The Nigerian economy recorded a real GDP growth rate of 2.51 percent at the end of the second quarter of 2023, the National Bureau of Statistics (NBS) has announced today.
This was an improvement over the 2.31 percent real growth at the end of the first quarter, but still fell short of the 3.51 percent real growth as of Q2 2022. NBS added that the growth was driven by the services sector.
“The performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42% and contributed 58.42% to the aggregate GDP. The agriculture sector grew by 1.50%, an improvement from the growth of 1.20% recorded in the second quarter of 2022.
“The growth of the industry sector was -1.94% relative to -2.30% recorded in the second quarter of 2022. In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” NBS stated.