The Nigerian economy has recorded a 2.54 percent real growth rate at the end of the third quarter of 2023, the National Bureau of Statistics (NBS) has announced. The latest growth rate is higher than the 2.51 percent recorded at the end of the second quarter of 2023, and 2.25 percent recorded as of September 2022.
“Gross Domestic Product (GDP) grew by 2.54% (year-on-year) in real terms in the third quarter of 2023. This growth rate is higher than the 2.25% recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51%.
“The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP. The agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022.
“The growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022. In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022,” NBS stated.
Sub sectors such as cement, construction, insurance contributed to the 2023 third quarter growth performance.
Details later.
