and 3.11 per cent recorded in the first quarter of 2022.
The reduction in GDP performance is attributed to the adverse effects of the cash crunch experienced during the quarter, it noted.
Growth was largely driven by the services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.
The agriculture sector grew by -0.90.per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.
According to the NBS, although the growth of the industry sector improved to 0.31 per cent relative to – 6.81 per cent recorded in the first quarter of 2022, agriculture, and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.
Nigeria’s GDP Grew 2.31% in Q1, Says NBS
Nigeria’s Gross Domestic Product (GDP) grew by 2.31 per cent (year-on-year) in real terms in the first quarter of the year (Q1, 2023), the National Bureau of Statistics (NBS) said Wednesday.
However, the growth represented a declined from 3.52 per cent in the preceding quarter and 3.11 per cent recorded in the first quarter of 2022.
READ ALSO: NGX Group Obtains EDGE Certification
The reduction in GDP performance is attributed to the adverse effects of the cash crunch experienced during the quarter, it noted.
Growth was largely driven by the services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.
The agriculture sector grew by -0.90.per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.
According to the NBS, although the growth of the industry sector improved to 0.31 per cent relative to – 6.81 per cent recorded in the first quarter of 2022, agriculture, and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.
