Nigeria’s Gross Domestic Product (GDP) increased by 4.03 percent in the third quarter of 2021, according to the National Bureau of Statistics (NBS).
According to the report, Nigeria’s real GDP at basic prices increased by 4.03 percent year on year in the third quarter of 2021, indicating a steady improvement from the economic downturn in 2020.
The National Bureau of Statistics reported that growth accelerated in the fourth quarter of 2021, with a positive GDP growth rate of 3.98 percent.
The NBS report said “Nigeria’s real GDP at basic prices increased by 4.03 percent year on year in the third quarter of 2021, indicating a steady improvement from the economic downturn in 2020. However, growth improved further in the fourth quarter of 2021, with a positive GDP growth rate of 3.98 percent”.
The negative quarterly growth rates in Q2 and Q3 2020 resulted in a recession, resulting in a negative annual growth rate of -1.92 percent for 2020, compared to 2.27 percent in 2019. Annual growth in 2021 was 3.40 percent, up from 3.40 percent in 2020. In comparison to the third and fourth quarters of 2020, performance in 2021 increased by 7.65 percent points and 3.87 percent points, respectively.
Household Consumption Expenditure, in Q3 and Q4 2021 grew by 19.36% and 7.30% in real terms, year on year. For 2021, the annual growth rate in real household consumption expenditure stood at 25.65% compared to -1.69% in 2020.
Government Consumption Expenditure recorded growth rates of -39.51% and -16.76% in Q3 and Q4 2021 respectively, year on year, while annual growth rate stood at -34.03% in 2021 compared to 61.58% in 2020.
Net exports increased at a positive rate in the first two quarters of 2020 before declining in the third and fourth quarters of 2020, as well as the first three quarters of 2021, reversing the trend established in 2019. Net exports increased by -38.27 percent and 1.35 percent in real terms in the third and fourth quarters of 2021, respectively. Net exports increased by -55.77 percent year on year in 2021, compared to -13.17 percent in 2020.
