The National Bureau of Statistics (NBS), on Wednesday, said Nigeria’s Gross Domestic Product (GDP) increased by 4.03 per cent in the third quarter of 2021.
This is according to a report released by the NBS on Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for Q3, Q4 2021.
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According to the report, in the third quarter of 2021, Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020.
The NBS said that growth improved further in the fourth quarter of 2021 with a positive GDP growth rate of 3.98 per cent.
“The negative quarterly growths in Q2 and Q3 2020 resulted in a recession, which led to a negative annual growth rate of -1.92 per cent for 2020, compared to 2.27 per cent in 2019 on a year-on-year basis.
“Annual growth in 2021 stood at 3.40 per cent, an improvement of 2020. Compared to the third and fourth quarters of 2020, the performance in 2021 indicated an increase of 7.65 per cent points and 3.87 per cent points higher, respectively.”
The report said Household Consumption Expenditure in Q3 and Q4 2021 grew by 19.36 per cent and 7.30 per cent in real terms, year-on-year.
For 2021, the annual growth rate in real household consumption expenditure stood at 25.65 per cent compared to -1.69 per cent recorded in 2020.
“The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2, accounting for negative growth rates informed by the COVID 19 pandemic.
“However, positive growth rates were recorded in Q3 and Q4 of 2020 as well as the four quarters of 2021.” (NAN)