The Gross Domestic Product (GDP) of Nigeria, which is the value of all goods and services produced within the country and is an important parameter of measuring the size of an economy, grew by 6.18 per cent between June and August this year.
This was part of the figures released by the National Bureau of Statistics (NBS) and signed by the Statistician-General of the Federation on Friday, which was obtained by this correspondent.
However, the report stated that the 6.18 per cent growth for the second quarter was less than the 6.56 per cent recorded in the three months preceding it and 6.39 per cent recorded in the corresponding quarter of 2012.
It said, “On an aggregate basis, the economy, when measured in second quarter 2013, grew by 6.18 per cent in the second quarter of 2013, slower than the 6.56 per cent recorded in the first quarter of 2013 and 6.39 per cent recorded in the corresponding quarter of 2012.
The nominal GDP for the second quarter of 2013, the report said, was estimated at N9.115tn, lower than N9.840tn estimated for the corresponding quarter of 2012 and N9.493tn recorded in the first quarter of 2013.
It said while the oil sector experienced production challenges, the non-oil sector output increased in the second quarter of 2013. It added that the non-oil sector growth was driven by growth in activities recorded in the agriculture, airlines, hotels and restaurants, as well as building and construction sectors.
The report said, “The oil sector contributed approximately 12.9 per cent to real GDP in the second quarter of 2013, lower than the 14.75 per cent contribution in the first quarter of 2013, and the 13.86 per cent recorded during the second quarter of 2012.
Despite the persistent challenges facing the oil sector, the report said the non-oil sector continued to sustain the Nigerian economy.
It said, “In the second quarter of 2013, the non-oil sector recorded 7.36 per cent growth in real terms compared with 7.63 per cent at the corresponding period in 2012, and 7.89 per cent in the first quarter of 2013.
“This relative decline was partly attributed to lower electricity generation during the period, which had ripple effects on other manufacturing, telecommunications as well as wholesale and retail trade. “
In terms of output, the real agricultural GDP growth in the second quarter of 2013 stood at 4.52 per cent, up from the 4.21 per cent recorded in the corresponding period of 2012 and also higher than the 4.14 per cent recorded during the first quarter of 2013.
This, the report noted, represented the highest growth rate in the sector in the last seven quarters.
For the manufacturing sector, the report said, “During the second quarter of 2013, manufacturing output decreased relative to the same period in 2012.
“Real GDP growth in the sector was recorded at 6.81 per cent, down from 8.41 per cent recorded in the first quarter of 2013, and 7.59 per cent recorded in the corresponding quarter of 2012.”
In the telecoms sector, the report said it recorded a real GDP growth of 22.12 per cent in the second quarter of 2013, down from 24.53 per cent recorded in the first quarter of the year, and 29.38 per cent recorded in the second quarter of 2012.