Nigeria’s GDP will grow by 2.51% in Q2 2023
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Nigeria’s real gross domestic product (GDP) increased by 2.31% and 2.51% in the first and second quarters of 2023 at constant prices.
The NBS National Bureau of Statistics disclosed this on Thursday in its Nigeria Gross Domestic Product Report (Expenditure and Revenue Approach) (Q1, Q2 2023).
However, this figure indicates a lower growth rate when compared to 3.11 percent in the corresponding quarter of 2022.
Furthermore, comparing the current period with the first and second quarters of 2022, the growth rate in 2023 is expected to decrease by 0.80 percentage points in the first quarter of 2023, and by 1.03 percentage points in the second quarter of 2023. It shows that.
Accordingly, the report states that household consumption expenditure in the first and second quarters of 2023 increased by -24.95 percent and 3.30 percent year-on-year in real terms. The growth rates in the first and second quarters of 2023 were lower than the growth rates recorded in the first quarter of 2022 and higher than the second quarter of 2022.
Household consumption expenditure in the first and second quarters of 2023 increased by -24.95% year-on-year in real terms and by 3.30% in real terms. The growth rates in the first and second quarters of 2023 were lower than the growth rates recorded in the first quarter of 2022 and higher than the second quarter of 2022.
Government consumption expenditure recorded year-on-year growth of 17.83 percent and 5.79 percent in the first and second quarters of 2023, respectively, and -9.91 percent and -6.23 percent in the first and second quarters of 2023. In comparison, it recorded a higher growth rate. 2022.
The report was released amidst the country’s economic woes caused by the sharp rise in inflation, which reached 27.33% in October 2023.
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Source: dailypost.ng