Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed
Nigeria’s GDP rises by 3.11% in Q2 2022 – NBS
Nigeria’s Gross Domestic Product (GDP) at basic prices grew by 3.11 per cent on a year-on-year (y-o-y) basis, representing a higher growth rate compared to the corresponding period of 2021, according to the National Bureau of Statistics.
The NBS, in its Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for the first and second quarter (Q1 and Q2) of 2022, further noted that even as the second quarter growth in the 2022 remained positive at 3.54 per cent, it was, however, lower when compared to the increase recorded in the same period in 2021 which was 5.01 per cent.
“However, relative to the Q1 and Q2 of 2021, the performance in 2022 indicates an increase of 2.60% points in the Q1 2022 growth rate and a decrease of 1.47% points in Q2 2022.”
On Household Consumption Expenditure, the NBS report showed that, in Q1 and Q2 2022, it grew by 6.94 per cent and 17.64 per cent in real terms, year on year.
“The growth rates in Q1 and Q2 of 2022 were lower than the rates recorded in Q1 and Q2 of 2021 respectively. Government Consumption Expenditure recorded growth rates of – 9.91 per cent and -12.99 per cent in Q1 and Q2 2022 respectively, on a year- on- year basis, compared to -4.57 per cent and -53.56 per cent in Q1 & Q2 2021.”
The NBS report further indicated that the country’s Net Exports recorded positive growth rates in the first two quarters of 2020 and moved to negative growth rates in the third and fourth quarters of 2020 as well as in the first three quarters of 2021, a departure from the trend in 2019.
“However, negative growth rates were recorded in the first and second quarters of 2022. Net exports grew in real terms in Q1 and Q2 2022 by -98.46 per cent and -92.76 per cent respectively. These rates were lower than -91.74 per cent and -49.30 per cent recorded in Q1, and Q2 2021 respectively.”
Continuing, the NBS report said the National disposable income grew by 2.00 per cent both in Q1 and Q2 of 2022, but recorded growth of – 6.46 per cent and -5.66 per cent in Q1 and Q2 of 2021 respectively on a year-on-year basis in real terms.
“The growth of National Disposable Income shifted to positive since Q4 2021, showing a better performance in 2022 relative to Q1 and Q2 2021.
“Compensation of Employees in the Q1 and Q2 of 2022 grew by 6.48 per cent, and 3.93 per cent respectively in real terms on a year-on-year basis,“ read the report in part.
