Abuja – The National Bureau of Statistics (NBS) said on Sunday that
the country’s Gross Domestic product (GDP) stood at 6.28 per cent in the
second quarter of 2012.
A statement issued by the Statistician-General of the Federation, Dr Yemi Kale, indicated that the figure was lower than the 7.61 per cent recorded in the corresponding quarter of 2011.
It stated that the nominal GDP for the second quarter of 2012 was estimated at N9.8 million as against the N9.1 million recorded during the corresponding quarter of 2011.
The statement showed that the economy, which comprised oil and non-oil sectors, witnessed lower output in the second quarter of 2012.
It added that the non-oil sector was driven by growth in activities recorded in the building and construction sector, while the oil sector output decreased.
It said that the average daily crude oil production was N2.38 million Barrels Per Day (BPD) in the second quarter of the year based on data provided by Nigerian National Petroleum Corporation (NNPC) to NBS, against the N2.45 million BPD recorded in the corresponding quarter of 2011.
“These figures, with their associated gas components, resulted in a growth rate in real terms of 0.73 per cent in oil GDP in the second quarter of 2012, compared with the 0.98 per cent recorded in the corresponding period in 2011.’’
It said that the sector benefited immensely from the favourable international crude oil market price and the exchange rate of the Naira against the dollar.
The Nigerian oil sector also witnessed some level of disruptions due to activities of vandals, oil theft and facility shut downs, it added.
The statement said that the oil sector contributed about 13.86 per cent to the real GDP in the second quarter of 2012, compared with 14.84 per cent recorded in the corresponding quarter of 2011.
“The non-oil sector continued to be a major driver of the economy in the second quarter of 2012 as the sector recorded 7.50 per cent growth in real terms in the second quarter of 2012, compared with 8.85 per cent in the corresponding period o f 2011,’’ the statement said. (NAN)
A statement issued by the Statistician-General of the Federation, Dr Yemi Kale, indicated that the figure was lower than the 7.61 per cent recorded in the corresponding quarter of 2011.
It stated that the nominal GDP for the second quarter of 2012 was estimated at N9.8 million as against the N9.1 million recorded during the corresponding quarter of 2011.
The statement showed that the economy, which comprised oil and non-oil sectors, witnessed lower output in the second quarter of 2012.
It added that the non-oil sector was driven by growth in activities recorded in the building and construction sector, while the oil sector output decreased.
It said that the average daily crude oil production was N2.38 million Barrels Per Day (BPD) in the second quarter of the year based on data provided by Nigerian National Petroleum Corporation (NNPC) to NBS, against the N2.45 million BPD recorded in the corresponding quarter of 2011.
“These figures, with their associated gas components, resulted in a growth rate in real terms of 0.73 per cent in oil GDP in the second quarter of 2012, compared with the 0.98 per cent recorded in the corresponding period in 2011.’’
It said that the sector benefited immensely from the favourable international crude oil market price and the exchange rate of the Naira against the dollar.
The Nigerian oil sector also witnessed some level of disruptions due to activities of vandals, oil theft and facility shut downs, it added.
The statement said that the oil sector contributed about 13.86 per cent to the real GDP in the second quarter of 2012, compared with 14.84 per cent recorded in the corresponding quarter of 2011.
“The non-oil sector continued to be a major driver of the economy in the second quarter of 2012 as the sector recorded 7.50 per cent growth in real terms in the second quarter of 2012, compared with 8.85 per cent in the corresponding period o f 2011,’’ the statement said. (NAN)
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon