The nation’s economy recorded a total output of N66.77tn within a six-month period covering January to June this year, an analysis of the Gross Domestic Product report released by the National Bureau of Statistics on Tuesday has revealed.
The N66.77tn when compared to the N59.13tn economic output for the first half of 2018 represents an increase of N7.64tn or 12.92 per cent.
The formal structure of the economy, according to the NBS report, was made up of a total of 46 sectors.
An analysis of the report showed that 32 out of the 46 sectors recorded increase in productivity while 14 sectors recorded decline in economic performance.
Based on quarterly analysis of the economic performance, some of the sectors that recorded improvement in output were crop production from N5.17tn in the first quarter to N5.95tn in the second quarter; quarrying from N18.4bn to N79.27bn; oil refining from N21.92bn to 42.65bn and cement from N469.99bn to N481.08bn.
There was also food sector, which rose from N1.47tn to N1.51tn; textile from N858.9bn to N893.7bn; wood products from N100bn to N106bn; paper from N41.23bn to N48.4bn and chemical from N77.16bn to N134.49bn.
Non-metallic products went from N190.18bn to N220.4bn; plastics and rubber from N111.99bn to N196.78bn; iron and steel from N75.44bn to N133.5bn among others.
Some of the sectors that recorded decline in output were livestock from N514.9bn in the first quarter to N500.6bn in the second quarter and fishing from N321.89bn to N262.6bn.
Crude petroleum went from N3.14tn to N3tn, coal mining from N5.15bn to N4.11bn, metal ores from N4.7bn to N2.59bn, and motor vehicle from N54.39bn to N32.69bn, among others.
The NBS said that during the second quarter of this year, the economy grew by 1.94 per cent in real terms year-on-year.
The NBS in the report stated that the GDP growth rate of 1.94 per cent represents an increase of 0.44 percentage points when compared to the second first quarter growth rate of 1.5 per cent.
When compared to the revised 2.1 per cent recorded in the first quarter of 2019, however, the second quarter real growth rate indicated a decline of 0.16 percentage points.
The report reads in part, “The GDP grew by 1.94 per cent year-on-year in real terms in the second quarter of 2019.
“Compared to the second quarter of 2018, which recorded a growth of 1.5 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per cent points.
“When compared to 2.10 per cent (revised from 2.01 per cent due to oil output revisions) recorded in the first quarter of 2019, however, the Q2 2019 real growth rate indicates a decline of 0.16 per cent points.”
During the second quarter, the NBS put the aggregate GDP at N34.94tn in nominal terms, stating that this was an increase of 13.83 per cent over the performance in the second quarter of 2018.
The N34.94tn, it added, was also an increase of 9.8 per cent over the preceding quarter.
It added, “The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition.
“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.
“On a half -year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent.
“Quarter-on-quarter, real GDP increased by 2.85 per cent, compared to a decline of 13.69 per cent in the preceding period.”
The NBS report stated that nominal GDP growth of the manufacturing sector in the second quarter of 2019 was recorded at 37.79 per cent year-on-year, noting that this was 18.27 percentage points higher than 19.52 per cent recorded in the corresponding period of 2018.
The report put the contribution of manufacturing to nominal GDP in the second quarter at 11.49 per cent, higher than 9.49 per cent recorded in the corresponding period of 2018 and the first quarter of 2019 at 11.31 per cent.