By Etuka Sunday
Data from the National Bureau of Statistics (NBS) yesterday showed that the nation’s Gross Domestic Products (GDP) grows at 1.50% in the second quarter of 2018 compared to 1.95% in the first quarter of 2018.
The Bureau said that the nation’s GDP was 0.72% in the same period in 2017 (Q2) during the economic recession.
The data however showed that for the first time since the exit from recession, growth was driven by the non-oil sector which grew by 2.05% representing the strongest growth in non-oil GDP since Q4 2015.
NBS said, the Non-oil GDP growth which was -0.18% in Q1 2016, -0.38% in Q2 2016, 0.03% in Q3 2016, -0.33% in Q4 2016, 0.72% in Q1 2017, 0.45% in Q2 2017, -0.76% in Q3 2017, 1.45% in Q4 2017and 0.76% in Q1 2018 grew strongly in Q2 2018 by 2.05%.
It said, Non-oil growth was driven by transportation which grew by 21.76% supported by growth in construction which grew by 7.66% and electricity which grew by 7.59%.
It gave other non-oil sectors that drove growth in Q2 2018 to include telecommunication which grew by 11.51%, water supply and sewage which grew by 11.98% and broadcasting which grew by 21.92%.
”The non oil sector performance was however constrained by Agriculture that grew by 1.3% compared to 3.00% in Q1 2018 and 3.01% in Q2 2017.
”Q2 2018 GDP growth was also constrained by oil GDP with crude oil and gas production contracting by -3.95% compared to 14.77% in Q1 2018 and 3.53% in Q2 2017.
”Services GDP recorded its best performance in 9 quarters, growing by 2.12% in Q2 2018 compared to -0.47% in Q1 2018 and -0.85% in Q2 2017”, it said.