Third quarter 2018 GDP figures released by the National Bureau of Statistics, show Gross Domestic Product grew by 1.81% in the third quarter of 2018. This represents a 0.31% increase from the 1.50% growth recorded in the second quarter of 2018.
Here are highlights of the report
- On a year on year basis, GDP grew by 0.64% year on year from the 1.17% recorded in the third quarter of 2017.
- Oil sector GDP continued to retract with a negative growth rate of 2.91%
- The non-oil sector grew by 2.32% in real terms during the reference quarter. This is 0.28% point higher than the second quarter of 2018. This sector was driven this quarter mainly by Information and communication sector.
- In real terms, the Non-Oil sector contributed 90.62% to the nation’s GDP, lower than 91.45% recorded in the second quarter of 2018.