Nigeria’s GDP rise by 0.51% in Q1 2021

Patoma Business Online

info is key on Patoma

News

Nigeria’s GDP rise by 0.51% in Q1 2021

By Favour Nnabugwu

 

By Favour Nnabugwu

 

Nigeria’s Gross Domestic Product (GDP) grew by 0.51 percent in the first quarter of 2021 compared to the 0.11 percent recorded in the fourth quarter of 2020 and the1.87 percent in the first quarter of 2020.

National Bureau of Statistics (NBS) made the disclosure in its GDP Report for Q1 2021 released on Sunday.

NBS said oil GDP contracted -2.21 percent in Q1 2021 (-19.76 percent in Q4 2020; 5.06 percent in Q1 2020) while non-Oil GDP grew 0.79 percent in Q1 2021(1.69 percentin Q4 2020; 1.55 percentin Q1 2021).

Agric real GDP grew by 2.28 percent in Q1 2021 compared to 3.42 percent in Q4 2020 & 2.20 percent in Q1 2020.

Crop Production under Agric real GDP grew by 2.31 percent compared to 3.68 percent in Q4 2020 & 2.38 percent in Q1 2021.

Livestock under Agric real GDP grew by 1.65 percent compared to 2.38 percent in Q4 2020 & 0.63 percent in Q1 2020.

Fishing under Agric real GDP grew by 3.24 percent compared to -3.60 percent in Q4 2020 & 1.49 percent in Q1 2020.

Forestry under Agric real GDP grew by 1.28 percent compared to 1.24 percent in Q4 2020 & 1.71 percent in Q1 2020.

Industry real GDP grew 0.94 percrnt compared to -7.30 percent in Q4 2020 & 2.26 percent in Q1 2020.

Mining & Quarrying Under Industry real GDP contracted -2.19 percent compared to -18.44 percent in Q4 2020 & 4.58 percent in Q1 2020.

Crude Petroleum & Natural Gas real GDP contracted -2.21 percent compared to -19.76 percent in Q4 2020 & 5.06 percentin Q1 2020.

Coal Mining under Mining & Quarrying GDP grew 0.66 percent compared to -23.16 percent in Q4 2020 & -43.41 percent in Q1 2020.

Metal Ore real GDP grew 28.83 percent compared to -9.38 percent in Q4 2020 & -4.10 percent in Q1 2020.

Quarrying & Other Minerals under Mining & Quarrying GDP contracted -59.78percent compared to 48.42 percent in Q4 2020 & -83.03 percent in Q1 2020.

Manufacturing under Industry real GDP grew 3.40 percent compared to -1.51 percent in Q4 2020 & 0.43 percentin Q1 2020.

Oil refining under Manufacturing real GDP contracted -57.05 percent compared to -56.50 percent in Q4 2020 & -52.81 percent in Q1 2020.

Cement under Manufacturing real GDP grew 11.20 percent compared to 6.59 percent in Q4 2020 & 1.67 percent in Q1 2020.

Food, Beverage & Tobacco under Manufacturing real GDP grew 7.11 percent compared to 2.15 percent in Q4 2020 & 1.10 percent in Q1 2020.

Textiles,Apparels & Footwear under Manufacturing real GDP contracted -4.53 percent compared to -5.55 percent in Q4 2020 & 1.03percent in Q1 2020.

Wood Products under real GDP contracted -2.36 percent compared to -3.17 percent in Q4 2020 & 1.25percent in Q1 2020.

Pulp & Paper under Manufacturing real GDP contracted -0.26ercent compared to -4.52 percent in Q4 2020 & 1.99 percent in Q1 2020.

Chemicals & Pharmaceuticals real GDP grew 3.91 percent compared to -0.78 percent in Q4 2020 & 0.58 percent in Q1 2020.

Non-Metallic Products under Manufacturing real GDP grew 2.88 percent compared to -9.92 percent in Q4 2020 & -1.35 percent in Q1 2020.

Plastic & Rubber under Manufacturing real GDP grew 1.68 percent compared to 0.23% in Q4 2020 & 1.28percent in Q1 2020.

Electrical/Electronics under Manufacturing real GDP contracted -4.46percent compared to -12.14percent in Q4 2020 & -1.59 percent in Q1 2020

Base Metal, Iron & Steel real GDP contracted -1.63 percent compared to -3.92 percent in Q4 2020 & 1.19percent in Q1 2020.

Motor Vehicles & Assembly under Manufacturing real GDP grew 3.29 percent compared to 2.02% in Q4 2020 & 1.04 percent in Q1 2020.

Other Manufacturing real GDP grew 3.75 percent compared to -4.26 percent in Q4 2020 & -1.78% in Q1 2020.

Comment here