The National Bureau of Statistics has said the nation’s economy grew by 5.94 per cent on an aggregate basis in the fourth quarter of last year, a decrease of 0.28 per cent from the 6.23 per cent recorded in the third quarter of the year.
In the Gross Domestic Product (GDP) report for the 2014 fourth quarter released in Abuja yesterday, the bureau said the growth rate was also lower by 0.83 per cent when compared to the corresponding period of 2013.
The report said: “When measured by the Real GDP, the economy grew by 5.94 per cent (year-on-year) on an aggregate basis in the fourth quarter of 2014.
“This was lower by 0.83 percentage points from rates recorded in the fourth quarter of 2013, and lower by 0.28 percentage points from the third quarter of 2014. From the third quarter of 2014, the economy grew by 3.84 per cent in quarter four.
“The nominal GDP at basic prices for the fourth quarter of 2014 was estimated at N24, 205, 863.34 million, up 13.10 per cent from N21,401,519.78 million estimated for the corresponding quarter of 2013 and 5.55 per cent from N22,933,144.01 million recorded in the third quarter of 2014.”
The report classified the economy into two output sectors, oil and non-oil sectors, with the oil sector experiencing production and price challenges in the quarter under review.
It said: “Despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 mbpd recorded in the fourth quarter of 2013 and from the 2.15 mbpd recorded in third quarter of the year 2014.
“The oil sector also grew by 1.18 per cent in the fourth quarter of 2014 – 10.54 percentage points higher than the decline of 9.36 percent recorded in the fourth quarter of 2013.”
In the Gross Domestic Product (GDP) report for the 2014 fourth quarter released in Abuja yesterday, the bureau said the growth rate was also lower by 0.83 per cent when compared to the corresponding period of 2013.
The report said: “When measured by the Real GDP, the economy grew by 5.94 per cent (year-on-year) on an aggregate basis in the fourth quarter of 2014.
“This was lower by 0.83 percentage points from rates recorded in the fourth quarter of 2013, and lower by 0.28 percentage points from the third quarter of 2014. From the third quarter of 2014, the economy grew by 3.84 per cent in quarter four.
“The nominal GDP at basic prices for the fourth quarter of 2014 was estimated at N24, 205, 863.34 million, up 13.10 per cent from N21,401,519.78 million estimated for the corresponding quarter of 2013 and 5.55 per cent from N22,933,144.01 million recorded in the third quarter of 2014.”
The report classified the economy into two output sectors, oil and non-oil sectors, with the oil sector experiencing production and price challenges in the quarter under review.
It said: “Despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 mbpd recorded in the fourth quarter of 2013 and from the 2.15 mbpd recorded in third quarter of the year 2014.
“The oil sector also grew by 1.18 per cent in the fourth quarter of 2014 – 10.54 percentage points higher than the decline of 9.36 percent recorded in the fourth quarter of 2013.”
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