The National Bureau of Statistics (NBS), said the nation\u2019s Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year) in real terms in the first quarter of 2019.<\/p>\n
The NBS said this in its \u201cNigeria GDP Report for First Quarter 2019\u2019\u2019 released on Monday in Abuja.<\/p>\n
According to the NBS, the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018.<\/p>\n
It, however, said the figure, relative to the fourth quarter 2018, showed a decline by -0.38 per cent points.<\/p>\n
According to the bureau, the strong performance recorded in the quarter may be due to general elections held within the first quarter of 2019.<\/p>\n
It said the aggregate GDP stood at N31,79 million in nominal terms.<\/p>\n
The bureau said the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 per cent.<\/p>\n
According to the NBS, the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 per cent.<\/p>\n
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 per cent points.<\/p>\n
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.<\/p>\n
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.<\/p>\n
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).<\/p>\n
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.<\/p>\n