Nigeria’s GDP slows 0.16% in Q2 2019
According to the report, if compared to the second quarter of 2018, which recorded a growth of 1.50 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per cent.
“During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter,” the report noted. Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.
Nigeria’s GDP slowed to 1.94 per cent from the 2.1 per cent achieved in the first quarter of 2019 as oil output declined slightly. One would have expected economic momentum to pick up after the Central Bank of Nigeria cut interest rates in March and forced lenders to dish out more credit in a bid to boost growth.
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