May 11, (THEWILL) – The National Bureau of Statistics (NBS) said that Nigeria’s real Gross Domestic Products (GDP) in the third quarter of 2021, grew by 4.03 percent on a year-on-year basis showing a steady improvement from the economic downturn in 2020.
The Bureau in a statement, said the growth, improved further in the fourth quarter of 2021 with a positive GDP growth rate of 3.98 percent.
The statement recalled that the negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 percent for 2020, compared to 2.27 percent in 2019 on a year-on-year basis.
“Annual growth of 2021 stood at 3.40 percent, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65 percent points and 3.87 percent points higher, respectively”, NBS said.
Meanwhile, household consumption expenditure, in Q3 and Q4 2021 grew by 19.36 percent and 7.30 percent in real terms, year on year. For 2021, the annual growth rate in real household consumption expenditure stood at 25.65 percent compared to -1.69 percent in 2020. Similarly, Government Consumption Expenditure recorded growth rates of -39.51 percent and -16.76 percent in Q3 and Q4 2021 respectively, year on year, while annual growth rate stood at -34.03 percent in 2021 compared to 61.58 percent in 2020.
“Net exports recorded positive growth rates in the first two quarters of 2020 and shifted to negative growth rates in third and fourth quarters of 2020 as well as the first three quarters of 2021, a departure from the trend in 2019. Net exports grew in real terms in Q3 and Q4 2021 by -38.27 percent and 1.35 percent respectively. On an annual basis, net exports grew by -55.77 percent in 2021 compared to -13.17 percent recorded in 2020.
“National Disposable Income grew by -1.48 percent in the third quarter of 2021 and 2.84 percent in the fourth quarter 2021, but recorded growth of 0.32 percent and -1.28 percent in Q3 and Q4 of 2020 on a year-on-year basis in real terms, giving a slower growth rate of -2.52 percent for annual figure in 2021 compared to a positive growth rate in end 2020 (1.07 percent).
“Compensation of Employees, during the third and fourth quarters of 2021 grew by 14.54 percent and 11.79 percent respectively in real terms on year-on-year basis. For 2021, growth rate stood at 13.68 percent compared to 0.96 percent 2020”, the statement further explained.
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