H1-2021: Nigeria recorded N54.84trn increase in household expenditure-NBS

The National Bureau of Statistics (NBS), in its recently released Expenditure and Income GDP report says Nigerians’ household expenditure rose to N54.84 trillion in nominal terms in the first half of 2021, representing a 13.7% increase when compared to N48.22 trillion recorded in the corresponding period of 2020.

According to the report, the expenses incurred by Nigerian households increased by 13.7% when compared with the corresponding period of 2020.

However, in contrast with the second half of last year, there was a 7.45% decline compared to N59.25 trillion.

Household final expenditure consists of expenditure including imputed expenditure incurred by resident households on individual consumption goods and services.

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A further breakdown shows that household final consumption expenditure grew by 8.90% in Q1, and 19.08% in Q2 2021.

The annual growth rate of -0.57% was recorded in 2020. This growth rate was lower by -10.42% points than the figure recorded in the previous year which stood at 9.85%.

Nairametrics

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