Q1 2020 GDP: Overall Growth Performance Weighed Down By The Non-Oil Sector

  • Weekly Giveaway for our active users. N50,000 per Week. Do you want to contribute to this community? We are looking for contribution? What is hot right now? Sign up and get in on the ground floor of the newest, fastest growing Nigerian forum!
N

Nicole y-harry

Member
May 8, 2020
59
15
8
24
The National Bureau of Statistics (NBS) released Q1-2020 GDP data which reflected a growth of 1.87% in real terms against 2.10% recorded in the same period in 2019. This is probably indicative of the 3.4% contraction predicted by the IMF for FY-2020. Oil sector growth settled at 5.04% YoY vs 6.36% YoY in Q4-2019. Overall growth performance was weighed down by the non-oil sector (1.87% YoY vs 2.55% YoY in Q4-19), which fell to the lowest point since seven (7) quarters. The decline in output can be attributed to the impact of the global health crisis which has led to a plunge in internal economic activities and a significant slowdown in international trade. Hence, global demand for crude oil also reduced with a significant drop in oil prices. In comparison with Q4-2019 GDP data, Q1-2020 is lagging by -0.68%.
 
You must log in or register to reply here.
Top Bottom