The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.19 percent in the second
The National Bureau of Statistics says Nigeria’s annualThe NBS, in the GDP report released on Monday, said the growth rate is higher than the 2.51 percent recorded in Q2 2023 and 2.98 percent in Q1 2024.
“The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP,” NBS said.“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.
Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. However, real GDP is adjusted for inflation, while nominal GDP is not.“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms,” the bureau said. On the other hand, the agency said the non-oil sector remained at 2.80 percent in the quarter under review.
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